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The speed of the boss is the speed of the team.Lee Iacocca

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The Forever Transaction

The Forever Transaction

How to rely on the subscription model to develop and gain in profitability.

Author(s): Robbie Kellman Baxter

Publisher: McGraw-Hill

Date of publication: 2020

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We are entering the age of the Membership Economy, Robbie Kellman-Baxter says. Indeed, consumers are less and less inclined to own products. On the other hand, they are interested in companies helping them reach their objectives—remaining in good health, building financial wealth, maintaining or securing their house, etc. They are ready to sign up for subscription services as long as the company fulfils this role. For the latter, it is really advantageous: a “forever transaction” pays for a “forever kept promise”.

The author encourages any company that wants to develop and gain in profitability in a durable manner to explore this model, which will enable it to rely on a loyal customer base and thus on recurrent revenues. This entails stopping to think in terms of products to instead refocus on the customers, and on the promise that the company gives them to help them reach a long-term objective. The first part of the book is dedicated to identifying recurrent services that a company can propose and the development of a viable project. It then explores the essential steps to implementing it in the company: How can we mobilize the entire staff around such a project? And how can we acquire the competences (technical, logistical, etc.) required to deploy a subscription service? Finally, it addresses the issue of project sustainability: how can the company constantly renew its offering to keep its subscribers over the very long term?

Very factual, methodical and filled with examples, this book is a good guide for any executive or manager who wants to develop a subscription model or optimize an existing subscription offering.