119- Trend toward subscription-only programs for Entrepreneurs

Podcast: Play in new window | Download

In this episode of The Struggling Biz, we discuss the theme of having entrepreneurs now be offered programs that should help them succeed in their business through a SUBSCRIPTION-ONLY method of entry and sustainment.

This is a relatively new trend that is growing (just as the podcast industry is growing with subscription-only offerings), especially in the arena of New Media. And from one of the thought-leaders in the New Media and podcasting spaces, Chris Brogan, this was especially eye-opening.

The announcement came for the permanence of subscription-only offerings in an email. And since I am on Chris Brogan’s distribution list, I saw what he had to say about this, as he had these words in his newsletter to those on his distribution list:

“Rob and I switched all our offerings at Owner Media Group to “subscription only” a year or so ago at this point. Why, though? What’s the point?

Our plan is simple: provide small (mostly digital) business owners with the tools and personalized support necessary to confidently launch and operate their businesses. Before the change, I was worried all the time about making something new each and every day. But that’s not what you asked for.

Owners Need Consistency and Support

Sometimes, it’s good to feel like someone understands you. We moved our private leadership group to a new technology that everyone liked using more, and that’s changed people’s uptake of interaction with other owners like them.

Owners Need The Fundamentals

Everyone and their brother is throwing “new” at you at every turn. While we definitely have ideas that are new to you, Rob and I spend a lot of time preaching the value of very NOT NEW platforms like email marketing. We cover this in the Owner’s Toolkit Course, and a watch party for that course (You gather live with friends to watch it, if that makes it more fun for you) is coming in the next few weeks.

Owners Need Vision and Vision Checks

We provide loaner vision all the time. We give you our best ideas without flinching so that you can move forward without worrying that you’re not 100% on target.

After you feel more confident, operate from your own vision. We’ll help you ensure that it’s the right one and that you’ll get to where you’re going. So we start with a loaner vision from us and then when you’re ready with yours, we help you stay in check.

Owners Need Guidance and Support

Don’t just value this group for Rob and me. We’re great, sure. But you’ve got other owners all around you who have succeeded in the ways you want to succeed, and who have made the same mistakes you’re about to make. This group is now much more valuable than just the courses and webinars.

And This is Affordable

It’s $100/month. You’ve bought worse things for more money. You’ve bought standalone courses that you threw away once you watched most of it once. A hundred bucks gets you a private group of like-minded owners, gets you a monthly mastermind group, gets you all our courses and webinars, and it gives you a place to practice planning out a roadmap to operate from so that you can succeed.

Come get some!

Or, check out our nifty new FAQ page and THEN get some.

OR, hit reply and ask me whatever you want to ask,

Chris…

I want you to join.”

Now, as an entrepreneur, I have known Chris since 2007 and have personally interviewed him on various occasions, even once during the Podcast Movement initial conference in 2014.

I enjoyed his communication with myself. And in the past, I had signed up for some of his offerings — be it a pdf document or a webinar, etc. And this all seemed like a good idea, as his light of inspiration could get me to sign up from his call-to-action. And for myself, an average entrepreneur, the price of the deliverable or webinar was appropriate for the value promised and the value received.

But I did not have enough faith and motivation from all of his ideas ALL THE TIME to sign up for a long term commitment at $100 per month just on faith alone. This seemed a bit too much to ask for, and so I passed on this offer.

But the trend was interesting. It seems to me that this shows the trend of the future: that all thought leaders would be pressed to pursue subscription-only prices for ALL their offerings, etc., regardless of the perceived value. And although this is a way to address rising inflation and cutting costs and pursuing customers and clients to join their ideologies and communications, it also could be a big “turn-off.”

And this could be a possible negative situation, as backlash could ensue with those who followed (but did not subscribe blindly) to the programs and offerings of such a leader in the New Media Space.

For me, I must now make a mental list (and then a future one on a recorded medium, like an electronic document or a hard-copy list) of every potential offering or program in creating a cost-benefit analysis of the offering or program for my business.

And the attraction for most entrepreneurs will be to seriously review the FREE or non-fee-based alternatives vs. the subscription-0nly offerings. This will cut the sales timeline for some clients down significantly, but the negative alternative is that it may drive them out of the sales funnel entirely.

So, if you are considering monetization, or if you are reviewing how to improve monetizing your business or podcast or other offerings or offers, then what should your strategy be? And, of course, you have to examine this on the basis of your audience, your clients, your prospects and your business landscape with your offerings, your offers and your business PROMISE.

For myself, I would rely on the VALUE-FOR-VALUE model, as espoused by Adam Curry and John C Dvorak of the No Agenda Show. It is something that is picking up steam and growing with many businesses in New Media, and it lets the client or customer decide and affirm the value received by the business, and therefore the reciprocity of benefit is the result.

Thank you for your attention.