I recently read some statistics about subscription businesses (from the Fusebill blog) that caught my eye:
1) By the end of the year, 34% of U.S. households won’t have a traditional TV subscription
(No crap Sherlock! I have multiple streaming services here at my house, and I can't remember the last time I watched "traditional" television ... I only have it since it's included in my home Internet bundle)
2) 41% of households subscribe to one or more streaming music services
(See above - gone are the days when people sat by their TVs waiting for their favourite music video to play on MTV, or MuchMusic here in Canada)
3) The average subscription billing vendor is growing 30%–50% annually
(There's nothing terribly surprising about this number either ... it's clear where the trend is heading)
The subscription model is attractive for coaches as well - it's easier to grow your business when you have the recurring revenue!
The problem?
According to the blog post I mentioned, 63% of businesses say that turning audiences into paying subscribers is a key challenge ... and I'm guessing it's an even higher percentage of coaches who struggle with it.
If you'd like to add recurring revenue to your coaching business, but aren't sure how to do it, come to the webinar that Patrick Shaw and the RapidFunnel team are doing next Tuesday.
They'll give you a clear, concise subscription road map for
your business - save your seat for it here:
www.NaturalBornCoaches.com/rapidfunnel
Marc
Mawhinney
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