On today’s episode, Flywire focuses on the customer, MoneyLion drops the “Netflix of finance,” and Impact Pricing launches an online course you’ll be all about.
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Impact Pricing drops the knowledge
Impact Pricing launches an online course—Accelerate Your Subscription Business—claiming it will be “your blueprint to packaging and pricing for growth."
It’s a course that’ll help you drive growth in your subscription business by giving you clarity and certainty around which tasks drive growth at your current stage. Because their team also knows subscription business models are new and… can be confusing.
You’re busy creating and implementing products and programs, and too many people are saying “I’m not responsible for pricing”—ultimately, guessing.
So why this course specifically?
While I can’t attest to its effectiveness just yet, I am intrigued so I’m letting ‘the people’ know.
What you'll get out of it:
- The three revenue buckets and how they drive your prioritization
- The three value levers you can pull to create and capture more value
- Which growth strategies are best for you based on the life cycle of your product
- The four ways you can grow revenue from a single customer
We're here with ears perked because we’re well aware of (and fully lobbying against) the fact that far too many companies are just guessing when it comes to their pricing strategies. Or, setting it once and, well, forgetting about it.
It may not be the prettiest part of business, but it’s a fundamental growth lever—7.5x more effective at generating growth than focusing on user acquisition alone. Pricing holds the key to not only knowing more about your customers than you’ve ever known before, but also to unlocking the revenue and profits for which you’re so desperately accountable.
Head here and let's set up a free pricing audit together.
The Apple of Flywire's eye
Flywire taps into the Apple roster, hiring former Apple Pay Exec as President and COO. Rob Orgel has just come from a 10 year tenure at Apple, where he helped develop (no big deal) Apple Pay and Apple Card.
Orgel will oversee Flywire’s global payment network, biz ops, finance, legal, compliance and corporate strategy, and development. This move is a clear statement that Flywire wants to scale and develop the organization for its future.
This move also shows that Flywire is focusing on the customer—a move we stand wholeheartedly by. Orgel focused on the customer journey from end to end at Apple, and it’s pretty clear he did a booming job with the two products he was a part of.
We know leveraging customer success and a super tight user-product relationship reduces churn, improves retention, and increases expansion revenue. And to dig deeper, we have a ProfitWell Report that compiles data from two thousand subscription companies on how to do so.
Welcome to the MoneyLion's den
We’re constantly hearing "the Netflix of this," "the Netflix of that." Now, we’re supposedly seeing "the Netflix of finance" in the form of MoneyLion.
They call themselves a financial membership. They offer a free checking account and a $19.99 a month “Plus” membership, which includes access to 5.99% APR credit-builder loans, cash advances, and loyalty perks.
The MoneyLion team is now altering the plan to $9.99 a month, which will encompass banking, investing, trading, loans, and cash back rewards. They’re shifting focus to mass customer acquisition, according to CEO Dee Choubey, as a move that aligns with the evolution of consumer behavior.
“The business model for MoneyLion is to be the Netflix of finance, where memberships and subscriptions are the lion’s share of the P&L.”
MoneyLion has offered subscription-based memberships since 2018. They began at $29.99 a month, a year later it was $19.99, and soon to be $9.99, because this price point is easy to understand, transparent, and a solid entry point.
“Streaming services didn’t just create a new distribution model for content; they fundamentally reframed the creation, consumption, and distribution of content.”
Weekend Wisdom with Matt Bellows
"One of the things I love about sales more than anything else is that there is no one characteristic, there is no one type of sales person who's good. Lots of salespeople can succeed in different ways."
And that’s a wrap for your November 8 subscription news. Recruit your teammates into the subscription know: RecurNow.com to sign up for episodes on the daily.
If you have news to share, hit me up at Abby@RecurNow.com and we'll collaborate.