Welcome!

Blog Feed Post

Enhancing the Customer Experience with Your Product Catalog

The customer experience is increasingly important in attracting and retaining longtime, loyal customers. We are in an age where the customer is in the driver’s seat; and the processes, services, and capabilities we offer are built with the customer’s satisfaction in mind.

That being said, the product catalog is one of the most powerful components of your business. Whether B2B, B2C, or B2B2B, having an extensive and extensible product offering that can accommodate a customer’s changing needs over time leads to a fruitful, long-term partnership.

A Reusable Product Catalog

Aria’s product catalog was designed with our customers in mind – we offer the ability to reuse and/or combine components in various ways so clients can iterate and release faster, maximizing the opportunity to gain and retain customers. From various pricing methodologies, to discounts and coupons, to surcharges, having a focus on product management and how the product catalog can be used to meet the demands of your customers is crucial.

Screen Shot 2015-05-19 at 12.06.59 PM

Traditionally, many companies offer products in a one-and-done approach. A customer places an order, the order is fulfilled, the customer is billed, and a payment is received. Even though companies might intend to build that relationship over time, the reality is the relationship ends with a paid invoice. But that’s not how it has to be – you want the relationship to continue long past the first invoice, and even past the term of the agreement. As you move toward recurring revenue, nurturing these relationships becomes increasingly important as customers start looking to establish a relationship with the enterprise.

To keep customers happy and engaged, focus on evolving the product over time to continue to meet the customers’ needs. Consider how your pricing strategy will impact the adoption rate. Whether fixed rates for unlimited access, a usage-based model or a hybrid, you need to take in account what customers are interested in, how they want to purchase, and what they’re willing to pay for.

The standard product lifecycle is five parts: design, configure, test, launch, and retire. Aria’s product catalog provides capabilities to facilitate all of these stages so that you can build your product in a way that takes advantage of the various components that can be created or bundled in a unique way and offered into the market place.

Use Case: Trey’s Entertainment Hub

Let’s put this into perspective. Imagine that I run a successful movie streaming business. For a flat rate of $20/month, customers can watch as many movies as they want. However, I want to expand my product offering and enter the online book market. The first thing I would do is configure a new online book service in Aria that mirrors the movie streaming sector– $20/month for unlimited book downloads. As part of this launch, I offer a 50% discount the first month for customers using the coupon code of “I Love Books.”

Unfortunately, the launch doesn’t perform well, so I go back to my team and tell them we need to iterate our offering. We discontinue the 50% off discount and coupon code, and implement a one-month free trial with a new monthly price of $15 for unlimited access. We also decide to run a head-to-head test by also introducing an alternative pay-per-use pricing model. Instead of paying a monthly fee for unlimited downloads, this option implements a usage-based service where the first two books are free and all subsequent downloads are $2 each. We push the one-month free trial package in Seattle and the pay-per-download package in Portland.

At the end of the testing period, the usage-based service performs the best so we decide to include that version of the book download service into our existing movie streaming plans. What started as a movie streaming business has now successfully expanded into a different market. To maximize our offering, we bundle the movie streaming offering with the book download service and give the customers options to mix and match between the two.

Create, Test, Analyze, Iterate, Test, Repeat.

The formula is simple enough – you create an offering, test its success, analyze the findings, and iterate based on the results. Then test again and repeat the process until you find a winning combination. The solution you use to achieve this should be as simple as the formula; it should take only minutes – not hours, days or weeks – to make iterative changes to your product catalog. Aria’s active monetization platform enables our clients to easily manage their product catalog and configure a wide variety of pricing and discount models to provide their customers with the most complete offering possible.

Trey Lindseth

The post Enhancing the Customer Experience with Your Product Catalog appeared first on Recurring Revenue Blog | Aria Systems.

Read the original blog entry...

More Stories By Aria Blog

The Aria blog is the place for news, commentary and discussion on monetization, agile billing and IoT. We cover a variety of topics including forces of market disruption, the Monetization of IoT, billing best practices, trending news and what monetization will look like in the future. Our hope is that you’ll become better informed, be entertained and in turn share your thinking, ideas and comments.

Latest Stories
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...