3 Steps to Drive Growth for Recurring Revenue Businesses

Customer Experience (CX) / Customer Intelligence / Customer Retention

3 Steps to Drive Growth for Recurring Revenue Businesses

A McKinsey customer analytics adoption survey shows a staggering gap between high and low-performing companies based on multiple growth drivers. For example, companies that leverage customer analytics extensively retain over five times more customers than their competitors that evaluate their data sporadically. They are also about 18 times more profitable than the latter.

Best-practice users of customer analytics also outperform their competitors significantly by identifying and maximizing opportunities and driving growth across the customer lifecycle. The survey further notes that the high performers take a truly integrative approach, seeing analytics as a strategic rather than purely IT issue.

What does it mean for data-intensive companies, especially recurring revenue businesses? It is – not leveraging AI and customer analytics intensively is the biggest missed growth opportunity for them today. They need to switch from a reactive and fragmented approach to an AI-powered, proactive approach to unlock breakthrough CLV growth.

That’s where our proven three-shift approach comes into the picture. It enables subscription businesses to create a proactive strategy, drive actions and unlock growth by leveraging AI-powered customer analytics. It involves:

  1. Auto-classifying customers into microsegments using multiple predictive models,
  2. Pre-identifying profitable offers for each microsegment, and
  3. Turning the contact center into a profit center and blending ai into additional marketing channels.

These shifts help adopt an integrative approach to customer analytics, automating routine tasks and empowering agents with AI-powered insights. By embracing these shifts, companies can stay ahead of the competition, improve customer retention and profitability, and drive long-term growth.

Hear our experts discuss this approach in detail as they talk about real-world success stories where subscription businesses leveraged this three-shift model to create hundreds of millions of dollars in CLV.

Watch on-demand webinar:3 Shifts for Subscription Businesses to Unlock Growth.