Absolutdata Introduces NAVIK Converter
Absolutdata, a data analytics firm, has released the NAVIK Converter to help 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.
"The NAVIK Converter is a paradigm-changing product because it reverses the way companies normally use data," said Anil Kaul, CEO of Absolutdata, in a statement. "Traditionally, businesses see what data is available and then try to apply it toward 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 who could become paying customers based on activity, 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 marketing messages, which channel to use, and when 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 conversions.
"Normally, conversion analytics identify users that are ready to pay, and that's it," Kaul said. "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 SaaS companies. One, a cloud storage company, increased its free-to-paid conversion rate by 30 percent. The second, an online genealogy company, increased its bill through rate on free trial signups by 5 percent.
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