Business schools have only ever taught us one thing for hundreds of years: every company's primary objective is to develop ground-breaking products, maximize market share, reduce expenses, and earn huge profit margins. A model like that, according to author Tien Tzuo, is no longer applicable because the circumstances have changed.
Instead, companies should start by identifying the demands of a core group of clients, after which they can develop a service that benefits those clients. Customers will become subscribers, which will result in ongoing earnings for each business. A subscription-based business model will result from this shifting perspective (Subscription Economy or Subscription Model).
Creating a subscription service is the appropriate step for the future of businesses because a lot of customers choose to enjoy products rather than possess them. Everybody can now take advantage of the opportunity.