All about Subscription Model
A subscription model is based on the idea of selling a product or service to obtain monthly or yearly subscription revenue. The model primarily focuses on customer retention rather than customer acquisition. Essentially, subscription models pay attention to the way revenue is made, i.e., they look for ways in which a single customer pays multiple payments for prolonged access to a good or service.
Market research subscription services provide a one-off value by offering a library of exhaustive research and report information to the clients at a customizable and fixed cost. Therefore, investing in a research subscription model would give the users with the quantity of information that they need along with an assurance of the quality of specialized research which would prove to be imperative to the success of their business projects.
Benefits of Subscription Models
Instead of dependence and unpredictability, the subscription model leads a sense of regularity. This enables the new subscribers to only sign up for new services and side by side to help organizations in improving their billing cycles. In time, a business would witness a steady income from an on-demand product exclusively for businesses who look for a higher conversion rate.
The research subscription model provides direct access to a storehouse of industry-specific reports. This would not only save time in locating the reports that they need but also, it would eliminate the need for making additional purchases. Furthermore, with the subscription-based reports, clients have full access to the reports which ensures that the information that’s stored within is meeting the criteria of clients or not. This benefit is especially important when the clients focus on a specialized vertical, as for that, it becomes crucial that the research they acquire is deep-dived, thorough, and accurate.
Subscription models are beneficial for both sides of transactions
Today’s highly digital and evolving technological society requires comfort over almost everything else. Owing to this, subscription commerce enterprises are thriving, as customers desire to eradicate the inconvenience of buying items over and over again. Companies also reap benefits from their subscription model, as satisfied clients are likely to return for future purchases, thereby improving the relationship between companies and clients.
This is particularly important today for small enterprises as competition in the private sector increases in the continuing economic crisis and makes it harder for companies to survive. Luckily, small businesses are able to use the subscription model the same way a large scale enterprise uses the model, this would also give start-ups a competitive advantage.
Keeping the aforementioned benefits into consideration, KBV Research has come up with its own Research Subscription Model. The model not only aims towards providing benefits to its clients but also, focuses upon improving the client-centric environment offered by the company. Furthermore, the KBV Research Subscription Model is designed to satisfy each client’s requirement. The core of the model is to enable users to have choices in terms of titles and pricing. The model also ensures guaranteed best pricing.
Subscription billing vs. Single Report Payment- Who wins?
Recent researches have established that subscription models are 200% more profitable for enterprises as compared to a one-time payment model. With subscriptions, research companies can ensure greater efficiency and get their clients to associate with their reports better and receive a higher remuneration. Nearly 70% of businesses believe that acquiring a new customer base is relatively more expensive than retaining their existing clients, therefore with a subscription model, businesses can continue to make money from users after acquiring them.
Instead of paying expensive bills for every purchase, consumers prefer the lower upfront expenses which are now possible with buying reports through a subscription. What’s more, monthly or other periodic payments are often provided to the clients at a discount, which enhances the overall satisfaction. The Subscription Model provides better user experience ensuring up-to-date reports. While a subscription model encompasses a wide range of benefits, businesses should evaluate the pros and cons of the model before implementing it.