At Fullcube, we like to share pieces written throughout the industry that highlight both the successes and missed opportunities from Insider models. Recently, there was an interesting piece from Prolific London which highlighted how few brands are taking advantage of the low hanging fruit we define as Insider relationships (or membership revenue). They highlighted a survey conducted by Manifesto Growth Architects which showed that less than 7% of brands were enjoying membership-based revenues.
“The success of a membership or subscription models ultimately begins and ends with the consumer, and in line with this, evolving the associated consumer proposition and experience."
There is a reason leading brands like Disney and Financial Times are building premium-priced membership tiers that resemble Insider programs. It is because they have heard loud and clear that some of their audience wants more and are willing to engage in a much deeper (and longer lasting) relationship to obtain it.
Now that we're well into Q2, we're seeing more and more sports and media brands building new consumer relationship tiers. Our prediction is that every subscription-centric that doesn't deliver a new, deeper and more authentic relationship with their Insiders will struggle to compete.