Because of the exponential growth of digital commerce, companies can no longer rely on one-size-fits-all offerings. In order to succeed in today’s highly competitive online marketplace, your business must be able to provide a personalized experience for each and every one of your customers. Failing to do so can mean losing said customers to other brands that are better able to adapt to their specific needs.
Indeed, many companies around the world have been utilizing personalized marketing strategies with great success. However, with the ubiquity of mobile devices and the Internet of Things comes a new challenge: personalizing customer experiences across more than one channel. It’s no longer enough to collect information on a user’s interactions with a single channel. It’s true for both traditional businesses, as well as those that use the subscription billing model.
These days, subscribers are hopping from one digital channel to another depending on what they’re looking for and how quickly they need to access them, and this trend will only continue to rise in coming years. By 2020, it is estimated that there will be anywhere from 20 to 30 billion interconnected devices. Thus, it’s crucial to start shifting as early as possible towards a subscription model with a real-time marketing strategy that can keep up with each customer’s actions across multiple channels.
The Challenge of Personalization
In order to provide truly singular and meaningful experiences, you’ll need to create a unique and comprehensive profile for every single one of your subscribers. This profile, often referred to as a “Single Customer Identity,” combines a single customer’s behavior across all of the channels that they interact with. This information allows you to personalize each interaction based on that customer’s specific actions and habits.
It can be overwhelming to try and consolidate all of this data manually, much less analyzing them to come up with appropriate marketing strategies. Fortunately, you can pick from quite a number of tools that are designed precisely for these purposes. You could use a subscription management solution, such as Vindicia’s subscription billing platform, to automatically collect information about your customers’ preferences and behaviors, then roll out real-time marketing strategies based on the collected data.
Benefits of Personalizing Experiences
Using this gathered information, you can tailor your interactions to increase customer engagement with your brand. For example, if a customer applies for a free trial, you can entice them to get a paid subscription by e-mailing them a discount. You can also observe how a customer interacts with your channel on a mobile device. Once they take a specific action—say, adding a product to a wish list or cart—you can them send them a message informing them of a relevant promotion.
Yet another strategy is to take note of which product offerings they’re exploring, then rewarding them with a discount once they complete a survey. Not only will you provide a positive experience for the customer, but you’ll also gain insightful data that you can use to further tweak your real-time marketing strategies.
While creating customized experiences can certainly prevent voluntary customer churn, another advantage of using a subscription billing solution is the ability to automatically resolve failed payment transactions. This can greatly reduce the rates of involuntary customer churn. At the same time, customers will appreciate the ease of keeping their subscription active, thereby increasing customer satisfaction and loyalty. The longer you can keep your subscribers, the higher their customer lifetime value will become.
Customizing Experiences: A Worthwhile Investment
As subscriber behaviors continue to evolve, companies must continually and quickly adapt in order to survive and thrive. By taking advantage of the subscription billing model, you can employ effective real-time strategies to increase customer engagement and stay ahead of the game.