Building Playbook to meet a subscription-based economy
We live in a subscription-based business economy
Today, if businesses aren't making subscriptions their main model, they're certainly making it a core part of their pricing strategy. Just like Amazon Prime, Hulu, Netflix, and pretty much every health, fitness or meditation app, companies who are adopting a subscription model are seeing tremendous growth.
What is a subscription model?
Subscription-based offerings is a business model where a customer pays a price once a month in order to access a bundle of products or services.
Customers don't get long term value from one-time purchases
Consumers are less interested in buying a $30-$100 book, DVD, pdf or video series because the novelty of their purchase will fade over time. The product will soon become outdated, and without any sense of support or connection, their purchase provides little long term value.
Subscriptions offer tremendous value and convenience to its customers
On the flip side, consumers are happy to hand over their money every month to a company like Netflix because it's reasonably price, easy to use and offers new products every month. As you know, Netflix is constantly coming out with new movies or shows that add long term value to customers!
Health and wellness is following the subscription trend
Products in the health and wellness space are learning from the Netflix's and Amazon's of the world and switching to a subscription-based service.
Take Australian trainer and fitness influencer Kayla Itsines, for example. Her app offers new workouts and health content with support from her #BBG community for a convenient, inexpensive, recurring monthly fee. And her customers love it! If you don't believe us, check out this article from Business Insider and take notice of the whopping $60 million in yearly revenue she is generating from her subscription-based fitness app.
Playbook can help you build a recurring monthly income
Are you convinced that subscription business models are the way of the future but unsure of how to start yours? That's why we're here. We built a platform that makes it easy for you to build a subscription-based business so you can have a consistent income stream month after month.
A subscription business requires certain things, however.
Novelty is key to running a subscription business
Put yourself in a customer's shoes. You constantly crave “new things” - every human does - new books, movies, clothes, food, cars, etc. Maybe you even use a subscription service yourself? Amazon prime...check! Netflix...check!
Now, would you prefer to get new insights and weekly workouts every week from a partner in health? Or pay for a one-time product that gets old after a while...
Your answer here is the underlying reason for why it's so hard to build a business by selling an e-book or PDF workout program. People want new content that consistently adds value week after week. One time purchases can't offer that.
Customers are more than happy to pay a monthly subscription fee if you can consistently provide value. Netflix has new shows that come out bi-weekly and Kayla Itsines has new workouts for her users every week. Both are running very successful businesses and with Playbook's platform, you can too!
Community engagement is everything
Today, building a community around your brand is absolutely essential. There are thousands of workout programs, nutrition books, wellness brands and the reason some succeed while others fail is because of the community built around them.
Creating a community around your brand adds so much value to your customers. Not only will they receive your weekly content, but they will have the support of digital community members to inspire them throughout their journey. This type of support can be the difference between a one time customer and a repeat community subscriber!
Kayla Itsines, the Australian we mentioned earlier, does well purely because of her ability to empower woman through her community. We will talk a lot more about this later in training.
Last but not least, apps are easy to use
You can forget about long, lost email chains and awkward PDF attachments. Playbook gives you the technology to quickly and conveniently share your content with just the click of a button.
For instance, we give you a customized deep link for your Channel so you can share it with potential customers anywhere, anytime. At the same time, you'll be giving your customers an amazing mobile experience (we're rated 4.9 stars by users on the App Store!!). This ensures that they keep coming back for more.
Why PDF's and eBooks aren't the answer
If you're selling a book or DVD, your customer has to jump through hoops to get your product. First, they have to find you and decide your product is worth buying without knowing much about it. Then they have to manually enter their credit card information and wait for the product to be delivered to them.
On the flip side, you have to manage this process. You have to track down their payment, email or manually send them the product. And, even after all of this, your product may not be easy for your customer to use. What if they don't have access to a gym? Or don't want to look through PDF documents before their workout?
Playbook improves your customer experience
Playbook makes it easier for you to succeed by giving your customer the best experience possible.
Your customers can:
- Try out your product via your "Free" published content
- Easily access your content from anywhere, anytime via their mobile phone
- Watch videos of your content rather than reading heavy text (no one wants to read text these days!)
- Pay to subscribe with the touch of their thumb
- Stay subscribed without having to remember to reorder anything every month