From video streaming, beauty products, software to vehicle rental, the subscription model continues to gain popularity in almost every market. Companies can enjoy higher customer retention and lower customer acquisition cost while customers can cut out the hassle of ordering products or services from time to time.
Brands that adopt subscription model
Some big names are already making a fortune from their subscription services. It is no exaggeration to say Netflix is the world’s largest and most successful subscription company. It has over 209 million subscribers worldwide with a market capitalisation of over 225 billion. With a share over 70 percent, Microsoft Windows is the dominant desktop operating system worldwide. The tech giant offers a productivity cloud, Microsoft 365, with all the familiar Office apps in one place. Users are able to share the subscription with families and enjoy the benefits of different apps across all their devices. Adobe Creative Cloud offers a bundle of software applications for creation, editing and publishing of graphic documents. Having a monopoly over the creative community, the company offers different subscription plans and education discount to further consolidate its market position.
Benefits of subscription service
As customers have a prior relationship with the business, upsells are always easier as a strong bond of trust have already built. Subscribers may also see additional features more affordable once subscription fees have become a part of their expected monthly budget. Meanwhile, subscription payments lower the entry barrier for products and services and hence allow more potential customers to purchase the product. The subscription-based pricing helps attract more customers and they may pay a larger amount over the long term. Apart from increasing revenue, subscription service plays a key role in enhancing customer experience as well. Customers can gain immediate access to new and upgraded features while companies can make real-time adjustments to their products based on customer feedback and market needs.
Benefit for companies that join translation subscription service
As breaking the language barrier be the first step to extend to different markets, joining translation subscription services brings significant benefits to companies which requires language support. Language service providers usually charge different rate for different language pairs, depending on the abundance of translators. Translation subscription service allows users to pick the languages they need and enjoy a single blended rate. With digital transformation, small projects like updates on social media and subtitles on short advertisement are becoming the norm rather than the exception. Subscribing to a translation service, customers can trim unnecessary minimum fee for small projects and add up to huge cost savings over time. Additionally, users can gain access to an integrated translation platform, combining every stage of a translation process. From automated file handoffs, quotations, translation and project management, a streamline process is optimised for the best efficiency. To cater to different business needs, ranging from pharmaceutical solution to media and marketing translation service, Elite Asia offers special packages to provide professional and efficient language services on a subscription basis. The market is seeing a dramatic and necessary shift from individual transaction to subscription in recent days. It is not surprising to see such a win-win business model to dominate the market in the future.
