The subscription landscape is evolving with ever-changing customer needs. This market and its vicinal industries have seen a surge in the compelling need to consume content on the go while building the capability in-house to deliver superior user journeys right from the moment a customer onboards the platform. Albeit offering superior experiences by understanding customer needs, persona, and choices is paramount to building a rapidly scalable subscription business and achieving high profitability, it becomes a far-fetched dream without customer datasets backing your analysis.
But don’t just take our word for it if you’re the type of person who prefers a second or third opinion.
According to a customer-centricity report from Deloitte, customer-centric companies are 60 percent more profitable. McKinsey reinforces the importance of customer-centricity by stating that customer personalization at scale can reduce sales and marketing costs by about 10-20 percent. Such evidence validates the fact that customer journey enhancements can directly contribute to building a highly profitable and scalable subscription business.
Here are 7 breakthrough innovations to enhance your subscription management platform and offer subscribers superior user experiences.
1. Understand your Customers Better
Yes, acquiring new customers is important. Step back and realize how much your existing customers mean to your business's growth and profitability. Take a moment to pause and reassess your customer retention strategy.
Customer behavioral patterns, buying data, and purchase preferences can speak volumes about the perception of your brand. Your customers are more than willing to share their choices and drop hints about their persona if you can make them feel heard. Subscription management systems powered by predictive analytics, such as the Evergent Captivate Product Suite tools, bring you closer to your customers through excellent customer engagement strategies.
2. Hyper Personalize Customer Campaigns
Segment your subscribers into buckets defined by parameters derived from your customer research based on your audience’s persona. Whoa, we know that’s a lot to take in - but that trail of breadcrumbs is important - and very telling. Just such an example list of parameters could be the following:
- Payment behaviors
- Average affordability
- Subscription plans
- Period of association with the customer group
- Credit risk
Strategize your communication strategy to precisely differentiate customer segments and extensively personalize offerings. Efforts like these secure you with the knowledge needed to enhance your product catalog and build a much-evolved subscription platform. Subscriber analytics can empower you with such insights and accelerate growth.
3. Simplify your Payments
Complexity widens the communication gap between you and your customers. A unified representation of the invoice information and a consolidated view of all the payments reduces customer efforts significantly in figuring out their payment history. It enables you to send recurring payment reminders without hassles and boosts retention.
The global payments module of the Evergent Monetization platform comes with an adaptor-based architecture and rapidly integrates pre-existing payment gateways with your existing billing system. A capability such as this offers a hassle-free payment experience with an ultra-simplified billing view and highly-streamlined global payment gateways.
4. Low-Touch Onboarding is a Must
An efficient subscription management system allows customers to modify their subscriptions and user preferences anytime. Customers expect self-service portals to create and modify subscription information without reaching out to the support portal.
Low-touch onboarding improves customer retention with a consistent stream of monthly recurring revenue.
5. Communicate Consistently
It is important for subscription businesses to always stay connected with customers in unique ways. Crafting personalized alert messages for specific customer needs and delighting customers with innovative offers open more possibilities to deliver superior customer experiences.
Additionally, never miss out on notifying your customers about the most-viewed content on your platform and introduce new arrivals regularly. Again, customization is key for better engagement.
6. Strengthen your Partner Ecosystem
Strong partners bring stronger results. Robust partner networks open new business avenues and create visibility to several unique opportunities through industry channels and geolocations. Partnerships can turn ideas into real-time solutions. As per a Harvard Business Review report on partnership strength, innovation-focused partnerships can offset R&D expenses and reduce time-to-market significantly for new products and services while enhancing flexibility in day-to-day operations.
However, lasting partner networks can be built on shared values, communication, and transparent financial management. The Evergent Revenue & Royalty Management platform enables you to align your partners’ goals and nurtures an ecosystem mutually beneficial for you and your partners.
7. Employ Mixed Monetization Models
While personalization is key to customer-centricity, understanding revenue models, identifying revenue touchpoints, and deriving revenue is equally essential. Mixed monetization is the new buzz in the subscription industry. With mixed monetization, you can explore multiple customer touchpoints and maximize revenue through them.
The new-age subscription management platform should be powered with hyper-automation to build the right monetization mix suiting your customer personas for a personalized monetization strategy.
Discuss and gain deeper insights into building a robust subscriber management system to propel retention and growth over a call with our team of experts.