People are dynamic: their preferences, habits and lifestyles are constantly changing.
It is no longer acceptable that static, inflexible billing be a hindrance to business goals. Why innovate if you cannot charge for that innovation? Why set out to differentiate if your inflexible billing system or service forces you into a price war that lowers ARPU and disenchants customers?
Rather than limit business goals with the limitations of billing and payment management systems that cannot do real-time rating and charging, businesses should seek out solutions that have the flexibility and openness to handle an infinite number of levers–beyond just “quantity” or “duration.” Only then can they charge and monetize anything that can be metered or measured.
For example, TRACT® has no limit on the number of price levers, as marketers can dream up any “value,” “parameter” or “field” for which people can be charged, and TRACT will convert that value into a rate plan and an indicator of “usage” that helps you generate more revenue streams, more loyalty, and ultimately personalized services. Individual characteristics of the subscriber are recorded or measured as potential price levers for future services.
In other words, TRACT gives companies a path forward as opposed to “painting them into a corner” where they are limited in the ways they can monetize their customer base. If it can be metered or measured, TRACT can bill for it, which means endless opportunities for new features, bundles and services that are assembled and reassembled according to any variable a marketer wants.
That means products and services can be configured and re-configured, bundled and unbundled according to whatever parameters or variables marketers want to massage and manipulate to individualize services.
The bottom line is that any business that wants to avoid price wars and commoditization should never get “locked in” to a billing system that hinders creativity and the ability to change with customers and the market. Instead, billing should be an ENABLER to moving a business and its customers in any direction they want.
To learn more about our new subscription and usage-based billing platform, TRACT®, Contact email@example.com or call us at 512-829-4000