Webinar: Predictive Lead Scoring - What Makes It So Predictive?
Predictive scoring essential to your retention strategy webinar slides
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Transcript of Predictive scoring essential to your retention strategy webinar slides
THE EASIEST WAY TOGROW YOUR SUBSCRIBERSIS NOT TO LOSE THEM
Our expertise in data, statistics and programming led to the development of a software product for the publishing industry.
Our background is in the pharma industry. Our sample size software helps 1000’s of pharma, academic and government customers.
WHO WE ARE
PX Analytics helps youFight Churn and Grow
Revenue.
PREDICTIVE SCORINGEssential To Your Retention Strategy
TOPICS WE ARE GOING TO COVER
Retention in Publishing
Moving to a Predictive Strategy
RETENTION IN PUBLISHING
Acquisitions Retention>
>
SUBSCRIPTION BUDGETS
SUBSCRIPTION BUDGETSOverall, subscription budgets are still dominated by the front-end and are split 69:31 in terms of acquisition versus retention activity:
In B2B, the split is much more skewed to retention at 61:39
Acquisition77%
Retention23%
Consumer Sub Budget
Acquisi-tion61%
Reten-tion39%
B2B Sub Budget
In Consumer, the split is more weighted to acquisition at 77:23
Source: PPA
TIME VS RESOURCES Most publishers report that they do not spend enough time and resources on retention.
To a more open-ended “customer journey” where the overall, ongoing customer experience is central.
A slightly higher proportion of department time (34% and rising) is devoted to renewals.
Which is shifting from a “renewal cycle” mentality where processes are built around the standard subscription.
BARRIERS TO A RETENTION STRATEGY
In the pressure of the “day job”, the retention back-end always seems to slip down the priority list, especially as it takes a long time to see results.
The acquisition front-end has become more complicated: warming up prospects and leading them to a purchase is taking longer and involves more contact points than in the past. The focus on the “customer journeys” of live, paying subscribers is being diluted by the need to work on “acquisition journeys” and “purchase funnels”.
Acquisitions Retention>
>
? ?
Retention
Acquisition
Sustainable Growth
Retentions
Acquisitions
STEPS TO RETAINING
YOUR CUSTOMERS
Moving to a Predictive Strategy
STEPS TO RETAINING YOUR CUSTOMERS
Step 1:
Record/Maintain
your Data
Step 2: Step 3 Step 4
RECORD/MAINTAIN YOUR DATA It is crucial to build your database
TECH BARRIERS TO RECORDING YOUR DATA
“When it comes to technical issues, we’re not stupid, but the blunt reality is that we don’t know what we don’t know. This company was built around a very different set of core skills. We are a content company, not a tech company.”
Source: Publishing Futures
SUBSCRIPTION ACTIVITIES & ISSUES
IMPORTANCE OF DATA IN PUBLISHING
The lowest scores for both B2B and Consumer are in customer insight, where it is clear that a number of magazine publishers are struggling to gain real traction from the torrent of data being produced.
“Using data to direct subscription activity.”This is a key development area where the industry clearly feels that it is under-performing. This under-performance has two dimensions:
Not having the requireddata analysis tools
Staff resources are stretched to capacity
to use those tools to their full potential.
STEPS TO RETAINING YOUR CUSTOMERS
Step 1:
Record/Maintain
your Data
Step 2:
Customer Segmentatio
n
Step 3 Step 4
STEP 2: CUSTOMER SEGMENTATION
NEW CUSTOMER INSIGHT
It is clear that different customer segments want different things from their magazine experience. Being able to flex the offer (and, usually, the publisher business model that sits behind it) in real time will become essential.
Using data to drive a more personalised and automated relationship which embraces both content delivery and ongoing marketing communication as another opportunity.
MORE BENEFITSUpselling: selling other magazines/products/services to subscribers
Offering advertisers more information on reader profiles.
Increase of knowledge of particular groups allows for better customer service
STEPS TO RETAINING YOUR CUSTOMERS
Step 1:
Record/Maintain
your Data
Step 2:
Customer Segmentatio
n
Step 3:
Customer Engagement
Step 4
STEP 3: CUSTOMER ENGAGEMENT
STEP 3: CUSTOMER ENGAGEMENT
Good CERemoving barriers i.e. listen to complaints
Recommending New Content
Engaging Customers over Social Media
Poor CEIgnoring Feedback
Spam like Content
Difficult to Contact
STEPS TO RETAINING YOUR CUSTOMERS
Step 1:
Record/Maintain
your Data
Step 2:
Customer Segmentatio
n
Step 3:
Customer Engagement
Step 4:
Predictive Scoring
STEP 4: PREDICTIVE SCORING
STEP 4: PREDICTIVE SCORING
Contact ID
First Name
Last Name
PX Score PX Segment Magazine
903011bmm Jenny Patel 61 Segment 2 – Quite Likely to
ChurnRunning Now Magazine
PX ANALYTICS
PX analyses customer behaviour andgives each of your current subscribers a PX Score.
This tells you how likely your customers are to churn or not.
FIGHT CHURN & GROW REVENUE WITH PX ANALYTICS
BASED ON THEIR LAST TYPE OF PAYMENT, WHO HAS RENEWED?
PX analyses your customer behaviour and breaks down your features into clear, understandable visualisations.
PX KNOWS PUBLISHING & ANALYTICS
In the prediction builder, PX picks the best customer traits for you to examine.
PX then analyses your subscribers and gives each of them a PX Score.Contact ID
First Name
Last Name
PX Score PX Segment Magazine
903011bmm Jenny Patel 61 Segment 2 – Quite Likely to
ChurnRunning Now Magazine
WHAT TO DO WITH YOUR PX SCORES
Or explore the insights tab to see the traits of customers who churn
Export your customer list straight to your CRM & start taking action immediately
PX ANALYTIC RESULTS
publishing companieswho implement PX scores
An 15-20 point increase in renewal rate
Cost per renewal has gone down 10%
Experience these typical outcomesFrom our experience
PX-ANALYTICS.COM
QUESTIONS?