The Segpay team is attending the Phoenix Forum March 28th-30th where we’ll have the honor of hosting a Friday morning panel discussion titled, Revving up Retention: Key ways to keep business in the competitive marketplace.
Cathy has written another customer-retention piece for XBIZ, this one outlining three areas to help keep members in the fold:
You’re probably familiar with Cancel/Keep retention offers, which can persuade a consumer to change his/her mind about cancelling. This week we are introducing Reactivation retention offers, which can bring back consumers whose accounts were already cancelled or expired, by making it extremely easy to restore an inactive membership.
It’s never fun to talk about customer cancellations, but the truth is, the more you know about why members cancel, the better you can address customer needs and ultimately make your service better so you’re retaining more members over the long haul.
XBIZ has published another article by Segpay CEO Cathy Beardsley – this one based on some of the ideas for using retention offers to improve churn rates that we shared here earlier this year. Cathy expanded on those ideas for this article, titled “Burn the Churn” in XBIZ’s April issue.
It’s been almost a year since we first posted about our Cancel/Keep retention offers in which we shared the following statistic:
since we first introduced Cancel/Keep offers, merchants that set one up have retained over 5% of customers who initially wanted to cancel.
Back in July, SegPay CEO Cathy Beardsley wrote about customer retention strategies for subscription-based businesses, in particular how important it is to understand why customers are leaving (a.k.a., “churn”) before you can determine the best ways to retain them. Cathy defined a few different types of customer churn and suggested ways to combat each type:
Cancelled subscriptions are a fact of life. We’d love it if we could prevent every one of our members from cancelling. However, while that may not be realistic, we’ll soon be introducing a way to salvage some cancellations that may have been unintentional.
SegPay isn’t just a payments processor, we’re a customer support company too, handling consumer billing inquiries on behalf of merchants for more than a decade. This week we wanted to share a few lessons learned over the years; most are common sense but often overlooked.
Good customer service is a key to sustaining any successful business, but perhaps nowhere is this more true than in recurring revenue models, which depend on keeping customer memberships active over long periods of time; i.e., reducing churn. Of course, delivering the content or products customers want is the main way to keep them around. However, one could argue that it’s just as important to give them the type of support they want – namely, a chance to be heard; different ways to voice their thoughts and opinions; and a company that is responsive and caring in its communications. Do those things and you’ll keep your customers happy and loyal.