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As a B2C subscription business, deeply understanding your customers is mission critical to combatting churn and retaining revenue. But it's much easier said than done. That's why ModernLTV is here to help.
Powered by proprietary intelligence and purpose-built for marketing and business teams, ModernLTV unifies customer data, unlocks predictive insights, and automates critical workflows to combat churn and maximize LTV — without a single line of code. Let's start with the highlights of the platform:
Below is a side-by-side comparison of the current solutions:
CDPs
MLaaS
RaaS
SSaaS
ModernLTV
Intelligence
Largely descriptive analytics
Comprehensive and high performance
Descriptive, focused on payments
Descriptive, focused on payments
Predictive & descriptive
Integration
Low code, requires engineering
Requires significant development
Low code, requires engineering
Requires significant development
Zero engineering required
Customers
Large businesses, enterprise
Large businesses, enterprise
Small to medium businesses
Medium to large businesses
Small to medium businesses
While these platforms can serve as the source of truth for your customer data, they offer limited to no predictive intelligence to combat churn and require ongoing engineering support.
PROs
CONs
These platforms offer AI/ML models as a service, allowing data teams to eliminate the time-consuming steps of building and training a model and focus on the aspects that differentiate their product.
PROs
CONs
These platforms do offer value-added solutions for specific types of customer churn (e.g. payment failures), but have limited predictive capabilities that allow you to combat churn before it happens.
PROs
CONs
Every business needs to collect and process payments and many subscription businesses choose to layer on Recurly, Recharge, etc to handle all the subscription-related functionality. That said, while they provide off-the-shelf payment recovery solutions, they don't have nearly the range of functionality to comprehensively address customer churn.
PROs
CONs
Artificial intelligence (AI) and machine learning (ML) are rapidly transforming how businesses analyze customer behavior and make data-driven decisions. Companies like Pecan AI, Retina AI, and Stay AI are at the forefront of this revolution, offering specialized AI solutions for predicting customer actions.
Let's take a closer look at these innovative companies and how their solutions compare:
ModernLTV stands apart from traditional AI/ML platforms with the following advantages:
ModernLTV empowers B2C subscription businesses to take their customer intelligence to the next level:
AI and ML hold immense potential for customer analytics, but the technical hurdles and lack of marketing focus can be obstacles for many B2C subscription businesses. ModernLTV bridges this gap, providing a powerful yet accessible solution, tailor-made to drive growth and retention in the subscription economy.
Over the last few years, B2C subscription businesses have faced a perfect storm. Customer churn has reached historical levels as revenue retention has become harder than ever. Understanding the factors driving this trend is critical to maintain a strong business within a highly competitive market. Let's dive into the reasons behind rising churn rates and why customer retention is more important now than ever.
There are several macro trends that have driven a rapid increase in customer churn across every industry. Let's discuss:
In today's digital landscape, consumers are spoiled for choice when it comes to subscription services. Countless streaming platforms, meal kit delivery options, and software subscriptions are just a click away. The ease with which customers can switch between providers, often with little to no financial cost, has dramatically increased churn rates.
This lack of friction makes it tempting for customers to jump ship in search of better deals, newer features, or simply a change of pace. Subscription businesses must constantly innovate and offer compelling value to keep customers engaged and prevent them from exploring greener pastures elsewhere.
The rising cost of living is putting a strain on household budgets worldwide. With essentials like groceries, housing, and energy becoming more expensive, consumers are forced to make tough choices about where to allocate their limited funds. Subscription services, once considered small luxuries, may now be among the first expenses to get cut.
This economic pressure highlights the need for B2C subscription businesses to prove their value proposition. Customers are increasingly asking themselves, "Is this subscription truly worth the monthly cost?" Companies that can't provide a resounding "yes" risk losing subscribers.
Businesses of all sizes face mounting margin pressure. Factors like higher cost of capital, supply chain disruptions, and increased labor costs are squeezing businesses from the bottom up. This financial pressure can lead companies to adopt short-sighted strategies that ultimately damage customer retention.
For example, some businesses might raise prices to offset costs. However, frequent or steep price hikes can alienate price-sensitive customers and lead them to seek alternatives. Others may cut back on customer support or reduce the quality of their offerings, unintentionally driving subscribers away.
For B2C subscription businesses, maximizing customer retention is mission critical. Here's why:
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So, how can B2C subscription businesses stem the tide of customer churn? Here are a few effective strategies:
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Rising customer churn is a challenge that B2C subscription businesses can't afford to ignore. By leveraging predictive intelligence to deeply understand your customers and automation to supercharge retention workflows, subscription businesses can not only combat churn but also maximize customer LTV.
For consumer businesses, customer data is the lifeblood of the business. The good news is that today, they have more data about their customers than ever before. The bad new is they also face increasingly siloed systems, mounting data complexity, and a lack of truly actionable insights. This is where Customer Data Platforms (CDPs) come in, but are they solving the real problem with the right solution? Let's explore.
A CDP is a technology solution designed to collect, unify, and organize customer data from various sources. It creates a centralized hub for understanding customer behavior across touchpoints. In short, a CDP lays the foundation for data-driven marketing and customer experience strategies.
Here's a breakdown of some leading CDPs, outlining their features, pricing, technical requirements, and implementation time:
Like CDPs, ModernLTV unifies your customer data and syncs to your destination through reverse ETL. What differentiates ModernLTV is HOW we unify and activate customer data on either end of the workflow and the functionality we enable in between. As a unified customer intelligence engine, ModernLTV is purpose-built to provide all teams with no-code tools to turn customer data into new customer attributes, advanced segments, and predictive insights. By unifying your customer data to a single, universal customer data model, ModernLTV offers functionality that traditional or composable CDPs cannot. Further, ModernLTV is dedicated to and priced for small and medium consumer businesses and designed to give business teams end-to-end control to build and deploy customer intelligence.
Here are the three things that set us apart:
Build unlimited customer attributes, advanced segments, and predictive insights with zero code.
Build & deploy leading AI/ML and predictive models in minutes using one of our native integrations.
Connect any existing database, data warehouse, or application without impacting your existing workflows.
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