Article by Gill Lambert
8th November 2018
5 common subscription management challenges
29% of the 2018 Interbrand Best Global Brands Top 100 are subscription-based businesses. When it comes to subscription management there is no silver bullet that will deliver commercial success, but these stand-out companies have all achieved phenomenal growth by delivering a clear strategy and exceptional customer experiences.
If you can resolve all five of these common subscription management challenges then you will be well-placed to adopt a few of the characteristics shared by these successful, fast-growth brands.
Managing conflicting business strategies
Short-term revenue targets often impact on long-term customer revenues, customer relationships and value creation. The balancing act can be difficult, and it is easy to lose sight of long-term goals.
Working with fragmented data
As well as delivering a poor customer experience, siloed data will obstruct creativity. According to Interbrand, Acting Brave is what sets apart the good from the great. There is no single bold action that delivered strategic success for these businesses, but to shape the customer experience, you need the ability to deliver a frictionless experience.
Ensuring that marketing ROI is properly evaluated
Delivering an acceptable ROI is essential for every business, but for subscription-based revenues the KPIs tend to be more complex and dynamic, so if you want to invest in your subscription business for the long-term, you need to be confident in the metrics that you apply to measure success.
Automating customer engagement
Successful subscription brands can leverage their products and services based on the personalised needs of their customers. Sending the right message to the right customer at the right time will not only drive loyalty but can also drive operational efficiencies.
Meeting customer service expectations
Delivering meaningful actions and timely responses to all customer support issues across multiple digital and social channels can be a challenge, particularly if you are selling a relatively low-ticket value product or service. But get it right and you can enjoy service efficiencies and turn detractors into advocates.
If you recognise the potential revenue opportunity in solving one or more of these challenges within your business then get in touch today.