Have you ever wondered -- how are my customers using the software or service I’m providing? Today, Scout Analytics, the cloud-based recurring revenue management company has launched Scout Usage Data Hub, a powerful analytics platform that aims to transform all that usage data into actionable metrics and custom reports.
Churn or Earn?
If you have licensed users, wouldn’t it be nice to know what they’re using most, so you can effectively target them during renewal cycles? Or if you were able to predict which customers are more likely to churn or earn you more revenue? With the Scout Usage Data Hub, companies can rapidly aggregate and integrate up to two years of historical customer usage and subscription data. With this customer data, staff across departments, including marketing, sales and customer success can identify retention risks or cross-sell and up-sell opportunities to increase revenue by 10-15 percent.
Why has it been so hard to identify retention risks? Because for the most part, cloud and mobile computing have disrupted the traditional revenue model. These services have made it much easier for customers to adopt or retire subscription services as they desire, but have also made it more difficult for companies to predict future revenue opportunities.
Welcome to the Subscription Economy
If the “Subscription Economy” has taught us anything, it’s that customers do not pay for owning a product but for the value they receive from the service. According to IDC Research by 2020, over 80 percent of applications will be distributed and/or deployed via the cloud. In order to achieve success in this subscription-based economy, companies must understand a customer's perception of product value. With Scout Analytics they can leverage usage data to align product packaging, pricing and promotions to increase satisfaction and reduce churn.
Within the Scout Data Usage Hub, users will find:
- Codeless Data Integration: Attribute usage to a particular subscription, user or customer via an automated data integration pipeline eliminating the need for dedicated IT resources.
- Recurring Revenue Metrics Library: Leverage a broad range of metrics to track or compute customer usage and revenue.
- Recurring Revenue Opportunity Analysis: Segment, sort and filter monthly recurring revenues (MRR) by product, subscription, customer and usage data to find untapped revenue opportunities.
- Customer Explorer: Explore all the usage across a customer’s subscriptions to determine how to best negotiate and/or intervene in order to maximize customer lifetime value.
- Report Center: Quickly create, retrieve, modify and/or share visual reports for at-a-glance analysis and immediate action.
- Scout Link: Seamlessly connect Scout Analytics data to CRM, billing and marketing automation solutions to drive workflows and decisions
While Scout analytics serve to identify useful usage data to help marketing and sales target customers better, ultimately it helps to promote a unified view of the customer, which is critical to optimizing the customer experience. Whether you're a SaaS or a publisher with a paywall, being able to access usage analytics can help you make smarter decisions that not only better engage the customer, but provide you with more viable paths to revenue growth.