The Abundant Accountant: Leads, Sales & Business Growth for Accounting, Tax and Bookkeeping Professionals
Episode 115 | The Transformative Power Of Subscriptions For Business Success With Ron Baker
Jun 15, 2023
Ron Baker, Founder of the VeraSage Institute, discusses the transformative power of subscriptions for business success. He explores the benefits of transitioning to a subscription model in accounting firms and the significance of recurring revenue. The podcast also explores the potential benefits of introducing subscription packages for Apple products and emphasizes the importance of a mindset shift when transitioning to a subscription model.
40:06
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Quick takeaways
- The subscription-based business model offers convenience, simplicity, and peace of mind to clients, focusing on building relationships and guiding transformations rather than just offering services.
- Transitioning to a subscription model requires firms to narrow their focus, specialize in a niche area, and provide convenience, peace of mind, and simplicity for clients, creating a more meaningful impact in their lives.
Deep dives
The Power of Subscription-Based Business Model
A subscription-based business model can bring great value to accounting professionals by offering convenience, simplicity, and peace of mind to clients. By transitioning to a subscription model, firms can provide all-inclusive services, covering anything the client needs within the firm's capabilities. This approach focuses on building relationships and guiding transformations for clients, rather than simply offering services. The subscription model offers recurring revenue and increased customer loyalty, making the firm more valuable and facilitating higher profit margins. Additionally, firms can consider specializing in specific industries or demographics to further enhance their offering and expertise.
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