Time's Up! Pivoting Your Firm to a Subscription Based Model 2024
2.00 Credits
Member Price $89
Non-Member Price $119
Overview
The barber, blacksmith, butcher, baker and candlestick maker used to have an intimate knowledge of their customers. This tacit knowledge got lost in the Industrial Revolution. It is now coming back. The world is moving from products and services to subscriptions, favoring access and transformations over ownership and deliverables. McKinsey reports that the subscription ecommerce market has grown by more than 100% per year for the past five years. Further, subscription-based companies are growing eight times faster than the S&P 500 Index (17.6% vs. 2.2%) and five times faster than US retail sales (17.6% vs. 3.6%). The advantages of a subscription model include predictable revenue, the collective knowledge of your customers, one-to-one marketing, forecasting for demand and planning more effectively, breaking down silos and creating an actual “one-firm” model.
Highlights
- The three types of adoption approaches to creating a subscriber base
- Five approaches to value nurturing-that is, what happens after the sale to help customers achieve success and realize value
- Ten best practices to reduce churn (i.e., losing subscribers)
- Essential growth strategies to deploy
Prerequisites
None
Designed For
CPAs, accountants and financial professionals.
Objectives
- Identify strategies utilized by businesses that have made the transition to a subscription-based model
- An in-depth exploration of the nine types of subscription business models
- The psychology of selling subscriptions
- How to develop new metrics and accounting information to represent the economics of a subscription business
Preparation
None
Leader(s):
Leader Bios
Ronald Baker, CPA Crossings, LLC Two Commerce Square
Ronald J. Baker started his career in 1984 with KPMG’s Private Business Advisory Services in San Francisco. Today, he is the founder of VeraSage Institute, the leading think tank dedicated to improving the profession for posterity. Ron has been appointed to the American Institute of Certified Public Accountants Group of One Hundred, a group of leaders to address the future of the profession and named on Accounting Today’s 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2011, and 2012 Top 100 Most Influential People in the profession. His book, The Firm of the Future: A Guide for Accountants, Lawyers, and Other Professional Services, co-authored with Paul Dunn, was published in April 2003 by John Wiley & Sons, Inc., and was the 2003 Book of the Year on SmartPros.com and is in its sixth printing.
Non-Member Price $119
Member Price $89