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As a customer retention manager, you are keenly aware that customer retention is the true indicator of predictable, recurring revenue and lasting profitability for your subscription-based business models. Even a modest increase in subscriber retention can result in sizable ongoing revenue boosts thanks to the inherent power of average customer lifetime value (ACLV).
Customer retention best practices start with customer communication. The timing and manner with which you communicate with your subscribers can dramatically impact whether they stay with your subscription service. To combat subscriber churn, Vindicia® CashBox® provides the capabilities you need to easily send messages to your customers triggered by specific billing events. By carefully crafting and timing these messages, you can reduce voluntary subscription cancellations and increase customer retention.
With CashBox, it’s a snap to create and promote timely and appropriate customer retention offers with our powerful Campaign Management features. If customers should choose to cancel their account, you have the ability to automatically offer them the opportunity to use a coupon or promotion for discounted services or products. CashBox also easily handles subscription upgrades, sidegrades and downgrades to move customers to a different usage tier or to another product.
But what about involuntary churn? Payment failures are a fact of life in the subscription business and can happen for a wide variety of reasons, such as reissuing a lost or expired credit card or temporarily exceeding the credit limit. At the first sign of a payment issue, many subscription billing systems automatically interrupt the subscription service. At Vindicia, we believe that a customer should never leave your subscription service due to payment failure that could easily have been fixed by the powerful retention features built-in to Vindicia subscription billing and recurring payment solutions.
Both Vindicia CashBox and Vindicia Select™ SaaS-based billing solutions will help you minimize involuntary churn due to payment failures. Our Advanced Retention Technology™ (ART) system features smart business rules to retry cards, offers full integration with Account Updater services with payment processors, and stores highly secure “payment wallets” that have backup payment methods – all ensuring that the highest possible percentage of transactions are successful.
The bottom line? Our clients typically experience up to a 5% immediate lift in customer retention just by deploying a Vindicia subscription billing and recurring payment solution. What to see for yourself? Check out our Vindicia Trial web page to learn about our complimentary trial. Or read the Vindicia Trial data sheet.