SAN FRANCISCO, Jan. 29, 2015 /PRNewswire/ -- Absolutdata, a
leading data analytics firm, today released the NAVIK Converter, a
product that helps Software-as-a-Service (SaaS) companies turn free
and trial users into paid subscribers. The first 'Decision
Engineering' product from Absolutdata, NAVIK Converter identifies
users who are primed for conversion and recommends how and when to
target them with marketing messages and/or product changes. In
testing, the NAVIK Converter has raised conversion rates by as much
as 30% without any increase in marketing spend.
"SaaS companies struggle with free to paid conversions even
though their business model relies entirely on making it happen.
Data can be an effective tool, but only when wielded with
precision. Absolutdata recognized that the solution is in asking
the right questions and following the thought to the end, and not
in getting tangled up in data and modeling techniques
alone.
"The NAVIK Converter is a paradigm-changing product because it
reverses the way companies normally use data," said Dr. Anil Kaul,
CEO of Absolutdata. "Traditionally, businesses see what data is
available and then try to apply it towards part of a question or
problem. With Decision Engineering, we start by asking, 'What
decisions do we have to make, and what data and analytics do we
need to optimize the entire decision?', and we work backwards from
there. This process is what makes the NAVIK Converter such a novel
and effective product."
The NAVIK Converter begins by identifying all 'persuadable'
users: free and trial users that have demonstrated the potential to
become paying customers based on activity inside the product, usage
patterns, demographic data, engagement with marketing messages and
many other attributes. For each segment of persuadable users, the
NAVIK Converter recommends which product features to promote or
discount in a marketing message, what channel to use (e.g. email,
in-product, social media, etc.) and when it's best to send the
message. Once a decision about messaging is made, NAVIK Converter
tracks the results in real-time. The SaaS company can make
mid-course corrections and continually optimize conversions. It
also recommends incremental product changes that will nudge free
users to perform activities that lead to higher conversion.
"Normally, conversion analytics identify users that are ready to
pay, and that's it," explained Kaul. "NAVIK Converter is the first
product that recommends how to target these users based on
advanced analytics and machine learning. The product allows SaaS
companies to significantly increase revenue just by using existing
data more effectively and comprehensively."
Before launching NAVIK Converter, Absolutdata tested the product
with two different SaaS companies. One, a cloud storage company,
increased its free to paid conversion rate by 30%. The second, an
online genealogy company, increased its bill through rate (BTR) on
free trial signups by 5%.
To learn more about Decision Engineering the NAVIK Converter,
visit http://www.absolutdata.com/navik/
About Absolutdata Technologies, Inc.:
Absolutdata is a leader in applying decision engineering to help
the world's largest companies make better decisions by bridging
data, insights and action. Absolutdata has built strong expertise
and traction with Fortune 1000 companies across 40 countries. The
company specializes in big data, high end business analytics,
predictive modeling, reporting and data management services. These
services provide significant value to clients by helping them
optimize marketing spends, undertake targeted marketing, and using
customer relationship analytics to achieve superior retention and
cross sell. The company is investing in emerging areas such as big
data, digital and social media analytics. Founded by Dr. Anil Kaul,
Sudeshna Datta and Suhale Kapoor who come with experience at
McKinsey, Mitsubishi, Kraft and Pfizer, it currently employs nearly
500 professionals across offices in San
Francisco, Los Angeles,
New York, Chicago, London, Singapore, Dubai and Gurgaon. www.absolutdata.com.
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SOURCE Absolutdata