Benefits & Results

Improved content engagement due to enhanced communication strategies leading to better customer satisfaction and loyalty.
Enhanced subscriber retention through tailored cancel-save and retention offers.

Significant improvement in customer engagement metrics.
Enhanced retention rates and customer satisfaction scores.

Background

The Economist is a globally recognized media company renowned for its insightful analysis and in-depth coverage of world events, politics, and business. The Economist is characterized by its opinionated articles that aim to influence public debates on significant issues, underpinned by a commitment to data-driven journalism and a clear separation of facts and opinions. With a prestigious reputation and a large subscriber base globally, The Economist continuously seeks innovative strategies to enhance customer retention, optimize marketing spend, and improve overall financial performance.

Challenges

Issue Identification: The Economist faced challenges with a lack of a unified view of customer interactions with content and services. Siloed customer behavioral and transactional data hindered personalization efforts. The inefficiencies in retention and acquisition strategies stemmed from incomplete customer insights. Multiple BI visualization tools for content usage and subscription tools further complicated the scenario; Issue Impact: These challenges led to low customer engagement, inefficient pre-churn mitigation mechanisms, low customer satisfaction due to lack of personalized offers and content, and high software license costs due to the use of multiple BI technologies.

Solution

NowVertical developed a centralized customer data platform on Snowflake, integrating transactional, demographic, and content engagement data covering the entire customer lifecycle. This platform enabled actionable data insights through BI visualizations, laying the foundation for advanced data capabilities like offer personalization, customer lifetime value models, and content personalization.

Implementation

Data Ingestion: Data was ingested from the Zuora billing platform, Salesforce CRM, marketing platform Limio, and Google Analytics for content usage.
Transformation: Developed comprehensive dashboards on QlikView providing a single customer view with actionable customer insights.
Reporting: Enabled actionable data insights through BI visualizations.
Advanced Capabilities: Laid the groundwork for advanced data capabilities like offer personalization and content personalization.