The subscription economy is growing. Digital transformation is reshaping broad changes within telecoms operations as Communications Service Providers (CSPs) continue to evolve into Digital Service Providers (DSPs). As service providers shift from physical products to digital services, they will need to rapidly design and monetize offerings across cloud, IoT, and future 5G services. They will have to differentiate their services and convert subscribers with attractive price points and compelling discounts and offers. That will require sophisticated billing, revenue management, customer life-cycle management, pricing, smart self-care, and CRM.
Subscriptions are a critical business model as enterprises shift to become more customer-centric and develop predictable revenue streams. Successful subscription management is far more than just enabling recurring revenue. Service Providers must rethink product strategy to incorporate subscription capabilities and the end-to-end business functions need for handling subscriptions. Many enterprises are Innovating beyond Subscription by implementing creative pricing models that combine recurring, consumption-based, a la carte, bundled, discounted, and tiered services – which differentiates against their competitors and captures more value. And they are combining these capabilities with rich fulfillment in a complete digital experience concept-cash-care ecosystem powered by AI. All of this requires enterprise-grade capabilities and deep experience in monetizing some of the world’s most fascinating models.
Powering the intelligent Monetization with Csmart Suite
Csmart Suite is a subscription monetization solution catering to Enterprise, Cable, and Digital service providers with either subscription or transaction-based models. This highly agile system enables full life cycle from Concept to Cash using self on-boarding CX through fully integrated CRM, multi-level integration capabilities through Middleware, and a fully integrated Billing and Revenue Management system. The solution is designed for real-time inquiry, self-care capability through the intuitive user interface; and loaded with analytical capabilities for comprehensive reporting.
To cater to the demand in this subscription economy, Csmart Suite provides all new cutting edge applications that will enable operators for digital transformation: Smart care, Mobile App, CRM, Inventory Management, Voucher Management, Product Management, Loyalty management, Billing and Revenue Management.
Figure 1: Csmart Loyalty Management
Csmart Suite is designed for subscriptions based ecosystem. In a world where every Customer is now a Subscriber, Csmart Suite has adopted new technology to manage the entire Subscriber lifecycle, including new Subscriber on-boarding, Subscription management. Digital and communications service providers can accelerate “being digital” in hose they understand their subscribers and prospects, how they engage and serve those subscribers, the services they offer, and how they fulfill and monetize those services.
Figure 2: Subscription Monetization
MakeShift Change for Subscription Monetization
Csmart Suite, in addition to supporting new software to manage subscriptions, is shifting to a Subscription model in four key areas:
● Subscriber Identity – In today’s subscription ecosystem, it is insufficient to maintain customer records that only include contact information such as Name, Phone, and other demographic information. A “Subscriber Identity Record” must include Buying Pattern, Active Products, Personalized Promotions, Payment History (via. Card, Bank Transfer, Wire Transfer, etc.), Loyalty, Service Renewal and other Metrics
● Subscriber Journey – Csmart Suite is designed with the capability to create and manage a complete subscriber journey that personalizes and deepens the relationship from initial signup/ on-boarding and purchase to include Buying Pattern, Active Products, Personalized Promotions, Payment History (via. Card, Bank Transfer, Wire Transfer, etc.), Loyalty and Service Renewal
● Subscriber Culture – Creating a Subscriber culture, means that everyone who touches the brand and subscription experience – is focused on the subscriber relationship. Csmart Suite allows Service Providers to put their Subscribers first, generously share knowledge, and are always adapting to the evolving needs of Subscribers
● Subscriber Metrics – In today’s Subscription-based ecosystem, Csmart Suite enables Service Providers companies to track a new set of metrics for Subscriber (subscriber growth and change), Subscriber Engagement (payments and declined transactions) and Subscriber Retention Relationship (renewals, upsell, cross-sell and churn prediction)
Thus Service Providers don’t have to limit the growth with simple subscriptions. They can future-proof the business model today with the monetization tools for innovating beyond subscription through Csmart Suite.