This article was written by OceanX CEO and Founder Georg Richter and first published on Entrepreneur.com.
Subscriptions are still growing and innovating, with the subscription box industry projected to create $40 billion in revenue this year, according to Subscription Summit organizers.
Of course, that means a fair amount has been written about subscriptions, even more perhaps specifically about the value of data and analytics in the world of subscriptions. But most of that information targets the ways data and analytics can fine-tune customer acquisition and inform decisions around price or products. Acquisition is only half the battle. The understanding of customer behavior and retention data are key for establishing a profitable business. Churn — when customers leave a subscription program — is to be expected. But plenty of newcomers to the space are shocked when they see real churn rates, and they don’t know what data can help them make decisions to successfully battle it.
Read the full article here.