Subscribing to Convenience and Cost-Savings: The New American Reality
The popularity of subscription services is on the rise with options designed for basically anything you can dream of, from entertainment and meals to flowers and beauty products…and everything in between. Personally, we recently cut the cable cord, and all our television is now via streaming subscriptions. I love to cook and subscribe to two recipe apps…for some great apps (pun intended!). But also, as you can imagine, I’ve got a collection of protection services on my home systems.?
But how does a company ensure its subscription service stands out amongst the masses?
As a business that provides a home repair subscription service, we were curious about Americans’ attitudes toward subscriptions. To further understand subscription service usage in the U.S., we asked several subscription service-focused questions in our most recent State of the American Home survey, including:
The feedback was clear. Entertainment-focused subscriptions are the most popular. Nine out of ten participants said they have a television streaming subscription; half of the respondents have a music streaming service and one in five have either a subscription for news or books. Other popular subscription services outside of entertainment that topped the charts were meal and food delivery and beauty and spa services.
And why do Americans choose to invest in subscription services? One word: convenience.
A 2022 article in PYMNTS asked why subscribers continue to pay for subscription services, despite increasing inflation. And that’s exactly the same conclusion they came to; because of convenience. The backbone of a subscription service is the ability to make life easier for the subscriber. And once you get used to the convenience provided by a subscription, it’s hard to go back to a pre-subscription way of life.
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But what really makes a subscription convenient? I’d argue that the answer is dependability. For a subscription that provides a necessity like home essentials or meals, subscribers are assured they’ll have a constant supply of their needed product or service and don’t have to worry about running out. For a luxury subscription service item like clothing or flowers, knowing exactly when the box will arrive at their front door gives a subscriber something to look forward to. Then there are the service subscriptions, which cover everything from your gym membership to entertainment to home services like cleaning and landscaping. These subscriptions ensure that you have access to the services you need when you want them.
For the home repair subscription service model HomeServe provides, dependability translates into peace-of mind and means that when life goes awry and a home repair emergency hits, customers have the assurance that someone has their back.
Our survey found that cost and the idea of saving money is the second biggest motivator behind signing up for a subscription service. Customers are always looking for a great value proposition, and the option for exclusives and add-ons makes a subscription even more tempting, and frankly, more fun.
With so many different subscription services competing for limited dollars and attention, the most successful subscription services elevate their offering through customization. By customizing a subscription service, subscribers are offered multiple plans to choose from, ensuring they have the flexibility to select a plan best suited for their needs.
To truly outshine the competition, companies providing subscription services must find their sweet spot - a service or product that fills a particular niche that isn’t being addressed well or at all. The service needs to be elevated and address a unique need. It must be convenient and easy to use. And it must offer the notion of cost savings. There is a difference between simply offering a product for sale via a website and guiding the customer through the experience, based on their expressed wants and needs.
HomeServe’s subscription services have all these important components – dependability, convenience, cost savings and filling an important need. We make home repairs as convenient as a phone call. Customers can count on a repair technician showing up right away, with service being scheduled, on average, within 2 hours and the job being completed in a day and a half on average. They have easy access to customer service that’s there to answer questions and to help walk them through the repair process. And we offer the ability for customers to choose the services that meet their needs.
I have little doubt that the appeal of subscription services – along with available options – will only continue to increase in the U.S. And HomeServe is along for the journey, offering a home repair subscription service like no other.
Principal / Business Development @ Plumber's Choice Water Treatment | Communication, Marketing, Stategy
1 年Great insight!
Professional Services Recruiter: ICs to C-Suite
1 年We were just discussing this in our home and with our extended family. We as consumers tend to gravitate to what is easy, (especially my adult kids, nieces, and nephews) I will say, that when we stopped to think about it we consolidated some subscriptions and started new ones based on recommendations from co-workers, and social media, and most importantly our family recommendations. #1 thing that caused any of us to cancel was the rise in the cost of said subscriptions.
Storyteller | Helping Communities & Utilities Educate & Protect Their Customers
1 年I have a ton of subscriptions, too -- TV, podcasts, audio books, vitamins, spa stuff, pet supplies. It's the convenience for me. I don't want to go out and get all those things or run out of my most needed (wet food for the pets; I'd have a mutiny on my hands!). What recipe apps do you recommend?