The Evolution to a Subscriber-Centric Approach
The concept of subscription management has evolved, it’s no longer just about billing customers for services. Today, subscriber billing is just one moment among 8 key ‘Decision Moments’ within the customer journey. In the current competitive market, customers can no longer be looked at as just numbers grouped by demographic or geographic differentiators. Each subscriber is an individual with unique needs and life situations.
This uniqueness should be reflected in the way each customer is managed by pay-TV operators. This shift in thinking is vital to evolving to a more subscriber-centric approach to subscriber management. By collecting more customer data at every ‘Decision Moment’, operators can create a much more personalised experience. This in turn leaves subscribers feeling more valued as individuals, thereby reducing customer churn. An effective subscriber-centric model should include:
- Core Subscription Management – the flexibility to manage a variety of subscription-based business models developed to meet the unique needs of every customer
- Billing and Revenue Management – secure and accurate billing and invoicing that gives subscribers peace of mind
- CRM and complete customer view – a 360 degree view of all customer activity, behaviour and history, which can be used to customise the user experience
- Business Intelligence and Analytics – real-time reporting on the state of the subscriber base, allowing for more informed business decision-making
- Advanced Decision Moment Marketing – personalised marketing based upon customer segments across each ‘Decision Moment’, pre-empting customer churn
Regardless of which sort of subscription management system you’re currently working with – whether you’re new to the market or looking to bring a new proposition to market – these five things should be a part of your service, in an effort to provide a seamless customer journey, resulting in increased subscriber acquisition, retention and growth.