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ChatGPT Prompts For Recurring Revenue: Pivot To A Subscription Model

Share to Facebook Share to Twitter Share to Linkedin ChatGPT prompts for recurring revenue: pivot to a subscription model getty Ever dreamt about making money on repeat, without having to constantly pitch or sell? If you’re stuck in a rut of selling one-offs or constantly launching, monthly recurring revenue can seem like a far-off fantasy. But if subscription nirvana is the destination you have in mind, keep on reading. ChatGPT can give you ideas on how to pivot your business model so the default is that you get paid every time. Use the prompts to explain your business and see what you can conjure up. Copy, paste and edit the square brackets in ChatGPT, and keep the same chat window open so the context carries through. Prompts for a subscription business: ChatGPT helps you make money on repeat Identify subscription opportunities Every business has potential to adopt a subscription model, you just need to figure out your best bet. Uncover every aspect of what you already do and get a second opinion on what could make the transition into monthly recurring revenue. Don’t go in with pre-conceptions. Be open to every opportunity. “My business is [describe your business], delivering [describe products or services] to help [describe your ideal customer] achieve [describe the outcome you help them achieve.] With that in mind, create 5 options for subscription-based products or services that they may want to buy, related to my business, that we could pivot to offering to make more revenue and delight our customers. Give each opportunity a name, then explain why it might be attractive to my ideal customers.” Develop subscription offers Turning a one-time sale into a recurring deal isn’t just about changing the pricing. It’s about crafting offers that customers can’t resist. What could your offer be? Develop the ideas into tangible outlines, to open up options for what goes on sale. Understand the components of the offer so you know whether it’s viable for your business. MORE FOR YOU Google Chrome Gets Third Emergency Update In A Week As Attacks Continue Japanese Fans Are Puzzled That Yasuke Is In Assassin s Creed Shadows Forbes Releases 2024 30 Under 30 Asia List “I want to develop these ideas [choose your favourite ideas from the last section] into subscription offers. For each one, we need to define the title, the components of the offer (what they get) as well as the price. Acting as a business consultant, ask me questions to collect information, then present each idea as a fully-fledged offer, making sure they will be irresistible to my ideal customer.” Test subscription concepts Before going all in, test the waters. Simulate subscription launches, gather feedback, and adjust your approach based on what resonates most with potential subscribers. Understand what they really want, get a grasp on what’s putting them off, and get buying signals before you start the build. This stage is important. “I’m planning to test [specify which subscription concept you want to test] based on our previous discussions. The idea is to simulate a launch before fully committing, to see how potential subscribers react. Help me create a series of hypothetical customer scenarios and questions that I can use to gauge interest and collect detailed feedback on the subscription offer. Acting as a potential customer, ask questions that uncover what excites my ideal customer about the offer, any concerns they have, and their willingness to subscribe at the proposed price.” Automate subscription processes Don’t let your new business model bring administrative headaches. Subscription management should be smooth and automated, from billing to customer onboarding. Once you know you’re going ahead, and you have customers ready to buy, set up systems that keep these processes running. “I want to streamline and automate the subscription management process for my business. This includes everything from billing to customer onboarding and delivery. Outline each process that I need to consider when offering and delivering this subscription. Ask me if I have a process, tool and/or person already in place to look after each one, then populate a table with this information and identify gaps where I need to take action to ensure the process is streamlined and automated where possible.” Understand subscription economics Do you need ten customers or ten thousand to make this work as you planned? Get the numbers right or get burned. Don’t make your move without understanding the financial underpinnings of a subscription model, to set prices and accurately predict revenue. Now is where the groundwork is laid; everything else is easy. “I need to get a clear picture of the financials involved in my subscription business. Help me calculate the necessary subscription numbers and pricing to meet my financial goals. Ask me about my cost structure, desired profit margins, and current customer base size. Then, guide me through creating a model that estimates how many subscribers I would need at different price points to achieve profitability. This will help me set realistic prices and targets for my subscription service.” Pivot your business with ChatGPT: prompts for successful subscriptions Turn one-off products and services into monthly recurring revenue with some ideas, offers and a plan of action. ChatGPT can help you identify opportunities, narrow them down and define your offer, then test with your customers and get them ready to subscribe. When you’re up and running, make delivery pain free and understand the potential for this part of your business to grow. Make recurring revenue a walk in the park with these powerful prompts. Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. Jodie Cook Following Editorial Standards Print Reprints & Permissions

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