The Access Economy is no longer a dream made of paper, ink, and what we assume to be one too many discussions among the great minds of the mid 20th century.
It’s here. And more than anything, it is here to stay. Just in case you were looking for a quick reminder on what data says about the rise of the Access Economy, here’s a quick screenshot from Statista’s five-year overview of the number of users in the Access Economy in the United States. Those numbers are millions, by the way. And this is just one piece of research.
Clearly, tapping into this new, refreshing, and exciting market is something you want to do. After all, who doesn’t want to be part of the future? 🙂
How do you accomplish this, though? How do you fast-forward yourself into the Access Economy, regardless of what kind of products or services your business may be selling?
Here are some tips!
There’s No Fast-Forward. Not Really, At Least
Sorry to be so blunt, but you should probably not actually rush into launching an Access Economy-ready product. Yes, time is obviously of the essence, but the fact of the matter is that there’s no actual fast-forward into this.
You want to be successful. So, you should not skip through steps — just as you wouldn’t skip if you were launching a new product. Yes, your subscription product may rely on the same products or services you’ve been offering for one year or five decades. But, at the end of the day, it’s also a (kind of) new product, with its own target audience, marketing campaigns, and so on.
Gather Your Data
The more, the merrier, they say. It also applies to data: the more of it you have (and the more of it you can actually process), the better your final subscription product will be.
Hunches are great, but market research and customer database research are better. Much better. They can provide you with actionable insights into who your customers are and what they actually want so that you step forward on the right foot.
Understand Your Competition
Launching your brand new subscription product should be a lot easier once you take a look at your data.
Once that’s done, though, take a look at your competition as well. Are you competing against other subscription products of the same type? What sets you apart? Are you competing against second-hand products? How are they doing, and what is your unique selling proposition?
We’re not advising you to just copy what your competitors are doing. But taking a look at them will help you understand how to be better from the get-go.
And since we’re here, although they might not qualify as competition in any way, do take a look at what the pioneers of the Access Economy have done well. Netflix, Uber, and Airbnb are just three of the most famous names (but obviously not the only ones, mind you!)
Create a Subscription-Based Product
OK, once you have all the information, it’s time to create your subscription product. Will you offer it monthly, weekly, or with another type of regularity? Will you provide some sort of a free trial? How will you price your product to make sure it is fit for your target audience (and profitable for you)?
These are a lot of questions, but the more detailed you are, the more likely it is that you will be not only among the pioneers of the Access Industry. Tackle them one by one and create an irresistible product that will go viral among your target customers.
You have to be very honest with yourself when you create your subscription product. Regardless of whether you’re selling services, software, or even a subscription box, you have to consider the following:
- Ensure you have a consistent, reliable means of delivery (if you handle physical products)
- Your pricing should be convenient for both users/ customers and your business
- You must make sure your entire supplier line is flawlessly aligned with your goals
- Always consider retention as well (so deliver a great product, for a good price, and continuously engage existing customers to create a steady relationship with them)
Get the Right Partnership
OK, we might be biased here, but have you considered a Simplr partnership? Yes, we do keep things simple, and yes, we are looking for partners to join us in this Access Economy adventure.
Just head out to this link, check it out, and let’s have a talk. You will love our simpl(e)r solution to joining the ranks of the Access Economy! 💗