Want customer loyalty? Give them the power to pay however they want for exactly what they use – TechCrunch
Cable TV is dying. Cable TV increases his income.
These two facts shouldn’t coexist, yet they do. Although the number of cable subscriptions is declining, in a market disrupted and overwhelmed by streaming services, cable operators are reporting that revenues are edging up. They do this by relying more on their declining user base, confident that they will continue to get away with “the way things have always been done.” This is just one example of an industry that lacks the foresight and agility to modernize its business model, but it’s an example we all know. Ultimately, this entire product category, cable TV, is likely to lose out to more nimble and innovative competitors who deliver clearer value to their customers.
Too many companies cling to the old ways of doing business, making more profits before their business model implodes. The practice may never end, but charging people for things they don’t want or won’t use is a wasteful and unfortunate tactic for your business.
The implosion has already started. Businesses too afraid to scale see the writing on the wall and do all they can to fill their coffers in the short term, as their customer base shrinks and their long-term viability erodes.
When a business doesn’t understand customer empowerment, it is missing out on one of the best and most effective ways to retain customers and make money. A good (really good) business is great for the bottom line.
LogiSense provides flexible billing options to major global companies such as Cisco, Garmin, Five9, and Vonage. Our subscription and usage-based billing models allow our clients to monetize any event in the connected world, in real time. This makes invoicing extraordinarily sophisticated. But it also puts choice, control and power back in the hands of the end customer. It’s good for business because it leads to greater customer retention and better up-sell and cross-sell opportunities.
Take Garmin, one of the most respected providers of GPS navigation and wearable technology in the global automotive, aviation, marine, outdoor and fitness markets. Garmin deployed our agile monetization capabilities in the US and globally starting in 2016. Its customers have come to appreciate the simplicity of high and low dialing services, and seeing their choices accurately reflected in their invoices. The more agency these clients have, the more loyal they become.
For a business with an invaluable reputation to uphold, the billing experience must be as satisfying as its product experience. Anything less will inspire confidence and confidence.
Since business ceased to be a small, local, face-to-face proposition, the gap between customers and the companies they buy from has widened. And the connection between customers and the value they perceive has become more tenuous.
The recent move towards more user-friendly subscription models is a step in the right direction. Netflix has become the entertainment giant it is today by offering consumers a choice they desperately wanted but didn’t have before: the ability to watch only what they wanted, when they wanted it. wanted. But even this model has flaws. Streaming services regularly fight to broadcast the most popular classic shows or the hottest new series, a practice that drives up subscription fees year after year and perfectly illustrates the limitations of a subscription model. controlled by companies, not consumers.
Paying for what you want and use – and only that – should be the norm. Conversation is cheap and money works. And what empowers customers is also better for the salesperson and their business. The technology is in place. We know. LogiSense builds it and runs it.
In a world with almost unlimited choice available for almost any product or service, customer loyalty is increasingly valuable and harder to earn. This is where agility comes in.
As the COVID-19 pandemic took hold, our system gave customers the ability to act quickly and in a way that built customer confidence. Garmin has adjusted quickly using LogiSense Billing, with a strategy to hold customers accountable during bottlenecks around the world. Within a week, the company reached out to customers to waive some usage and contract fees and suspend free services. Garmin has been able to keep its customers in an un-canceled state, maintain active accounts and subscriptions, and allow those customers to adjust their billing and corporate relationship status.
Garmin first thought of its customers. Our monetization platform made it possible. LogiSense can calculate a lot of things, but the goodwill that Garmin has earned is not one of them.
It is possible to offer products fairly, in the way that customers want. And it’s possible to measure, evaluate, and price everything your business sells so you can deliver your offerings, operate profitably, retain customers, create value, and grow your business faster than the competition.
Dissatisfied customers will bring their dollars (or euros, earnings or rials) to competitors with a single tap on their smartphone.
Companies that are committed to delivering what people want – and providing a way for people to pay how they want and for exactly what they use – will win.
LogiSense’s billing and rating platform is our solution to help businesses empower consumers, earn loyalty and trust, and create a profitable business model in this new usage-based economy. . Give your customers what they want and show them value: no gimmicks. No hidden costs or grouping. Clear and initial billing.
More consumers than ever expect the companies they do business with to stand up for something. No matter what your business does, what you sell or who you serve, we believe the first thing you need to stand up for is your customers. They will be ready to give you more in return.
More and more companies are realizing that the balance of power is tilting towards the customer. In response, they work overtime to restore confidence. Even governments around the world are taking action, enacting laws that make practices like default billing illegal.
Stop doing business with companies that refuse to respect their customers.
Stop making customers pay for things they don’t want in order to give them what they do.
Stop undervaluing what you offer and get paid so you can grow.
Don’t miss out on strong and distinctive income generating opportunities.
Stop hiding the costs in financial forgery.
Be honest. To be clear. Be wise. If you think your business is not charging what it should for its products (too much or too little), contact us to see how LogiSense can help you.
It’s not just where the world is going, it’s where the world already is. Give customers what they want. It’s time to change billing for good.