The $100 MBA Show MBA897 Turn Your Ecommerce Store into a SaaS
For a predictable revenue stream, nothing beats the subscription model. Customers sign up to pay a fixed rate, monthly or annually. The business owner gets to map their budget and growth goals with greater confidence and stability. Everyone wins. But unfortunately, this model doesn’t work for regular old e-commerce…or does it?
Typically, the subscription model applies to services, especially of the SaaS (Software as a Service) variety. The SaaS model is all the rage, one of the most lucrative ways to harness the Internet for a passive revenue stream. Wouldn’t it be great if e-commerce businesses could enjoy the same benefits?
Impossible, you say. I don’t sell a software, or a service. I sell clothes, or shoes, or hamster grooming products. My business just isn’t SaaSy enough for this model.
Think again.
You can convert your e-commerce to the subscription model, and enjoy all the stability of a SaaS business. You simply have to sell, package, and deliver your product like a service. You wouldn’t be the first. Great subscription services deliver physical goods to customers around the world every day— from Dollar Shave Club to Amazon Prime to Blue Apron.
This isn’t just a trick to gin up some extra income from your customers. It’s a way to reward your best customers by offering them something valuable: membership. Membership is a whole ‘nother level of brand loyalty, one that customers enjoy. More than ever, consumers like to identify with brands to which they’re loyal, especially small-business brands that declare their unique and discriminating tastes.
People love the extra personalization of membership, and they love having products curated for them, rather than just buying them. It’s a service in the truest sense: you not only provide the product, you essentially do the shopping!
On this podcast, we teach you exactly how to move your e-commerce business into the SaaS model. It’s not for every business, but so many purveyors of physical goods can use this method to substantially increase revenue. We discuss how to implement the service, market the service to your current customers, and integrate the revenue into your budget.
This model can work, as a replacement for a-la-carte shopping, or as a valuable supplement. Tune in to our in-depth lesson, hear how it’s done, and see if you might give it a try. Click Play!
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