Firms are consciously trying to improve conversion…
Almost every subscription business acknowledges this. Some of them also attempt the use of data and analytics to improve their conversion rates. Results more often than not, are found to be unsatisfactory. Where are the gaps?
Typically, subscription firms have in-house analytics teams working on conversion improvement, supported by tools. These tools
- Identify your lucrative customers (through lead scoring) OR
- Automate marketing and track performance
…But something is missing
However, they all miss the boat in terms of connecting the dots between ‘lucrative customers’ to ‘paying customers’.
While identifying the right customer to go after is an important step, it is merely the beginning. Some of the other pieces are:
- What stimuli or messages to apply to the identified users
- When to target them
- What is the most appropriate channel to target them
It is also necessary to understand whether marketing, product and pricing related interventions are required to increase conversion. Determining all of these will help develop personalized marketing strategies, user driven product development, and even optimize pricing. Most tools currently available in the market, however, fail to answer these all too important questions.
What is a potential solution?
What if you had a tool that does the following:
- Leverages in-house data to generate predictive lead scores for the entire user base
- Prioritizes the leads most likely to convert
- Predict the user’s likely journey (using Next Best Action algorithms)
- Identifies appropriate activities and messages for each individual – that will maximize conversion
- Continuously projects revenue estimates
Imagine how powerful such a tool could be. Imagine the power that it places on the hands of the Marketing Manager. She can choose the right marketing campaigns, the most effective channel and also the right time to push their messages to the identified users.
Would you like to learn more about such a possible solution? Check out Navik Converter website.