Over the course of 2019, we saw many businesses integrating the subscription model. As we get further into 2020 and head into next year, it’s looking like more businesses are adopting this model, and for good reason.
The market for subscription services has grown exponentially and it’s going to continue increasing in popularity. To help you stay on track with subscription trends for 2020, take a look at the latest moves that businesses are using to attract more customers to their subscription services.
Prescription Drugs Save With GetDealRx.com
Prescription drugs are becoming a more popular service that customers are using to get the prescriptions they need. GetDealRX.com is a company that lets you find the best possible prices for your prescriptions by utilizing a coupon service.
The service is super easy to use and allows you to get the prescribed drugs that you need conveniently while saving some money. It works by searching for the prescribed drugs that you need and looking through all the available comparisons.
You can then compare the prices and generate a coupon for the prescription of your choice. This coupon can then be shown at your pharmacy where you can save money on your prescriptions.
Some of the trending subscription coupons that they currently have include Adderall, Premarin, Dexilant, Flomax, and more.
The ability to stream music and podcasts on the various music streaming services has been growing for years and music streaming itself isn’t’ anything new.
However, with technology such as the Amazon Echo, the music streaming experience is being enhanced even further. Organizations that are interested in integrating content for people to listen to can use these smart speakers as a way to get their message across more easily to a wider range of people.
These smart audio systems can be used as another monetization method by having people subscribe to more services that the speakers can offer. For example, the Amazon Echo includes the Alex system which is being used for educational purposes in India. People pay a subscription fee to learn through the Amazon Echo speaker and the smart Alexa Skills system.
Specific Geographical Deals
Businesses have been adapting their subscription services to be more unique to their customers when it comes to where they reside. The days of the more limited services at fixed prices are becoming a thing of the past.
Netflix, for example, provides different pricing plans and offers for people in different locations around the world. In the UK, you can no longer have free trials and the cost for using Netflix has increased since 2019.
However, in other countries, such as India, Netflix provides a payment plan for their services to be accessed on mobiles at much cheaper prices.
In addition to this, they’re carrying out tests to see whether they can provide more specific discounts to more people depending on their location. This is a subscription trend that seems to be taking off more as it lets your business be more specific when it comes to targeting customers in a way that suits them more.
It’s an excellent way to penetrate other markets that would otherwise be more closed off to the fixed-price subscription model.
Subscription bunding is something that Amazon Prime has been doing successfully and more companies are looking to follow suit. When paying for Amazon Prime, you’re able to receive faster and free deliveries, while also being able to benefit from exclusive discounts.
Within this same bundle, you can watch tons of movies and TV shows on Amazon Prime and use their music streaming service too. Having all of these services bundled into one makes it much easier for potential customers to decide on whether the subscription is right for them.
If there was too much choice between free deliveries, Amazon Prime Video, and the music, people would feel more hesitant. Even if you don’t think you’ll make use out of one or two of those services, you know that there’s always there to use whenever you like.
Apple looks to be the next company that moves forward with this bundling model by combining its current services into one affordable package.
The fewer choices you provide to customers, the less subscription fatigue there is, and the easier it is for people to subscribe to your services at low costs.
Amazon bundles everything with its own products, but you should also lookout for the trend where businesses bundle across various platforms. It’s becoming more common for phone subscription services to offer bundles with music streaming services, such as Spotify.
More Personalized Subscriptions
Providing customers with more personalized options when it comes to their subscriptions can have a big impact on their overall experience.
Netflix is a great example of this as they provide personalized recommendations for shows and movies for you to watch based on the kinds of things you’ve viewed. Spotify also has a similar system that provides you with suggestions for new songs and albums that makes the entire experience feel more personalized to you.
This act of showing customers that you notice what they like to watch/listen to can make them feel more special which can boost customer loyalty.
Another way you can make things more personalized is by sending out occasional offers to loyal customers. By rewarding them for their loyalty or interest in using your subscription service, they’re more likely to continue using it for longer and recommend it to others.
So, keep an eye out for personalization trends as they can be used as a fantastic tool to build more loyalty between you and your customers.
Now that you know a little more about some of the biggest subscription trends in 2020, you can be more prepared for various changes that are going to happen over this year and the years to come.
New trends are coming and going all the time and there are many subscriptions for services that you may not have even thought about. So, keep yourself up to date with what subscription businesses are doing to see what works well and what doesn’t.