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Season # 2 

Ep 170 of  Business Growth School for service providers

Welcome to daily 5-minute Business Growth lessons for service providers. Are you a Dentist, Realtor, Lawyer, Accountant, Plumber, Consultant or Contractor….If you provide services locally than this podcast is for you. Here we share strategies, tricks, techniques on how to generate leads, grow your revenue and sales.

Join us every day for 5 minutes and take away strategies which you can apply in your business.


 


 

 

 

Service Providers Can Increase Revenue By Offering Subscription – Membership Model (Service which is already offered by you):

 

  • Massage Therapist can offer membership of unlimited massages for a year for example $1997
  • Plumber can offer maintenance packages to businesses
  • Lawyer can offer membership packages to access the lawyer anytime during the year.
  • Dentist can provide membership for teeth cleaning and whitening

 

Amazon prime is a subscription model by Amazon to promote their retail store. Costco membership is a subscription card to promote their stores. Service businesses should be open to this model as it helps them move capital expenditure over to operating expenditure.

Other examples are last year, Dollar Shave Club was expected to generate $60 million in revenue, nearly tripling its 2013 revenue. Even more impressive, Honest Company was expected to bring in $150 million in revenue in 2014, landing the business a $1 billion valuation.

This will help build sustainable revenue and reoccurring income. Fed up with the risk and constant guessing game of scoped projects, we took the plunge and converted the business model of our marketing firm to subscription only. Instead of signing project agreements or monthly retainers with a detailed scope, we simply offered all of our services under a flat-fee subscription.

Clients were initially confused, but once they experienced how our new approach improved our alignment on strategy, design output and working speed, our retention rates catapulted. Since switching to the subscription model, our revenue has increased by 300 percent.

The subscription model is also not about getting a project done and then moving on to the next client. It allows us as a service provider to grow a relationship with the client and cater to their business needs as they change. It builds a substantial level of trust since the client knows that you have their best interests in mind and understand their business.

Moreover, it also forces service providers to be accountable in their client relationships. Here is an example of another successful service based business which is build on subscription. Members of One Medical pay an annual fee of $149 to $199 (depending on the city) and enjoy benefits such as same-day appointments made online, more personal treatment plans and direct access to doctors outside the office. The group raised their second round of funding in 2014, bringing in $40 million in additional investment.

 


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