Business Opportunities Created 04/22/2021
Subscription Pricing
Market Problem 🤔 One time payments are nice, but what are you going to do next month?
Solution 🤯 Charge customers on a reoccurring basis to make revenue more stable and predictable.
Why should look into charging monthly instead of a one time fee?
The biggest benefit towards adopting the subscription based model is that it makes your product a lot cheaper (in the short run) IF paying for it in full upfront is more expensive.
For example, instead of purchasing a car, just sign up for a car subscription service to where you can cancel any month.
Sure, you'll pay FAR more a month than using a traditional car loan payment, but it lowers the cost for those who want to use it in a short run.
The car industry wasn't the best example for this but you get my point.
As they say, being 100% extroverted isn't good. Same with being 100% introverted.
It's okay to switch between the two.
In this case, you can look for ways to make your customers pay for a small fee upfront + a monthly fee.
There are plenty of companies that do this already. The key is to price your one-time fee just right. Or, have a high one-time fee with a low monthly fee. You can even use this technique to get people in the door.
Conclusion The average millionaire has seven strings of income. You should look into adopting this concept into your business so that you are not dependent on one stream.
This post was written by Dejon Brooks.
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