On this episode, let’s talk about 3 more justifications for subscription making. Hands down the number one reason for becoming a subscription maker is the Great Confluence. However, today, we’ll discuss some additional reasons for embracing changes in the workplace.
Welcome to the Subscription Maker Podcast. This is your host Zachary Alexander, Enterprise Architect at SubscriptionMaker.net. The go-to resource for people who want the benefits of a creative lifestyle and the security of recurring income.
Longtime listeners know that the Great Confluence is the place where market fragmentation meets accelerated techno-economic change. It is the basis for all of the turmoil that you see in the marketplace and on the job front. And it potentially could lead to an industrial revolution.
The hard truth is that most people find it difficult to justify the upfront effort required to make a subscription service. It’s counter-intuitive to concentrate on low-value service offerings when you can make more money in the short-term with custom one-offs.
Here are three justifications for subscription making that you may want to consider:
Providing Add-on Value
In the last segment, we talked about the four phases of the business maturity model. We talked about the need to get those first ten paid subscribers. In this episode, we suggest you could think about subscription services as a value add-on.
You could use your subscription service as a means of extending the good work that you are already doing for your current customers. Be careful if you choose this option because it easy to simply give it away. Remind yourself that your goal is to make something that is self-sufficient. Something that can carry on without you.
Promoting Data Advocacy
Data advocacy is one of the best ways to justify paying experts more than generalists. The reason is that experts bring their primary data sources to bear on any problem-solving situation. You could even make the case that the difference between an expert and a specialist is access to primary data.
There was a time when information was king. Back then, access to information wasn’t freely available. Now, most people are swamped with all the information they need. However, few people today have access to the underlying data. Fewer still know how to interpret it.
Nothing stands still, and you’ve got to be able to justify each and every decision with data analytics. You become more valuable to companies if you can supplement the data they already have access to with your own primary data.
Covering the Cost of Downtime
Everybody needs a little downtime. You could even justify more downtime by saying it’s the downtime that gives you the creative energy to be successful. Take a look at the Accidental Creative by Todd Henry for more information.
You want to attend a family members graduation or wedding. Maybe there a basketball game against a heated rival that you may be needed for moral support. Keep in mind that there are times when David doesn’t slay Goliath.
Becoming a subscription maker means that you can enjoy all that life has to offer. The money will continue to come in even if you providing much-needed TLC to a loved one. Unfortunately, this is not the case for the majority of people in the Gig Economy.
Another justification for subscription making is that you might need some downtime because of illness. If you are in continuous motion, you will get sick. Generally, the illness won’t amount to much. Nothing that a couple of days with your feet up won’t solve.
This is an example when you need downtime, that is not planned. Generally speaking, you don’t plan on being ill. It’s something that happens despite your best efforts. The last thing that you need is to worry about whether or not you will sick.
The third justification for subscription making is that you’ve reached the age of retirement. There comes the point in life when most people want to slow down. This could be for a couple of months, or it could be years. It could also mean that you just need time to figure out what comes next.
Very few companies in this day and age provide pensions. Most that do are underfunded. So they most likely won’t survive as long as you may need them. Sad but true. For the record, this is one of the main reasons that Subscription Maker Podcast was started. I wanted to provide a forum where people could talk about what comes next. What happens after Workforce50/50.
3 more justifications for subscription making include providing add-on value, promoting data advocacy, and covering the cost of downtime. Each of these justifications will help you meet the twin challenges of freedom and security.
Thank you for listening to this episode of the Subscription Maker Podcast. This is your host Zachary Alexander. If you like to continue this conversation, join us in the Subscription Maker Group on Facebook.