The first wave of the Membership Economy was mostly digital-- software, content, and services. But increasingly we’re seeing subscriptions around physical products. Challenges abound when manufacturing comes into play, especially with the pricing model. Many companies are selling the physical product and then offering subscriptions as an add-on. Examples include Peloton, where much of the value is in the subscription, but also products like Tile, Ring and Tesla where the subscription is truly optional. One company that’s getting a lot of attention for its innovative model is WHOOP. WHOOP offers a subscription-based service that combines a wearable fitness tracker with software to achieve its mission of “Unlocking human performance”. Today I talk to WHOOP’s Chief Product Officer, Ben Foster. Ben has literally written the book on Product Management along with his co-author Rajesh Nirlikar—Build What Matters, Delivering Key Outcomes with Vision Led Product Management. In this wide-ranging conversation, Ben and I discuss the best metrics for tracking customer value, the unique challenges of a subscription that includes hardware and software and why scrappiness is a key attribute of the best product managers.
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