Subscriptions that Combine Hardware and Software with Ben Foster, Chief Product Officer of WHOOP

Moving to a subscription model is really more of gamble on yourself so that your customers don’t have to gamble on you instead. — Ben Foster, WHOOP

Book: Build What Matters
Build What Matters, Delivering Key Outcomes with Vision Led Product Management.

You don’t get recurring revenue because you switched to a subscription model. You get recurring revenue because you deliver recurring value to your customers. — Ben Foster, WHOOP

Define what success looks like purely from your customer’s vantage point. — Ben Foster, WHOOP

WHOOP fitness device
Hardware And Software Subscription: We get to invest in what the value proposition is for our customers, because the more valuable they find the product to be the more profitable we’re going to be as a business.

Your market isn’t your market. Your market is a collection of individual customers that all have their own individual needs. — Ben Foster, WHOOP

magnets
Hardware And Software Subscription: Look for that correlation between retention and feature adoption. Choose those features that are the most correlated, and then say those are the ones that we’re really trying to drive people towards.

Sometimes you need to go around obstacles that you run into, and sometimes you need to change direction and sometimes you need to work through them. — Ben Foster, WHOOP

Hardware And Software Subscription: Somebody buys a WHOOP subscription, and they don’t just expect that they see the features that they see up front. There’s also a set of expectations that they have that it’s going to be an even better subscription down the road.
hands on keyboards
Hardware And Software Subscription: When we think about the software direction that we’re having to take, we think about it in conjunction with our hardware strategy. And we think about both of them holistically over the long-term.

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Author of THE FOREVER TRANSACTION & THE MEMBERSHIP ECONOMY; Leading expert on membership models and subscription pricing. http://www.robbiekellmanbaxter.com

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