Welcome to the inaugural Wicket Labs Insight. This is the first in a series that will highlight ways that video subscription businesses can be effectively measured and more importantly optimized. In order to run a successful subscription service, it is important to understand and optimize all aspects of the customer lifecycle in order to increase the top of the customer funnel, improve conversion rates, build fans, engage and habituate users.
As companies strive to improve the user experience, they often spend too much money and time on optimizations without a clear path to measuring the performance of their initiatives. In addition, executives do not have a clear view into how the business is performing or the Insights they need to make the right decisions.
Using your data sources, Wicket Labs will help you understand how users are discovering, using and engaging with your service. With the Wicket Scorecard, you will have the right insights to help you optimize your marketing spend on the best performing channels, understand user engagement, and identify customers at risk of leaving the service. In the coming weeks, we will show you how the Wicket Scorecard will help you attract and convert more customers, engage with them to build affinity, and identify predictive behaviors leading to churn. With that in mind, let’s look at our first Wicket insight.
Conversion Breakdown is a Wicket generated by combining data from your site and application analytics platforms with trial and sales information from your commerce systems. Pulling this data together will help you understand how subscribers learn, try and ultimately buy your products. You are immediately able to visualize which of your acquisition channels are the most effective and manage your spend accordingly. This takes the guesswork out of your direct to consumer efforts, optimizes your acquisition spend on the most effective funnels, and shows you where to focus, in a rapidly changing content subscription landscape.
Of course, finding customers is just the start, next week we will show how you can use the Wicket Scorecard to understand how effective you are at keeping those customers and increasing your lifetime value of successfully converted subscribers within each channel.
Tags: conversions • Wicket update