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Building a Cloud Subscription Business By @IanKhanLive | @CloudExpo #Cloud

What is the golden formula to building a subscription business and how do we go about creating a user base of millions of users?

Three Essentials for Building a Cloud Subscription Business

Subscription business models are fast proving to be the best thing ever for businesses. Recurring revenues that come in day after day, week after week are a boon to business and while the perpetual licensing software sales model has done wonders for the industry so far, the question is how well planned is the subscription economy?

Some of the names that already forayed into this include names such as Adobe, which after much criticism still went ahead with its Cloud Subscription Suite. Primarily driven by memberships and subscription plans, the Adobe Creative Cloud is a great example of a trailblazer company that is forward-looking. There are many others following suit, such as Autodesk, that has transformed their offering in a fully cloud-based model available on a subscription basis. There are hundreds of more examples.

Why Move to Cloud Subscription?
Cloud subscription and cloud billing management are still new to some extent. I say this because clearly there are much larger on-premise solutions still deployed. These can be for various reasons not just reconverted into a cloud framework. Some are too complex, some are just in various product lifecycles and, unless demand does not dictate the need, these may remain where they are. If you are asking about how the cloud will overtake everything, it may take a few more years than we really think, just to be realistic.

What is the golden formula to building a subscription business and how do we really go about creating a user base of millions of users?

Focus on Fundamentals
It is most essential to design and provide a solution that has a genuine demand. More accurately, the market can use your solution and benefit from it. If you already have a customer base that is using an existing perpetual or on-premise model of your solution, that may actually be a good thing. Moving those customers away from the traditional model by showing them more value is a great place to start.

Connect Offering with Your Monetizing Strategy
How will you offer your services and solution on Cloud? How will customers pay? What will they pay for? And more importantly why will they pay in the first place? Connecting your solution offering with your monetizing plan is akin to creating the basis building blocks of your business. This is a major step as this will dictate the nature of every dollar and cent that will flow through your business.

Exceed ROI to Customers by 100X
The Why is always important for customers. Why should I jump on your subscription plan if everything is working fine for me. Customers want to be able to justify all expenses and, more than just the financial aspect of the business, need to see the true value that they receive from anything. This is great, because it not only helps us deliver the best to customers, but also helps validate the pure existence of any solution we put on the subscription cloud. Build your offering to provide an irresistible ROI and value for the customer. Exceed it by 100X. Do what it takes, and you will have a customer for life.

How is your Subscription Cloud journey going? Feel free to comment.

More Stories By Ian Khan

CNN Futurist, Forbes Contributor, Author, 3 Time TEDx Speaker and Technology Futurist, over the last 20 years Ian Khan has had the privilege to serve the needs of over 5000 organizations by fueling their growth through technology solutions. He has helped a diverse set of businesses ranging from Technology Companies, Oil Companies, Power Generation & Renewables Operators, Microsoft Ecosystem Partners, SAP Customers and Partners, Healthcare Providers, Manufacturers, Facility Operators, Startups, Educational Institutions, Nonprofits & associations and more. Ian’s experiences with these organizations led him to a unique position of being able to identify the common challenges of growth for all these organizations. The bottom line as he found out, is that we all are hungry for success and want to grow and make a difference. Where we fall short is by failing to understand our environment and taking the right action within that environment. After 20 years serving the needs of the industry Ian’s natural pivot was to answer his calling and help organizations at a broader level understand what tomorrow brings. His work and study of all these organizations brought forward very unique perspectives that he now share through his work. Today, hands down, we live in the great time for humanity. Technology is a great thing, but it also has its victims. Many organizations of tomorrow will fail under the pressure of a fast changing world, much of which is fueled and driven by technology. Ian’s mission is to help organizations avoid that pitfall, and propel themselves into success in today’s era and go from digital disruption to digital transformation in the fastest and most sustainable way. This is the only way, according to him, we can together create limitless value, create solutions that are faced by us locally as well as by others around the globe, and make the world a happier place. Today Ian’s work spans working with people by delivering keynotes, consulting and by promoting his 7 –Axioms methodology through his book and workshops. He is also working on an ambitious project of releasing a documentary in spring of 2018 called Industry 4.0. Industry 4.0 will capture the thoughts and insights of some of the world’s leading thinkers and help us understand the 4th Industrial Revolution, Its Impact, and how we can all be have an opportunity to be part of the emerging future and make the right choices. For more information please visit www.iankhan.com

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