Businesses will need to form and examine goals in order to determine if using a subscription-based model will work for them. How businesses price, sell, bill, collect payment and account becomes much more complex, and every line of the business must be prepared and aligned to meet the demands of this transformation in global commerce.
Here are some elements to consider:
- What goods or services do you currently provide that would work well with subscriptions?
- Are there new goods or services that could be developed to leverage the subscription model and enhance your existing offerings?
- How will you integrate the subscription model into your existing website or ecommerce site?
- How much will it cost in terms of resources (people, technology, admin costs) to implement a subscription model?
- Do you have the financial resources to fund the project or will you need to look outside the company for investment?
- Do you have the technical staff for implementation and continued support?
- How much of your marketing budget will be allocated to this?
- What is the impact on your brand and existing customer base?
- How much of our current revenue will convert to subscriptions?
- What can we expect in additional revenue?
- What additional markets can we reach?
- Can I get buy-in from top executives and potential department stakeholders to support this?
- What are the legal and compliance issues you will need to address?
- How long will it take to implement?
- What is the return on investment?
Once businesses have addressed these issues as well as ones that are specific to their business, they can determine how to proceed to implement the subscription model that is best for them.