It’s a fact. Even the smallest increase in customer retention can result in large subscription revenue increases. This is due to the inherent power of average customer lifetime value (ACLV) – the average amount of revenue you receive over the lifetime of your relationship with a customer. Our clients typically experience up to a 5% immediate uplift in customer retention just by deploying a Vindicia® subscription management and customer retention solution.
When it comes to customer retention management, communicating with your subscribers at the right time in the right manner can greatly influence whether they stay with your subscription offering. Vindicia CashBox® gives you the agility to send messages and offers to your customers that are triggered by specific billing events. By carefully crafting and timing messages and promotions, you can dramatically increase customer retention and recurring revenue. CashBox Campaign Management facilities make it easy to:
Payment transaction failures can happen for a variety of reasons. For example, reissuing a stolen or expired credit card or temporarily exceeding a credit limit. Let’s face it, payment failures are a function of doing business online. But it’s important that a customer never leaves your service due to transactional payment failures that could easily have been fixed with the proper customer retention techniques.
Our CashBox and Vindicia Select™ SaaS-based solutions help our clients minimize customer losses due to payment failures, thanks to our advanced retention technology. Our technology incorporates smart business rules to retry cards, offers full integration with Account Updater services with payment processors, and stores highly secure “payment wallets” with backup payment methods. We analyze why a transaction failed, and then resolve the issue that led to the failure. Each failure that becomes a success increases revenue. And more than one-third of resolved transactions stay resolved over the long term. To learn more, read the Forrester study "The Total Economic Impact of Vindicia Select" and see how Vindicia reduces churn, boosts revenue, and extends ACLV. And check out the Forrester videos and infographic.
Vindicia customer retention techniques ensure that the highest possible percentage of transactions are successful – and ensures that your customers stay engaged with your products and services. Want to see for yourself? Check out our complimentary Vindicia Trial web page. Or read the Vindicia Trial data sheet.