Know Thy Subscriber: Putting Your Data to Work on Retention and Monetization

08/30/23 • 28 min

As any subscription-based business knows, customer churn can be a major brake on growth. Not only can replacing customers be expensive and challenging — a common rule of thumb is that acquiring a new customer costs five times as much as keeping an existing one — but it can be even harder to cross-sell/upsell new customers.

That’s why growth-minded businesses place extra emphasis on customer retention and existing account monetization. While many organizations have a good grasp on how they perform on retention or cross-selling/upselling, a key challenge is knowing when a customer is likely to take action so you can respond accordingly.

Real-time, predictive analytics can be the answer to minimizing attrition, maximizing cross-selling/upselling and ultimately driving significantly improved revenue metrics.

In this episode, we will discuss:

How churn and cross-selling/upselling affect net revenue retention
Foresight on customer behavior
Building intervention events to change outcomes
How to overcome data silos for greater insight
Improving your customer retention and profitability

To provide insights into these topics, Ben Sher, Engagement Manager at L.E.K. Consulting’s San Francisco office, talks with Dominic Perrett, Managing Director at L.E.K.’s San Francisco office, and Nick Barker, Director and Head of Data and Analytics for North America at L.E.K.’s Boston office.

Connect with our experts on LinkedIn:
Ben Sher: https://www.linkedin.com/in/benjaminsher/
Dominic Perrett: https://www.linkedin.com/in/dominic-perrett/
Nick Barker: https://www.linkedin.com/in/nick-a-barker/

Interested in learning more? Read our insight, Know Thy Subscriber: Putting Your Data to Work on Retention and Monetization.

Visit L.E.K. Consulting at https://www.lek.com/

Real-time, predictive analytics can be the answer to minimizing attrition, maximizing cross-selling/upselling and ultimately driving significantly improved revenue metrics.

In this episode, we will discuss:

How churn and cross-selling/upselling affect net revenue retention
Foresight on customer behavior
Building intervention events to change outcomes
How to overcome data silos for greater insight
Improving your customer retention and profitability

Interested in learning more? Read our insight, Know Thy Subscriber: Putting Your Data to Work on Retention and Monetization.

Visit L.E.K. Consulting at https://www.lek.com/

Previous Episode

Collaboration and Clarity: Building a High-Performing Organization

In today's episode, we dive into the world of organization and performance. We'll explore the crucial role of governance, the importance of collaboration with subject matter experts and lower-level employees, and the significance of clearly-defined roles and responsibilities.

We start by examining governance and how it goes beyond simply determining who should be in charge. Our experts emphasize the need for leaders to take accountability and actively participate in the work. We also explore the role of collaboration with subject matter experts and lower-level employees in creating a robust plan.

Roles and responsibilities play a vital role in organizational success, and we discuss the importance of clearly defining them, including leadership and critical roles. Transparency, accountability, and agility are key principles for effective governance.

We also emphasize the importance of proper governance for implementing cost-reduction strategies. We highlight that swift action is needed, but progress must be meticulously tracked and reported to uphold accountability. Key success factors for sustainable indirect cost reduction are unveiled, including executive leadership sponsorship, incentive alignment, cost transparency, and the involvement of subject matter experts.

Lastly, we confront the challenges presented by rising inflation, and the need for alternative strategies in industries facing regulated pricing environments.

Join us as we explore the crucial topic of organization and performance, discussing the importance of governance, collaboration, and benchmarks. Together, with Katya Zubareva, Partner at L.E.K. Consulting's London office, Jean-Philippe Grosmaitre, Partner at L.E.K. Consulting's Paris office, Philip Roux, Partner at L.E.K. Consulting's London office, and Tom Marshall, Principal at L.E.K. Consulting's London office, let's unpack the strategies, insights, and actionable steps needed to optimize organization and performance.

Connect with our experts on LinkedIn:
Katya Zubareva: https://www.linkedin.com/in/katyazubareva/
Jean-Philippe Grosmaitre: https://www.linkedin.com/in/jean-philippe-grosmaitre-aa7aa9/
Philip Roux: https://www.linkedin.com/in/pgdroux/
Tom Marshall: https://www.linkedin.com/in/tom-marshall-1078671b/

Visit L.E.K. Consulting at https://www.lek.com/

Next Episode

Access, Efficacy and Collaboration: Unlocking the Potential of Gene Therapies

In today's episode, we dive deep into the world of gene therapies. Our host, Matt Mancuso, Managing Director and Partner at L.E.K. Consulting's Boston office, is joined by a panel of experts including Ellen Licking, Vice President of Consulting Services and Communications at Real Endpoints; Alex Guth, Managing Director at L.E.K.'s Boston office; and Roger Longman, Chairman of Real Endpoints. Together, they explore the challenges and opportunities surrounding the commercialization of and the access to gene therapies.

From the importance of patient support and access to care to the evolving landscape of value-based agreements, our guests share valuable insights during thought-provoking discussions from a recent gathering of key stakeholders in the gene therapy market. They cover topics such as the impact of combination therapies on efficacy evaluations, the need for infrastructure to enable data sharing, and the potential for risk-sharing structures to address uncertainties in gene therapy outcomes.

Through these conversations, they shed light on the current state of gene therapies, the hurdles that exist in their commercialization, and the innovative strategies being employed to overcome these obstacles. Join us as we explore the intricacies of gene therapies and gain a deeper understanding of the future possibilities and challenges that lie ahead.

Connect with our experts on LinkedIn:
Matt Mancuso: https://www.linkedin.com/in/matthewmancusophd/
Ellen Licking: https://www.linkedin.com/in/ellenlicking/
Alex Guth: https://www.linkedin.com/in/alex-guth-phd/
Roger Longman: https://www.linkedin.com/in/roger-longman-16ba079/

Visit L.E.K. Consulting at https://www.lek.com/