At Bango, one of the company values is ‘innovative’. Everyone is encouraged to innovate across all areas of the business, but product innovation is possibly the most critical area for innovation.
Developing products to meet the needs of our customers, ensures Bango remains a market leader. As well as solving customer pain points, product innovations are often centered around helping our customers grow their revenue. This, in turn, generates more revenue for Bango – everyone’s a winner!
At the Bango Investor Strategy Day in November, Director of Product Management, Cei Sanderson, detailed a few examples of Bango product innovations – innovations that enable Bango to offer more than just a payment connection.
Boost+ enables Bango partners to capture additional revenue from their customers. Too often consumers are targeted with a product they already have, they are distracted at the point of purchase or they are targeted at a time when they don’t have available funds.
Using Bango Purchase Behavior Targeting technology, Boost+ helps those connected to the Bango Platform avoid these issues. That might be by recommending when to send a push notification for an abandoned purchase or perhaps knowing when to time a subscription renewal so it’s most likely a customer has credit on their pay as you go account. Using the data collected from processing billions of dollars of payment data, Bango can advise a merchant or telco on how to avoid key causes of transaction failures like these.
Bango ‘Digital Vending Machine’ (DVM) customers are bundling double-digit numbers of subscriptions together per end consumer. The more subscriptions that end consumer takes, the stickier they are to the provider (i.e. a telco). (This also means the telco scales through their entitlement tiers faster, generating additional ARR for Bango.)
That’s where offer management comes in. Bango provides DVM customers with the insights they need to maximize conversion.
An example might be compiling an offer including Netflix or NFL+, leveraging the popularity of an upcoming new TV series or the launch of a new football season. We know how best to price and package that offer so the consumer takes it up and, importantly, make sure that offer gets where it needs to at the right time.
The consumer space is full of personalization. Merchants are very adept at customizing what they show customers to keep that specific person engaged – take your Netflix home page as a great example. Telcos, on the other hand, typically offer generic deals with static images across their customer base.
Asset select takes offer management one step further by ensuring that not only are the right offers made at the right time but that the right media assets are attached to those offers. You can imagine at Christmas time, merchants want their marketing materials to reflect custom festive graphics but, once Christmas is over, they need them to switch immediately to the next thing – perhaps graphics for an upcoming movie or TV series. Using a single API, Bango has automated what was previously an arduous process and enables these graphics to be updated simply and in rapid time.
For more information on Product Innovation at Bango, a recording of Cei’s strategy day presentation can be found here: https://bangoinvestor.com/strategy-day/product-innovation/