09.09
Recently, my colleague Jannis Jörger and I hosted a webinar that explained how subscription businesses can significantly reduce churn.
Every day, we work with clients all over the world to find the most effective ways to help them increase revenue and efficiency. We wanted to share some of the powerful strategies and tactics we use… and that's where the idea for this webinar came from.
The webinar titled, "Unleash the maximum revenue potential of your recurring customers” explains how you can use renewal automation to:
- Drastically reduce your customer churn
- Improve your customer experience to increase renewal rate.
- Increase (cost) efficiency of your sales channels.
Here is the Cliff’s Notes version of what we talk about in the webinar…
Why are customers leaving you?
Involuntary churn happens when a user unwillingly cancels their subscription. For example, when your customer uses an expired credit card or when their card is maxed out.
Voluntary churn happens when users willingly cancel their subscriptions. There are many potential reasons for this, which we dig deeper into during the webinar.
"New customer acquisition is five times more expensive than customer retention."
What are the high costs of churn?
- (In)voluntary canceling/deactivating customers are lost revenue.
- Undervalued customers may turn to the competition.
- High churn reflects company valuation.
- Revenue initiatives often lead to assumptions to increase customer acquisition. (However, we know that customer retention is less costly than customer acquisition.)
How do we stop this churn? The answer is renewal automation.
- Renewals need to be online.
- Communication is key. Customers must receive the right information at the right time.
- The process needs to be iterative, driven by results.
In the webinar, we explain how you can start increasing renewal rates by 10% or more. Start by answering these three questions:
- Who is the customer?
- What is the product?
- What are the subscription terms?
Then let the machine (ecommerce platform) do the rest…
In addition to renewal automation, we discussed how to empower your customers with self-service options, which saves money, time and effort.
Ready to do something about your churn?
Learn how to maximize recurring revenue by automating processes for the customers you’ve already worked hard to win. Watch the webinar on-demand. Or, even better, talk with us directly to find out what your potential revenue uplift may be.
