Five Significant ways you can meet Lockdown demands
Life is not the same anymore under lockdown. For businesses with a subscription base it has come to mean varied demands from different customers. In a way they require individual attention, but they are typical problems that can be bunched together for a common solution. It need not mean inventing the wheel for each and every challenge. While the issue affecting individual customers may be different, the resolution need not require separate effort for such a request.
Here are some common demands that this Covid-19 induced lockdown is making on the subscription businesses and how to mitigate them with a smart solution.
Subscription on a Pause mode
Many subscribers are requesting a break from using services. While financial constraint may be the primary reason, altered priorities could very well be behind such demands. It will be seen by customers as a good thing if their subscription can be put on vacation mode. As a service provider you want to help your subscriber tide over this situation rather than lose them. It helps if a subscription company is able to address this issue more generally. Sure, from Magnaquest has built in features that allows a customer to suspend their account for a period and resume it later. The alternate may likely be churn and we know how more expensive it is to gain a new customer.
DIY Self Service facility
Due to lockdown, companies are facing resource shortages in support roles. This is a real challenge with restriction in movement in place. Any inability, therefore, to fulfil customer requests in the real world can cause heavy backlogs and not to mention the likely disappointment… and yes, churn. In such a scenario it helps if you can provide self-serve capabilities to your subscribers to manage their accounts. This will circumvent the need of having to deploy resources to address issues. With such an online facility, customers can then make changes to their accounts. Either upgrade to a higher plan or downgrade to a lower plan by themselves. And where possible you can setup chatbots to address 80% of your calls, that are level 1 calls anyway, with standard replies.
Refunding in bulk or accounting in large numbers.
Some may want more time to pay for services they consumed. Especially those who are facing resource crunch. A few companies have seen an increase in such numbers. This means that adjustments to invoices, credits, or refunds are to be made. And for each of those requests the changes have to be made manually. To overcome such a cumbersome process you can use our bulk utilities feature to affect bulk price change, bulk extension of subscription validity, bulk discounts, bulk adjustments, bulk due date extension, and more.
Accommodating surges in demand
One segment that has seen an increase in service usage is in the online digital world. There has been a spike in demand for online entertainment and e-learning. This has put a strain on the broadband and wi-fi requirements. Rather than exploit the situation some service providers walked an extra mile to ensure that they are there to support businesses. Some internet service providers like Act announced free-of-cost work-from-home upgrade allowing for high bandwidth as most of their subscribers are working from home. Others allowed easy usage top- ups during these tough times, so that their work is not disturbed
Overcoming challenges that hamper collections…
Safe physical distancing is required by those making collections of dues. They are crucial for the survival of Pay TV services and prone to come under financial pressure. The need of the hour is Zero Touch collections.
Service providers can improve their payment collection by adapting digital payment methods. Your partners/resellers can have their own merchant accounts for digital payments. All these configurations are available out of the box in our subscription management solution.
This is also the time to look for your inactive subscribers and bring them onboard by activating some FTA packs where they can get to watch important news channels to know what is going on. You can also offer a free broadband connection up to a certain usage limit to win back customers.
In these times of uncertainties and business disruptions, automation and providing online solutions can make life easy for the customers and service providers. Should you as the service provider need a solution to address these lockdown demands please visit our website or drop an email to email@example.com with the details.
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