Zuora has launched Insight, a product that will help companies to maximize growth and reduce churn. It is the first solution that unifies the financial, behavioral and demographic data sources. It claims to help organizations in improving their relationships with their customers by analyzing usage patterns, subscriber preferences and financial metrics altogether.
According to the company, the product will enable organizations to engage, upsell, cross-sell and retain their customers. It will combine financial, demographic and behavioral data of the subscribers and help understand them deeply.
Zuora believes that subscription businesses can generate 23% of the revenue by expanding its existing customers and this is possible by having a deeper understanding of customers’ demographics and behaviors including usage intensity trends, user similarities, engagement level, churn probability, user personas with new metrics.
Amy Konary, Vice President, IDC said, “Companies that are trying to grow their subscription based businesses need to develop a very deep understanding of subscriber behavior by looking at the right data in the right way – with new metrics that make sense for a recurring revenue business. In order to accomplish this, companies need systems that support the capture and analysis of metrics that track closely to subscriber behavior, and processes and business models that wrap around customers—not just around products.”
Key capabilities of Zuora Insight
Subscriber identity: It gives a unified view of subscriber financial, demographic and behavioral data from the Zuora subscription management solution.
Subscriber segments: Group subscribers to common traits and behaviors.
Calculated metrics: Turning subscriber behavior into metrics by calculating its frequency and compare them with vital subscription billing metrics like MRR, subscription length and total spend over time.
Predictive scoring: Predicting subscriber churn. A Churn rate decides that whether a subscriber is interested in the product of the company or not.
Salesforce sync: Synchronize salesforce to automatically create upsell and cross-sell opportunities.
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