Thought Leadership
3 key challenges account managers face when using analytics during subscription renewals
An account manager who can establish what content has been accessed by users – and their engagement levels – is well-placed to accurately convey to the customer the value of the service they enjoy.
For many publishers, however, establishing even basic usage data can be a challenge that ultimately does nothing to aid the renewal process or boost understanding of the users.
Yet if these challenges can be overcome – and a supply of good quality user data established – a publisher will have the tools needed to help boost engagement and improve customer retention.
In this short guide, we examine three key challenges facing account managers as they attempt to use analytics to establish critical insights and build customer loyalty.
Challenge 1: Faster, easier, and more usable data
A research organisation looking to extract insights from usage data can be negatively impacted if the process to extract them is manual or slow. For data to play a fundamental role in the development of a research business, access needs to be quick, easy, and automated.
Better flow
Improving the ‘flow’ of information can increase use, but this alone won’t herald a data rich age. Information also needs to be presented in a way that helps establish insights immediately.
That means providing the ability to view stats from an account and user perspective or to easily switch to review usage by topic and/or content category.
Visualising data
Whatever data is sought, it’s a must to display this via a dashboard that summarises activity and enables more considered investigation. Account managers don’t want to rely on asking colleagues for stats, to wait for them to arrive, then be forced to format them in a spreadsheet before they make any sense. Account managers need immediate access and insights.
If detected early, the opportunity exists to turn a disenchanted user into a satisfied customer; but to do this account managers need to be empowered with tools that provide real insights.
Challenge 2: Refocus on engagement
Data provides insights that help forge closer ties with customers, but often they’re only used to review client performance or to demonstrate value ahead of a contract renewal.
Usage of this kind is, of course, vital; but if data is only used in this way then a fundamental part of its potential is wasted.
Re-engage to retain
Regularly reviewing usage stats can help account managers identify, at an early stage, poorly performing accounts and disengaged customers the publisher is at risk of losing.
Sometimes the limited usage challenge is the result of poor data. If the only available stats come from the CRM system, they’re unlikely to have the necessary depth to help identify a disconnected customer.
If detected early, the opportunity exists to turn a disenchanted user into a satisfied customer; but to do this account managers need to be empowered with tools that provide real insights.
Challenge 3: Standardisation
What to measure and report
Usage stats can establish the strength of a publisher’s customer relationships and help identify opportunities for improvement, but none of this is possible without a structured approach to data gathering.
Statistical performance highlights aren’t enough: standardisation is critical. That means a common set of datapoints regularly gathered and reported to help an account manager understand, at any given time, what content is most compelling, what isn’t working, which users are most compelled, and those that are not.
Establishing and reporting even basic data points like this can help account managers to accurately establish customer insights that, in turn, can drive their business forward.