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We love customers. And we want to make sure they love us.   

It’s easy to make the mistake that success in subscriptions is about getting customers. But that’s only half the story.   

We’ve got to keep them too. Customer loyalty and longevity is the lifeblood of success- which means we have to reduce churn if we want any chance of maintaining that steady stream of revenue.  

The problem is that churn doesn’t always act like a flood. It can be stealthy. Like a leak in a boat that sinks businesses, where you don’t know you’ve got a problem until it’s too late. 

It not only erodes the customer base and over time has a massive impact on the bottom line. Because churn is death- the stakes are that high.   

So the solution needs to be that good. That’s exactly why AI has been developed in the subscription business industry. It’s the fastest, easiest and most cost-effective way to drive customer lifetime value and send churn packing for good.  

How’s it work? Here are a few ways AI helps managers boost subscriber lifetime value:  

Helps make better decisions

Due to their recurring nature, subscriptions generate a lot of data: billing data, renewal data, financial postings, logistical data, entitlements etc. This is good news. AI tools don’t work without high quality training data. Predictive models evolve with more data, so overtime, the AI gets better. It can pinpoint subscribers most likely to churn, so that you can do something about them before they do.  

Trend spotting

AI tools are perfect at spotting patterns or trends. You can feed your organisation’s subscription data points to spot any meaningful correlations which would otherwise be missed. They can also be used to verify or annul existing business mind-sets for example: is there a correlation between customers who are not using your all of your product’s benefits and churning customers? Is a high number of support cases an indicator of dissatisfied customers who might churn or an indicator of highly-engaged customers who are pushing your offering to its limits and helping you improve? Let AI help you answer such questions! 

An enhanced user experience

The capabilities of AI are a surefire way to win your customers’ hearts because customers don’t just hope for it, they expect it.   

AI tools (such as chat-bots) automatically analyze in-segment subscriber behavior, preferences, demographics and sentiment to create a tailor-made experience that fits each customer like a glove. Imagine if these bots are also tapping into your subscription data to inform customers about their active subscriptions, open support tickets, usage levels, next scheduled deliveries, upcoming renewals, etc. They can make special offers or help customers define the service they want for the upcoming contract period. A win-win both for your sales teams and for your customers. 

Do you know a customer who doesn’t love feeling special?  

The time they need to succeed

AI finally relieves your teams of some of the biggest, most time-sapping tasks they have.  

Sales, customer service, and development teams might be amazing, but they have their limits if they lack the resources they need to manage subscriptions. 

If they’re freed from tedious tasks, they’ll have the time to focus on future-proofing your business, like building nurturing customer relationships and improving new products and offerings.   

That’s why we’re passionate about the role of AI in unlocking customer lifetime value and reducing churn in subscription businesses.   

No one should have to necessarily grind themselves into the ground with the day-to-day tasks of subscription management, and still suffer churn.   

By using AI to deliver personalized experiences, anticipate churn threats and offer the best renewals, and give our teams the time they need to create lasting connections, subscription businesses will build a loyal customer base.   

So, let’s embrace AI and bid farewell to churn once and for all!  

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