Beneficios y resultados

Tailored offer recommendations improved cancel-save and trialist conversion rates; Cross-sell and up-sell offer recommendations boosted average revenue per subscriber; Actionable insights allowed timely pre-emptive churn mitigation measures.

Enhanced retention rates by 27% within 1 year of implementation; Optimization of churn metrics due to high cancel-save rates; 9% increase in average revenue per subscriber (ARPS)

Antecedentes

The Economist is a globally recognized media company renowned for its insightful analysis and in-depth coverage of world events, politics, and business. Known for its opinionated articles, The Economist aims to influence public debates on significant issues with a commitment to data-driven journalism and a clear separation of facts and opinions. With a prestigious reputation and a large subscriber base globally, The Economist continuously seeks innovative strategies to enhance customer retention, optimize conversions, and improve overall financial performance.

Desafíos

Issue Identification: The Economist faced significant challenges in retaining its subscriber base, experiencing high churn rates with frequent subscription cancellations within the first few months. The lack of actionable insights into subscriber behavior and preferences made it difficult to tailor retention strategies effectively; Issue Impact: High churn rates led to substantial revenue loss and undermined The Economistís growth strategy. The inability to retain subscribers impacted immediate revenue and affected the customer lifetime value and loyalty. The lack of detailed subscriber insights hindered the marketing team's ability to tailor cancel-save offers and win-back offers effectively.

‍

Solución

Our Role: NowVertical developed a centralized customer data platform on Snowflake, integrating transactional, demographic, and content engagement data across the customer lifecycle. Comprehensive dashboards on QlikView reported various renewal metrics and retention KPIs. An offer recommendation model tailored cancel-save and win-back offers for each customer cohort based on product, region, active subscription tenure, and price plan

Implementación

Discovery: Conducted workshops with Product Retention and Finance teams to define and agree on data transformation logic; Data Ingestion: Established a data pipeline to subscriber transactional and behavioral data from Zuora billing platform, Salesforce CRM, Limio, and Google Analytics into the Snowflake platform; Transformation: Developed renewal and retention metrics and KPIs; Reporting: Created dashboards with actionable subscriber data insights; Offer Recommendation: Developed a recommendation model for each customer cohort and integrated it with CRM and digital products.