Subsets, a startup from Denmark, has launched an AI-powered platform designed to bolster customer retention rates for businesses using subscription models. This revolutionary tool helps overcome the ‘retention gap’ issue by predicting potential subscription cancellations, allowing companies to act proactively.
The platform employs an innovative technique known as ‘explainable AI’, which not only predicts cancellations but also identifies the best ways to convince customers to keep their subscriptions. This technology presents complex data in understandable formats, fostering transparency in AI decision-making processes.
Since its inception, Subsets has accumulated an impressive client roster including the likes of the Athletic and a respected Danish newspaper. The company raised $1.65 million in pre-seed funding from notable investors, including Upfin, Y Combinator, and others, after a successful stint in a startup accelerator.
The platform integrates with existing business systems like CRM and CMS to collect vital data related to subscriber behaviour and product engagement. Brands can then easily analyze this data via a user-friendly web application to drive their marketing strategies, enhance customer relations, and improve product evaluation.
The platform’s advanced analytics tools also help extract key patterns in customer behaviours relating to purchase habits, product preferences, and more. This, in turn, helps businesses tailor products and services more efficiently to meet consumer needs and expectations.
Subsets’ platform also aids in carrying out tests on customer segments, thereby identifying the most fruitful retention strategies. Actions could include sending marketing emails, offering discounts, or launching new features, thereby helping companies eliminate guesswork from retention strategies and automate proven methods.
Ultimately, the platform provided by Subsets equips businesses with the tools necessary to utilize their existing systems and data to form actionable strategies, consequently driving growth and enhancing customer satisfaction.
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