According to a latest Businesswire survey, 63% of customers expect personalization as a standard of service. That said, an efficient subscription management platform that offers superior user experiences and aligns with your growth strategy is pivotal.
Designing your growth objectives by betting on an efficient subscription management platform is paramount to building a highly engaged customer community and achieving scalability. Here are some key aspects you should consider while choosing a subscription management platform.
1. Personalization
Understanding specific customer needs is essential to tap into new customer territories and achieve scalability with customer acquisition and retention. Choose a subscription management platform that offers hyper-personalization as a critical differentiator. An efficient subscription management platform like Evergent allows you to segment your subscribers into various buckets (like payment behaviors, location, average affordability, subscription plans, credit risk, etc.) based on the parameters derived from customer intel.
This automation allows you to optimize your communication plan and eventually segregate experiences for every customer segment, enabling you to design a unique platform experience that addresses every niche customer need.
2. Customer Self-Service
Customers reaching out to self-care portals for the slightest tweaks in their subscription plans is a thing of the past. The new age customers expect subscription platforms to allow them to view and alter their profiles, information, payment methods, subscriptions, and future actions.
Self-service capability takes some weight off your support teams and offers a seamless platform experience to your customers. Choose a subscription management platform that allows your customers to view, upgrade, downgrade, and cancel subscriptions, download invoices, upload documents, and so much more - all by themselves.
3. Enhanced Payments System
An enhanced payments system equips you with essential tools like simplicity and agility. A flexible and agile billing and subscription management system allows you to reach new markets, significantly reduces time to market, and gives you an edge over the competition. Agility boosts revenue growth by transforming your payments system with flexibility.
The Evergent Monetization Platform enables you with the following capabilities -
- Seamless integration powered by an adaptor-based architecture where you can access rapid integration with multiple pre-existing payment gateways.
- Customizable pricing models and an easy to set up offer matrix including SKU, platform, geography, currency, and payment modes.
- Agility in executing payment transactions powered by the ability to auto-renew payment methods.
4. Subscriber Analytics
Subscriber analytics are insights derived from customer intelligence that enable you to measure and systematically manage your subscribers and subscription ecosystem. Subscriber analytics gives visibility to the performance of your promotional campaigns, offers, customer behavioral trends, and payment patterns with real-time customer data.
Evergent’s subscriber analytics capabilities enable you make informed data-driven decisions based on dynamic subscription, payment, and financial performance data of your business. Evergent equips you to design a dynamic offer catalog that resonates with your customers’ unique needs and at a desirable cost.
5. Partner Management
Strong and lasting partner relations are pivotal to build trust with your customers. A robust partner networks open new business avenues by enabling you to identify opportunities from several industry channels and regions. An efficient partner management system simplifies partner revenue and royalty management with insights from real-time partner data.
The Evergent Revenue & Royalty Management platform equips you to align with your partners’ goals and creates an ecosystem that’s mutually beneficial for you and your partners by streamlining intricacies with automated workflows..
Offering a superior platform experience from customer onboarding to building a loyal customer community accelerates business growth. Book a call with our team of experts and understand the nuances of subscription management and how to choose the right platform that compliments your growing business needs.
References - https://www.businesswire.com/news/home/20190327005062/en/RedPoint-Global-and-Harris-Poll-Survey-Exposes-Gap-Between-Consumer-and-Marketer-Expectations-for-Customer-Experience
Related media
