About a year and a half ago (time sure flies) Cathy wrote an article for XBIZ.com with tips on improving customer retention, in which she shared the following:
Most often, merchants that have effectively implemented these retention offers greatly reduced their monthly churn rate. In fact, since we began offering these types of “Cancel/Keep” retention offers, merchants that set one up have retained more than five percent of customers who initially wanted to cancel.
Cathy was referring to Cancel/Keep offers, where merchants can extend discounts to consumers who ask to cancel a subscription, in hopes of keeping those members in the fold. We emphasized the five percent save rate in Cathy’s quote above because we have an update: more than 18 months after that article was published, merchants with Cancel/Keep offers are now saving around eight percent of would-be cancellations, on average.
We’re happy to discuss how you can make Cancel/Keep offers work best for you. Please feel free to contact us at firstname.lastname@example.org to learn more. You can also set up offers on your own through the Segpay Merchant Portal. If you’re already using Cancel/Keep offers, please drop us a line at email@example.com to let us know how they are working for you, and/or how you think we can make them even better.