Grow subscription business with SubscriptionFlow

Marketers, business development managers, financial analysts, and sales executives consult customer data so that they can get useful business insights that guide them in the right direction. You must know, data that subscription businesses collect from recurring customers is far more than that of one-time customers. Also, this customer information is the backbone of their data-driven business decisions that help them thrive in the highly competitive market.

Now that we are about to take you towards understanding the data trail of customers that is important for the growth of the subscription business, you need clarity regarding the concept of the customer data trail.

Also Read: The Role of Customer Success in the Subscription Business and How to Embrace It to Excel?

What is the Customer Data Trail?

Just like in the real world, people have certain behavioural patterns, in the digital world, a customer’s digital behaviour can be tracked by using the information that he leaves behind him. For instance, marketers use the customer data from the customer’s first visit to the website till onboarding. And from onboarding till cancellation of subscriptions. They use this data trail for effective marketing.

Business development managers would use customer sales and purchase data to price products and services rightly and provide subscription businesses with revenue predictions.

SubscriptonFlow is a subscription software that helps in getting data insights from the recurring customer data trail that can be used to formulate futuristic business policies, price improvisation, customer satisfaction, and a lot more.

How Does SubscriptionFlow Help to Track The Data Trail of Customers?

A subscription management software can help you track customer information and use it to identify certain customer behaviour and improve your business. If you have opted for the subscription business model, you can adopt SubscriptionFlow for it helps in the following ways to track your customer data and get business insights to optimize the customer journey in the future.

While using SubscriptionFlow, you can track customer data by using:

Dashboard
Reporting
Customer module

Also Read: Is Subscription Management System Really a Need of the Hour?

Track the Data Trail of the Customer Base from SubscriptionFlow Dashboard

SubscriptionFlow tracks the customer data and present it to the user in two ways. First, it shows holistic graphical representations of the data that it collects from the complete customer base of the user. It makes you understand the behaviour of all customers within a certain period of time. You get a graphical overview of daily to yearly customer data. Second, the system also lets you track the data of individual customers.

Monthly Recurring Revenue (MRR)

On the SubscriptionFlow dashboard, MRR graphical representation shows the revenue earned by a business within a month. The system not only gives you the option to monitor the MRR for a month but you can also monitor MRR for a year. So, there is room for the user to have an overview of the MRR performance in the past months as well so that a holistic policy can be formulated to maximise MRR in the coming months.

For example, you offered coupons or discounts, the MRR graph will show you the response of your customers to the discount that you offered. If there is an improvement in the MRR performance, then you can continue with your policy. Use MRR to set the revenue targets for the coming month and the year.

Annual Recurring Revenue (ARR)

On the dashboard, SubscriptionFlow offers Classic View and a Modern View. In the Classic View, you can see the ARR graph. This graph shows if the business achieved the revenue targets in the past year. These graphs not only provide you with an overview of the business health in the time that has passed but they are the main source of making data-driven business decisions.

If you have failed to achieve revenue targets, then you can use the same SubscriptionFlow platform to find Customer Lifetime Value (CLV) which is the revenue that you get from a customer relationship with your company.

That’s how SubscriptionFlow allows its users to monitor the subscription business performance every month and the year for every customer for the sake of a better business future.

Also Read: Covering Various Facets Of ARR To Help You Create The Right Formula To Calculate Your Annual Recurring Revenue

Active Subscriptions

There are many subscribers who do not stay active throughout their journey. SubscriptionFlow makes it feasible for the user to track the subscriptions that are not yet expired and customers paid for them. Subscription activation is one of the stages in the customer life cycle. It can help you strategise your marketing efforts because it is one of the customer touchpoints. Subscription activation is important to observe customer behaviour. You need to observe the time when your customer stayed active to find the pattern of his behaviour so that you can offer him what can lure him.

Track the Data Trail of the Customer Base from SubscriptionFlow Customer Module

When it comes to tracking the data of individual customers, SubscriptionFlow allows users to extract detailed information by using the following features.

Customer Timeline

The feature of customer timeline or customer history is one of the most feasible features to monitor the history of an individual customer. It shows all activities of the customer from onboarding to date. In the customer timeline, you can find all details of a particular customer including payment methods, orders, transactions, and a lot more. These details are crucial to understanding the behaviour of individual behaviour.

You can use this feature to re-engage your dormant subscribers. In the customer timeline, you can see the last transaction of the customer and using all other details you can find some way to bring your customer back to life. Just like this, the customer timeline data can be used to serve various other purposes. For example, your customers prefer the visa credit card for payments, then you can offer your customers the payment gateway that supports payments through credit cards. You can also monitor the behaviour of your customers in different regions. This means if customers in the UK prefer to pay with credit cards, it is not compulsory that the customers in the US would also prefer the same payment method. So, study customer timeline to segregate the customer in a way that you can satisfy them.

Also Read: How To Segment Your Recurring Customers & Unlock The Door To The Success

Transactions

In the subscription business market, you will find many people always blabbering about the personalised customer experience. It helps in bringing more customers on board. It increases the customer retention rate. It improves customer satisfaction. You would have heard all these things regarding the personalization of customer experience.

The data of customer transactions that you get from SubscriptionFlow can help you offer a personalized experience to your customers. If you are using SubscriptionFlow it is easy to track customer transactions. You can easily see what your customer buys and how does he buy. When you know what is it that your customer buys, you can cross-sell and upsell your product to the same customer. However, if you know how your customer prefers to pay, you can offer your customers a better payment experience in the future. For instance, if most of your customers pay through their credit cards, then it is probably because of the option of chargeback. And you can pay more attention to friendly frauds so that your customers stay happy and you stay safe from any fraudulent activity from the customer side.

Also Read: Recurring Payments Management—What Should Be Your Strategy to Fight Necessary Evils of Chargebacks & Friendly-Frauds

Contacts & Gift Subscriptions

Today, there are more than a thousand ways to cater to a diverse customer base. Offering the customers to gift their subscriptions to their contacts in one of these options. When customers gift a subscription plan to one of their contacts, it maximises their satisfaction that they are using their subscription plan to the maximum level.

SubscriptionFlow allows users to offer their customers the option to gift the subscriptions to their contacts. The user can also monitor the gifted subscriptions in the customer details. The data of gift subscription is used to study the outcomes of the decision to allow the customers to offer gifts—either the customer base increased or not.

Track the Data Trail of the Customer Base from SubscriptionFlow Reports

The feature of Reports is another huge source of tracking customer data. There the user can get detailed information about the customer behaviour and preferences that are needed to maintain long-term relations with customers. The user can maintain detailed reports of churned customers, new subscriptions, and suspended subscriptions etc.

Sales, revenue, and MRR etc are the reporting pillars that businesses need to streamline their subscription billing and payment processing. On SubscriptionFlow, Reports is quite an extensive feature that you can use to improve business growth in the future.

Other than the mentioned above, there are a lot more features that SubscriptionFlow can offer you to track the customer data. Tracking customer data to make futuristic business decisions is very important.

Experts say, “The customer data will be the biggest differentiator in the coming 2-3 years. Whoever unlocks the reams of data and uses it strategically will win. ”

If you are looking for a subscription management software that can help you in tracking customer data and business analytics, then SubscriptionFlow is cloud-based and designed based on AI algorithms. Contact SubscriptionFlow experts and track your customer data for the better future of your business.