It’s no secret that customer retention is more vital to subscription-based businesses than just about any growth metric. If your customer turnover is high, your acquisition rate has to outpace the churn just to break even. You’re on a treadmill, not a track. And the more you grow, the harder it is to outpace a high churn rate. That treadmill just moves faster and faster.
Email delivery is important for any system, but when you’re attempting to recover payments, it’s absolutely critical. There are countless reasons for payments to fail. Credit card accounts are closed. Credit cards are stolen and require new numbers. People change jobs or email addresses. And email is arguably the best channel for recovering failed payments in the face of all of these challenges.
Product tiers are a huge key to long-term customer retention and success. But, they have to be designed to provide value first. When that's the case, upsells happen more naturally, with a lot less friction.
It’s not about getting the user better at knowing where the button is that they need to click. It’s about getting the user better and more efficient at the problem your product solves so they can use their newfound time and energy to be better at their real job. Do that successfully, and you’ll churn-proof your product.
If you’re reading this, it’s likely because you’ve been less-than-impressed with your current system. Don’t fret, dunning management doesn’t have to be frustratingly tedious. Let’s walk through 8 proven methods to improve your dunning and decrease your churn.
Customer acquisition is hard, expensive, and never ends. You don't want to waste all those hard-won customers by turning a blind eye the holes other side of the formula. The sooner you can start looking for, understanding, and squashing churn, the better chance you have at building a digital empire.
"It used to be that startups could count on their competitors to be big, dumb, and slow. Not anymore. We’ve all gotten smarter and faster, and that includes your competitors." Being efficient and smart with how you run your company is one of the fastest ways to beat the competition. And identifying and plugging places where you’re leaking revenue is an easy and impactful place to start.
When a marketing email bounces, it’s a write-off. Not worth taking action. Just one less prospect your team can close. When a transactional email bounces, it’s a sign of something far worse.
To support their ecosystem, in 2016 Stripe launched a new directory that positions itself as much more than a payments company. They are now a platform for a wide array of business services. We take a look at some of the most useful ways to leverage some of these third-party Stripe apps.
There’s an easy way to do dunning… and a right way to do dunning. From the involuntary churn specialists at Churn Buster, here's a 10-step guide for air-tight, bulletproof, sleep-easy-at-night dunning. The very best practices for responding to failed credit card payments.
A poor setup for fighting involuntary churn will cost your business today, and hamstring growth forever. The problem only gets worse, as lost customer value compounds month-over-month-over-month.
Dunning emails are important to get right when handling failed payments. Take care to avoid damaging trust and decreasing your chances for an updated card.
Building a customer-centric company isn't easy. But there are four basic principles that will move you leaps and bounds closer to the kind of company you want to be, and the kind of company your customers want to support.
The fear compels you to think twice before emailing a big client—not because you need to proofread your writing, but because you don’t want to remind them you exist. If they think about you, they may think about how they no longer need you.
with Rian van der Merwe from Postmark
with Garrett Dimon from Postmark
with Roland Ligtenberg from HouseCall
with Jasmina Aganovic from Mother Dirt
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with Samuel Hulick from User Onboarding
with Eliot Peper from Uncommon Stock
with Adii Pienaar from Receiptful
with Jeff Vincent from Wistia