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The Subscription Economy Is Growing Fast. Here’s How Your Business Can Adapt and Thrive.
Over the past decade, the subscription economy has grown almost five times faster than S&P 500. Here are five tips your subscription-based company can use to adapt to this rapid evolution.
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The subscription economy has seen record growth and profitability recently. In fact, over the past decade, the subscription economy has grown almost five times faster than the S&P 500. Further, customers tend to feel more loyalty and spend more money with the brands they subscribe to.
It’s safe to say that the subscription economy is here to stay. But what can we learn from the rapid evolution of the subscription sector? Here are five strategies and takeaways you can use from leaders in the subscription industry . Embrace cancellations
For many, consumer cancellations are the biggest threat to their subscription model. In fact, subscription-curious consumers spiked back in 2021, with only 52% of customers who signed up for a new retail subscription actually keeping it.
However, for Haroon Mokhtarzada, founder and CEO of Truebill, encouraging people may be a surefire ticket to success. Embracing cancellations can lead to far greater customer lifetime value and also increase emphasis on your organization’s transparency. By surveying those […]