Music company retains customers using subscription tracking reports

About client

World of music meets the world of data. Our client is a US-based music distribution company. They help artists all over the world ship their music labels to audio streaming & music platforms like Spotify, Apple Music, Wynk, and all that jazz. 

Challenges

A company that operates across the globe, ingests thousands of songs into 150+ stores everyday, and helps hundreds and thousands of artists get their music across oceans. - That explains how flooded their data systems are.  

They required periodic reports on lead generation, renewal rates, customer churn, and more.

Since their business has a subscription model, they want to track customer renewal rates. This would help them understand customers' purchase behaviors and keep churn in control. Here’s what we did to ensure that.

Solution from datakulture

Tuning into rhythm of renewals and retention

We designed monthly renewal rate reports on Tableau. The report looked like below, highlighting the following factors.

• Average renewal rate for the selected period

• Renewal rate% on different mediums (website region, country, etc)

• Renewal rate by age of customers (how long they are with the music company).

• Renewals based on the type of music they release (albums, singles, and ringtones).

• Accounts in pending status, segmented based on reasons as follows.

1. Credit card failure

2. Paypal failure

3. Other payment failure

Triggers have been set to alert respective stakeholders when renewal rates hit below the threshold. The client found this helpful to address and pull out all stops to retain customers. 

They could understand what pushes their customers to pay and renew their subscription again. Besides, their team could easily pick up trends and predict patterns, preparing them for all kinds of demand fluctuations.

From churn to learn - Reports on churn analysis

We sent monthly churn reports to the client. This helped them gain an in-depth perspective into active customers, customers who churn, and respective releases of both. Here the churned customers mean those who have not renewed their subscription after the given grace period.

This careful segmentation between accounts helps stakeholders identify specific behaviors and trends that may signal customer dissatisfaction or potential churn. 

The report enabled them to perform the following.

• Filter active, their releases and tracks by country, website, and time.

• Difference in change from active to churn and vice versa.

• Growth rate % of new customers

• New vs churned customers comparison 

• Monthly churn rate over a period of year

& more similar data like this. 

With clever churn analysis dashboards, they could explain why customers churn and who are more likely to leave. In turn, they could make rectification efforts like improving engagement, providing loyalty offers, or fine-tune their renewal/upgrade workflows.

Conclusion

The above diligent reports, delivered on time, helped them make the right decisions without having to play it by ear. 

They could hit the right chord with their customers and adjust their efforts accordingly, even if the market trends sway constantly. And the reports being aesthetically pleasing and user-friendly became the cherry on top, ensuring they are utilized to a maximum extent. They could help artists receive better and continued services, making the impact of their music more tangible and visceral. Read stories on other intuitive reports we delivered to them below.

• Increase lead acquisition through new lead monitoring reports

• Use data analytics to handle artificial streaming fraud