Vindicia: Accelerating subscription businesses’ growth in these challenging times
Oct 29, 2020 | By PYMNTS.com
At Vindicia, the main concern when COVID hit was the well-being of its employees and clients. CEO Sharath Dorbala explains the steps the firm took to enable its team to work safely and securely from home, and to offer flexible options to customers who were facing financial challenges.
The following is an excerpt from What Did You Change?, contributed by Sharath Dorbala, CEO of Vindicia.
In response to the pandemic, the first concern For Vindicia and our parent company Amdocs was the well-being of our employees, ensuring that everyone was able to safely and securely work from home with the proper IT setup. We were able to quickly meet this objective because in late 2019, Amdocs had already instituted a policy allowing employees to work from home one day a week. We also instituted “Virtually Together,” a program to support employees with the challenges of their new at-home environments.
Our next priority was to stand together with our clients during this difficult time. We offered a “pause” option that they could use with their customers who were faced with financial challenges or other stoppages (such as sports) and would like to see their subscriptions paused, but not canceled.
We further supported our clients in combating passive churn due to failed payment transactions, making sure they could maintain their top-line revenue. We wanted to ensure that they were not losing customers when card issues prevented payments from going through, but the customer was not wishing to cancel. Our solution helps recover such failed transactions, enabling our clients to remain strong through these difficult times.
Finally, and most exciting, we have accelerated our product development cycle and investments in next-generation solutions and are now launching our MarketONE subscription platform. MarketONE will make it easier for subscription businesses in this challenging climate to embrace the next level of value for their customers, enabling them to offer subscription bundling and to enhance the user experience with the goal of growing subscribers, forging long-lasting customer relationships and boosting ongoing revenue.
While some subscription companies may be leveraging the pandemic’s stay-at-home environment, many other companies are finding it increasingly difficult to sustain growth. Entering into subscription bundling partnerships can be an effective strategy, but taking a do-it-yourself approach can be time-consuming and expensive.
At the same time, managing the user journey has become a drain on time and resources. Customers expect seamless access to subscription services, social or Apple ID sign-in, multiple users per account, parental controls, and granular privacy and consent settings.
Subscriber journeys become even more complex when bundling subscriptions with others comes into play.
That’s why we have accelerated the development of our MarketONE SaaS platform. It delivers a streamlined approach to increasing recurring payment transactions. In these difficult times, growing subscription revenue is a top concern for our customers’ subscription business success.