MPP Global Extends eSuite with Retention & Recovery Functionality
MPP Global adds advanced functionality to eSuite, the only fully integrated cloud platform to identify, engage and monetize digital audiences, following the introduction of its new Retention & Recovery module.
With media companies continuing to look at ways to ensure customers keep returning to their services, the latest development from MPP Global enables organizations to monitor and manage customers likely to churn.
Recurring Payment Models
While recurring payment models can deliver substantial benefits for media companies, including predictable cash flow and operational efficiency, billing on a subscription basis can have its challenges. Being unable to collect a subscription payment from a customer after the initial billing event impacts profitability and decreases the lifetime value of a customer.
In order for organizations to overcome the challenges associated with subscription billing, MPP Global’s eSuite combines both customer retention and customer recovery within its platform. The retention functionality features a range of proactive strategies that minimize involuntary churn, while the recovery solution uses intelligent insight methodology to help recover recurring payment transactions which have initially been declined.
Customer retention gives organizations access to a range of advanced technologies to minimize churn, by updating amended credit card details in advance of the subscription renewal and enabling win-back campaigns for customers who have cancelled their subscriptions, either voluntarily or due to a failed payment.
Leveraging data science and machine learning, eSuite now boasts advanced churn algorithms which enables media companies to accurately predict which customers are at risk of churning and take steps to reengage with the customer. Using content recommendations, service credits and expiry date extensions companies ensure customers keep using the service and do not churn.
With a focus on providing a better service, media companies can leverage the recovery technology to understand the best retry sequence most likely to succeed.
With subscriptions, trying to process payments at a certain time of the day can limit the success rate. For example, banks often carry out overnight maintenance and this has been shown to increase payment failures.
The functionality within the recovery solution enables data scientists to set-up accurate suppression windows, and a retry sequence most likely to yield an approval. Companies can also set the time they process subscription renewals in order to maximize successful first-time payments. Studies have shown that eSuite has successfully reduced involuntary churn by over 85%.
The introduction of its new module enables MPP Global to offer media companies increased support for subscription billing and drive customer retention and operational efficiency, with an existing client achieving an additional 6% retention with a value in excess of £6M per annum.
Speaking on the announcement, Paul Johnson, CEO at MPP Global, said “We are excited to introduce another level of functionality to our cloud platform, eSuite, and enhance customer retention to help maximize revenues for our clients.”
“This new functionality enables our current and future clients to minimize customer churn and effectively reengage with those customers most likely to churn, while at the same time ensuring increased first-time subscription renewal success.”