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December 28, 2021

Subscription-Based Businesses: How To Manage the Transition & Leverage Data

GUEST: Robbie Kellman Baxter, Strategy Consultant at Peninsula Strategies

 
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Most people today have a subscription to some product or service. Or they're leeching a streaming subscription from a friend or family member … no judgment.

When we think about subscription services as a business, what keeps us renewing month after month, and how can businesses continue to improve that experience?

Today, we speak with Robbie Kellman Baxter — Strategy Consultant at Peninsula Strategies, and author of "The Membership Economy" and "The Forever Transaction" — about businesses transitioning to subscription-based, the associated benefits and how to navigate the challenges.

Ready to change your mindset and learn how to forge a deeper customer relationship?

Passionate about leadership

As chaos broke out last spring, Robbie released her latest book — "The Forever Transaction: How to Build a Subscription Model So Compelling, Your Customers Will Never Want to Leave." 

If your company is pondering a shift to a subscription-based model, it's an invaluable step-by-step guide for optimizing customer lifetime value.

Harvard-educated and a proud parent, Robbie has also been a dedicated Girl Scout leader for over a decade, empowering and encouraging the business leaders of tomorrow. 

"In the world of subscriptions, the moment of transaction is really the starting line for the relationship, not the finish line."

Robbie Kellman Baxter — Strategy Consultant at Peninsula Strategies

A tremendous level of trust

There's a subscription service for everything now, from skincare to coffee, and it's an incredibly convenient model for customers who demand almost instant gratification and frictionless transactions. 

Robbie has vital guidance for companies that want to extend and expand these customer relationships:

  • Start by aligning your goals with the ongoing goals of your customers. This influences pricing, product, marketing — the whole enchilada.
  • Understand that the cultural shift is more than just repricing. Create a transparent plan for your staff. 
  • Leverage your data for a deeper understanding of consumer behavior and get the C-suite on board with committing to a long-term journey.

While moving to a subscription service sounds like a cash cow, you have to maintain your buyer's trust and continuously provide the benefits they crave. 

"A lot of organizations don't have perfect data. But, that shouldn't prevent you from asking good questions."

Robbie Kellman Baxter — Strategy Consultant at Peninsula Strategies

Asking the right questions

Some organizations don't have their data ducks in a row, and startups might not have any to play with yet. Asking the right questions will help you mitigate risk and optimize your offerings.

What's Robbie's most succinct piece of advice for companies that want to succeed in the subscription market?

"Understand the ongoing goal of your customer and the ongoing problem they're solving and align your business to being their preferred source for that, for the long term." Easy!

It all comes down to truly connecting with the people you serve and forming strong, long-lasting relationships.

Now that you know the benefits of subscription-based and how to transition your business, are you ready to learn how to build trust and confidence with your content strategy or how to optimize your tech stack? Check out the full list of episodes: The B2B Revenue Executive Experience.