At Substribe we focus on b2b subscriptions for information, data and analytics services. For years, we have rolled up our sleeves alongside teams and their customers to learn. We also led our own subscription teams before Substribe. B2b subscriptions is in our DNA.
Our goal is to improve expansion revenues for our customers. Here’s three approaches we use to rocket retention.
When we hear symptoms (e.g. pipeline, conversion of leads, churn, customers not seeing ROI, etc.) the root cause is about one – or more – of the fundamentals of subscriptions.
A tool we use to create a factual view of the situation is our revenue performance grid. It’s based on understanding the dynamics at play with b2b subscriptions – annual contracts, high value, decision making units. Often, the online service isn’t used regularly – if at all – by the most senior people in the organisation.
Our thesis is plotting revenue retention over time – two or three years – gives a proxy for value. Drilling down into customer segments provides useful vantage points about product market fit and pricing strategy.
Staying relevant to time poor, choice rich customers of b2b subscriptions is important. But surveys have been misused.
We take five measures and track them over time, ranging from usefulness, to ease of use. Grouping this by theme, we identify drivers of positive or negative sentiment.
Sharing this view with the team, we pinpoint product and service improvements to improve sentiment over time. This creates clarity about what to test and iterate.
Our goal is to create the right conditions for expansion revenue conversations.
Diagnosing and tracking is essential because it creates insights about product and customers and stuff to test. But it’s the doubling down on really useful stuff that creates cut through for expansion revenues. The goal is that by increasing usage, this increases value for the customer and expands revenue as a result.
The approach to creating useful usage is as follows. Define a use case, test the frequency of use by segments of customers, and measure the results. Check that the use case is beneficial for end user, and aligns with enterprise value.
When the use case is validated, double down.
Contact firstname.lastname@example.org to discuss your b2b subscription goals