Know Thy Subscriber: Putting Your Data to Work on Retention and Monetization

Insight Exchange by L.E.K. Consulting

As any subscription-based business knows, customer churn can be a major brake on growth. Not only can replacing customers be expensive and challenging — a common rule of thumb is that acquiring a new customer costs five times as much as keeping an existing one — but it can be even harder to cross-sell/upsell new customers.

That’s why growth-minded businesses place extra emphasis on customer retention and existing account monetization. While many organizations have a good grasp on how they perform on retention or cross-selling/upselling, a key challenge is knowing when a customer is likely to take action so you can respond accordingly.

Real-time, predictive analytics can be the answer to minimizing attrition, maximizing cross-selling/upselling and ultimately driving significantly improved revenue metrics.

In this episode, we will discuss:

• How churn and cross-selling/upselling affect net revenue retention
• Foresight on customer behavior
• Building intervention events to change outcomes
• How to overcome data silos for greater insight
• Improving your customer retention and profitability

To provide insights into these topics, Ben Sher, Engagement Manager at L.E.K. Consulting’s San Francisco office, talks with Dominic Perrett, Managing Director at L.E.K.’s San Francisco office, and Nick Barker, Director and Head of Data and Analytics for North America at L.E.K.’s Boston office.

Connect with our experts on LinkedIn:
Ben Sher: https://www.linkedin.com/in/benjaminsher/
Dominic Perrett: https://www.linkedin.com/in/dominic-perrett/
Nick Barker: https://www.linkedin.com/in/nick-a-barker/

Interested in learning more? Read our insight, Know Thy Subscriber: Putting Your Data to Work on Retention and Monetization.

Visit L.E.K. Consulting at https://www.lek.com/