Subscription businesses continually need to optimize. They work to design their plans and pricing to best meet the needs of their customers and their business. They try to reduce friction and boost loyalty, all in the service of maximizing customer satisfaction and business revenue. They seek to acquire and retain customers with the greatest LTV, while at the same time, keeping their customer acquisition costs down. And then they seek to improve everything each month! It’s a never ending process.
Fortunately, subscription businesses have a wealth of data on which to rely—data that can give them insights and help them to make the best decisions to grow their business. At Recurly, we talk a lot about the power of data—from customer events, billing events, and marketing events—and how this data can be turned into insights. It is these insights that help subscription businesses make informed decisions that will grow and optimize their business.
Recently, Recurly hosted a webinar with VentureBeat that took a deep dive into the topic. Recurly’s own Emma Clark, Product Manager, spoke in detail about the significance of these different events, the kind of data each provides, and how subscription businesses can use the data to optimize plans, pricing, and channels.
If you missed the webinar, VentureBeat has an excellent article that details many of the key points covered. Read the article here.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.