Here at ReCharge, we’re always listening to our customers and working to incorporate your feature requests into our platform. Our latest addition is a set of cancellation prevention and customer retention capabilities that will help you reduce subscriber churn.
Subscriber churn is one of the most dangerous threats to the success of a subscription business. Think of your business as a bucket you’re trying to fill with water. However, if you have holes in your bucket — and water is constantly escaping — you’re never going to keep your bucket full. That’s what subscriber churn does to a business: it negates your sales and marketing efforts with subscriber cancellations. It doesn’t matter how many new customers you’re bringing in if you’re losing them at a higher rate. And since 25 out of 26 unhappy customers churn without ever complaining, it’s important to have automated tools in place to try and prevent that.
With that purpose in mind, here are 5 things you can now do on our platform:
- Restrict Cancellation Options
Restrict customers from canceling their own subscription and instead show a message asking them to email you in order to do so. Alternatively, you can limit how soon after subscribing a customer can cancel their own subscription — such as only allowing them to cancel after three charges have passed, for example.
2. Create Custom Cancellation Reasons
This new feature allows you to view, create, delete and edit reasons for cancellation directly from the customer portal section. In addition, you’re able to customize all your cancellation reasons so that they are even more relevant to your business and product(s).
3. Add Retention Strategies
On top of the cancellation capabilities that we’ve always had — we now offer the option to add a customer retention strategy. This allows you to display incentives that encourage your customers to continue their subscriptions if they express an interest in canceling.
4. Customize Incentives
Once you enable customer retention strategies, you can create custom promotions for each of your cancellation reasons. For example, you can offer a discount to incentivize your customers not to cancel — or the option to skip their next delivery or delay it by a specific amount of days.
And here is how one of our customers, Bokksu, is already taking advantage of these capabilities:
5. Download Cancellation Reports
Evaluate all your cancellation data by downloading a report within ReCharge on your inactive customers, which will include cancelled subscribers and their reasons for cancellation.
To learn more about these new features, check out the full knowledge base article on customer retention strategies.