Leveraging data has always been the key to successfully identifying and targeting potential customers in subscription businesses. For years advertisers have keyed in on demographic data to help reach the right customers at the right time in the right location. The more you know about potential customers the more targeted you can be in your acquisition channels. That said, in a world where SVOD businesses are supported by many different systems for subscription management, advertising, email campaigns, CRM, etc., many businesses are sitting on valuable data they should be using to drive their business to new heights.
Bringing this data together into a normalized dataset will make it easier to follow your customers through their entire lifecycle, uncover opportunities you may be missing, and respond to experiences that are hurting your business.
The key to turning data points into data insights that help drive acquisition is integrated data. A recent article in Forbes sums up this idea, “After years of struggling to successfully apply data, the marketing world has finally reached a tipping point with regard to data usage. Today, an abundance of data-driven tools, strategies, and resources is fueling stronger campaign results and creating a greater impact on business outcomes overall.”
Bringing data together from multiple systems gives you a greater view into your customer journey allowing you to not just attract potential customers, but target your efforts on customers that will convert, engage, and stay with the service long-term. This helps drive customer acquisition costs down while increasing the lifetime value of existing customers.
Many businesses focus research on 4 key areas:
- and operations
However, the mistake many businesses make is focusing on them individually. The systems that support these stages in the journey are often different, creating a siloed environment and therefore an incomplete view of your customer base. Leading to missed opportunities.
Bringing this data together into a normalized dataset will make it easier to follow your customers through their entire lifecycle, uncover opportunities you may be missing, and respond to experiences that are hurting your business. The Wicket Scorecard does the heavy lifting for you. It synchronizes data from many different systems and creates views that allow you to follow your customers through their entire lifecycle, providing into how to attract and retain the right customers to help you grow your business.
A great acquisition strategy does not stop at attracting people to your service, or at trial sign up. It accounts for finding customers that are more likely to convert and engage, and thus stay in the service longer. Studies show the entire life of a customer should be the focus. It is important not to think about acquisition and retention as separate initiatives as some companies often do, but rather as opportunities to inform and improve your overall business strategy.
The Wicket Scorecard allows you to get a full view of your business, view areas that are performing well, identify areas for improvement, and analyze changes and trends. You can use the Scorecard to get a deeper analysis on all of your acquisition efforts. The graph below pulls data from marketing campaigns, subscription management systems, analytics tools, and app data and gives you a quick view of where your customers are coming from by source, channel, and device.
- Looking at the Source data, you get a high-level view into the originating source of your customers. Was it a direct consumer campaign, an ad, a social referral, etc?
- Looking by Channel helps you understand the effectiveness of your app partners. Not only are you able to see the size of the funnel, but you also get an understanding of which cohort is most effectively converting and keeping subscribers in the service and alerts you to channels that may be underperforming.
- Looking at the status by device will allow to identify if you have an issue with a particular app or experience, and also get a view at which devices have a high level of engagement with customers.
Why stop there? As the customer moves through their lifecycle, you can dive deeper into how well each channel is performing. The Scorecard allows you to look deeper into each acquisition channel even down to the campaign level. Identify the channels and campaigns that are driving the most traffic, converting to trial at a higher rate, and ultimately identifying the highest yield of paying subscribers. Pulling in additional data on each of those subscribers will allow you to understand which segments are bringing in customers with the highest lifetime value, and are thus more profitable. Using this data is a powerful tool in helping understand where to spend your valuable marketing and advertising dollars and helps eliminate much of the guesswork.
Of course, identifying which channels and campaigns are most effective is only part of the picture. The best customers are those that convert and engage in the service. Getting customers in the door in the first step giving them a reason to keep coming back is the next step in a successful customer experience. Pulling in video views and engagement data will help build out the customer profile. In a single tool, you can now understand not just where your customers came from, but why and what they do once they arrive. This is extremely helpful in converting a trial customer to a paid user. The graph below matches each of your trial customers to the content they consume once their trial begins did and the rate at which they convert to paid, which will help inform future acquisition efforts.
The Wicket Scorecard allows you to analyze many other metrics to understand the frequency and intensity of your customer engagement. You have the power to identify and distinguish stalled trials and subscribers, bingers from fans and correlate to the value of each customer set. You will have the ability to understand correlations between different content and recommend new shows or movies to your users to deepen their loyalty and engagement.
Pulling this data together from different systems enables the ability to break customers down into additional segments, look at them from different viewpoints, identify acquisition and retention opportunities, and target those users directly with the campaign that is designed specifically to their characteristics. Playing off the old saying, “It takes a village to raise a child”, it takes an integrated dataset to delight a subscriber. The Wicket Scorecard will give you the tools you need to identify, convert, and keep your subscribers for the long term.
Tags: audience insights platform • CAC • industry insights • integrated data