It's the end of product ownership as we know it.
We're now addicted to subscription services like Netflix, Spotify, Amazon Prime. Even Ford and Caterpillar offer subscription models. So how can your business survive and thrive in this new economy?
Tien Tzuo, is an industry leader, bestselling author and the founder and CEO of Zuora (NYSE: ZUO), and shared with FORBES, his thoughts about the current state of business.
"There is a tipping point around the idea of subscriptions as the common currency for the relationship between the consumer, customer in B2B sectors, and the company and its products and services. Once we experience the whole thing, we start to question why we need to purchase it."
Beginning in 2007, Tzuo evangelized the shift to subscription-based business models coining the phrase "Subscription Economy."
To empower this new economy, Tzuo spent 10 years building an award-winning subscription management platform capable of powering any subscription business, and of solving the complex billing structures, they inherit. Before Zuora, Tzuo was one of the 'original forces' at Salesforce, joining as employee number 11.
Read the full write-up on this industry thought leader in this FORBES article.
We are moving to a subscription living style, so a subscription platform is going to be, essential too.
As technology gets better and the social acceptance and the infrastructure gets better to support this model, the more likely it will happen everywhere. Think about Ford no longer talks about cars, but them being a mobility company.
We can see how miles driven have gone up, and car sales have gone down.
The basic paradigm of miles and car ownership has been eroded. The new model of personal vehicular usage for everything has been borne on the idea of the subscription economy."
Tien Tzuo will share riveting tales from the trenches detailing how your company can prosper during the Fall Pricing Workshops and Conference Virtual Event #PPSVirtual20!