We’ve been implementing repeat payment platforms into our clients’ businesses for years. The potential for guaranteed, controllable income can revolutionise a business from the ground up.
The desire to ‘own’ things belongs to previous generations as we stream, lease, hire, rent and subscribe our way through life.
The concept is driving digital sales at The Times/Sunday Times, allowing Amazon to own the virtual high street with its Amazon Prime (currently 100 million ‘members’ and counting!) and ensuring Netflix, Spotify and Apple dominate their respective industries.
Now the $70b giant Uber is seeing the potential. It has just launched its first monthly subscription model in LA. London and other major cities are part of the planned roll-out.
Its US rival Lyft has already started its own membership scheme with a monthly $299 subscription, offering 30 rides a month! Potentially making their service cheaper than actually owning a car.
‘Membership’ keeps people in your business longer. People in the main procrastinate, are generally not big fans of change and prefer easy options when it comes to decision making. All these psychological traits aid the marketing and retention process and work hand in hand to provide a sustainable, proven and, most importantly, reliable income stream for your business.