What is a Subscription Business Strategy Plan?
A subscription business strategy plan is a framework that businesses and organizations can use to develop and implement plans to increase revenue and profitability. It is based on a set of objectives, action plans and measurable targets (KPIs). It helps to identify and focus on the areas of the business that need improvement in order to reach the desired goals.
What's included in this Subscription Business Strategy Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Subscription Business Strategy Plan template for?
This strategy plan template is for subscription-based businesses and organizations that want to create a plan to improve their business strategies. The template provides guidance to define a focus area and set measurable targets that can be used to track progress and evaluate the success of the strategies.
1. Define clear examples of your focus areas
Focus areas are the areas of your business that need improvement in order to reach desired goals. Examples of focus areas may include increasing subscription retention, increasing customer lifetime value, and increasing customer acquisition. It is important to define your focus areas clearly so that you can create objectives and action plans that are specific and measurable.
2. Think about the objectives that could fall under that focus area
Objectives are the goals you want to achieve for each focus area. Objectives should be specific and measurable, so that you can track progress and evaluate performance. Examples of objectives may include increasing subscription renewal rates, increasing subscription length, increasing customer average order value, and increasing customer acquisition rate.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets that are used to track progress and evaluate the success of the strategies. KPIs should be specific, measurable, attainable and relevant. Examples of KPIs may include increasing subscription renewal rate from 25% to 50%, increasing median subscription length from 6 months to 12 months, increasing customer average order value from $25 to $50, and decreasing customer acquisition cost from $50 to $25.
4. Implement related projects to achieve the KPIs
Projects are action plans that are designed to help achieve the objectives. Projects should be specific and measurable, and should be related to the focus areas and objectives. Examples of projects may include introducing loyalty reward programs, introducing discounted subscription renewal plans, introducing subscription bundles, and introducing referral programs.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform allows businesses and organizations to create, track and manage their strategies. The platform provides real-time visibility into key performance indicators, project performance, and team performance, allowing for faster results from the strategies.