automation Archives - Shep Hyken | Customer Service Expert

Top Takeaways:

People consume differently and customers’ needs change. Brands should offer flexibility with the frequency of their subscriptions and product options.
In the typical subscription experience, customers cancel their subscriptions once their need for the product no longer exists. But what happens when they want to renew their subscription? That can create a huge friction point.
Companies that want to offer a subscription service get caught up in how amazing or complex they could make something. Always think of what is available, what you can do now, and scale from there.
Businesses always worry about how to make revenue. If they look at things through the lens of a subscription model, create additional engagement, and nurture relationships, they can earn customers – and revenue – for life.
With subscriptions, around 80% of your customer base will be fairly standard on how they shop. But the difference between a business staying alive and a losing business is that extra 20% of people that are on the margins. Those are the people that need flexibility.
Many people resist the idea of companies having their data, but the goal of any good brand is to create trust, communication, and engagement. Customers will share data with the companies they trust. When the data is used properly, it creates a better experience for the customer.
You need to find out what your customers need and want. Talk to your end-users. Test and survey your customers to understand their actual pain points. If you can develop something within your business model that can service that need, you’ll be able to become more profitable and grow revenue.

Quotes:

“The best model for a subscription service is one that has a product that can be consumed regularly and content that provides value to the customers.” “Find a way to create additional value and engagement to your products. And, if you’re good at it, you can charge extra for it.” “Create a level of engagement with a subscription model that when your customers run out of your product, you eliminate the need for them to think about where they need to go next.” “The best type of subscription creates a relationship that keeps customers from shopping around.” “In a subscription model, if you don’t provide a way for customers to pause their subscription, they will cancel.”

About:

Matthew Holman is head of growth at QPilot. He works with brands to scale their subscription programs using data, best practices, and experimentation. Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and host of Amazing Business Radio. This episode of Amazing Business Radio with Shep Hyken answers the following questions and more:

What is a subscription model?
What type of business can be a subscription model?
How can brands provide customers with flexibility when it comes to their subscriptions?
How can brands with a subscription model increase profit?
What does the future of subscription models look like?

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