strategy and business

How to Keep Your Customers Close

A sales revolution is under way, and it can be summed up with one word: subscriptions. Faced with fierce competition and low customer switching costs, companies are turning to subscription-based offerings in search of revenue predictability. And their customers have responded in droves. In April 2018, the Economist reported that U.S. households have more than 200 million subscriptions to various streaming and Internet-based services. Amazon Prime announced the same month that it had exceeded 100 million subscriptions worldwide.

The shift toward subscription models is happening across industries. In apparel, some traditional retailers watched the subscription-box wave and saw an opportunity to rethink how they engage with customers, by offering curated selections or clothing rentals, as well as incentives for continuing to shop in-store. The auto industry is also entering the ring, with car companies eyeing the flexibility of subscriptions as a way to compete with car-sharing and ride-sharing companies. Meanwhile, industries such as telecom and insurance that have traditionally relied on subscription

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