Infographic Template Galleries

Created with Fabric.js 1.4.5 | 267.287.1035 REDUCING CHURN, RAISING REVENUE THROUGH SUBSCRIPTION BILLING REDUCING CHURN, RAISING REVENUE THROUGH SUBSCRIPTION BILLING Member Solutions is a Level One Service Provider under PCI. See how our billing and software solutions can help protect your customers financial information. Churn is the number of customers or subscribers that end their recurring relationship with your company. Provide a great service or product that gives customers the benefit(s) they hoped for. Keep your customers staying and paying. See how Member Solutions Enterprise Billing Solution can revolutionize your business approach to subscription billing. Have a business that involves a recurring or subscription billing arrangement between you and your customer? You need to understand churn. Understanding it, and how to master it, can make a HUGE impact on your business bottom line. EXAMPLE: EXAMPLE: If youve ever cancelled a magazine subscription, youve contributed to that companys churn. ACTIVE ACTIVE & & PASSIVE PASSIVE TYPES OF CHURN ... TYPES OF CHURN ... THERE ARE THERE ARE Definition: When a customer makes the decision to opt out of their relationship with your company. Definition: When some unexpected event occurs that causes a customer who would prefer to remain your client to stop paying you and soon after stop their relationship with your company altogether. The most common reasons for passive churn are related to credit card payment failure. WAYS TO REDUCE ACTIVE CHURN WAYS TO REDUCE ACTIVE CHURN Give your customers lots of reasons to stay with you beyond the product relationship. Take the time to understand your customers mindset and what makes them happy. #1 Provide exceptional customer service each and every time. #2 #4 #5 Create a feeling of belonging to a tribe of like-minded people who all share a love for your product as part of a bigger mission. #3 OPTOUT OPT-OUT So ... What is Churn? So ... What is Churn? WAYS TO REDUCE WAYS TO REDUCE ACTIVE ACTIVE WAYS TO REDUCE ACTIVE CHURN WAYS TO REDUCE ACTIVE CHURN Related to Credit Card Payment Failure ... 2. 1. Have a reprocessing management system in place. Reprocessing a declined payment several times over a span of days can often result in an approved charge. Give your customers a 24/7 online payment portal to update their credit card information. 3. 4. Have a customer care team that works on your behalf to keep your customer payments on track. Find a company that can handle calls to your customer in a way that corrects the problem, and also preserves your customer relationships. The Secret Ingredient The Secret Ingredient Member Solutions has a highly-trained, U.S.-based customer care team available to clients. English is their first language. Bilingual team members are available to assist Latin American callers as well as French Canadian callers. Member Solutions clients can expect a higher reprocessing success rate due to a proprietary reprocessing strategy. Provide renewal notification if your customers have set expiration dates. Even if your customers account is set to auto-renew, notifying them of this renewal will go a long way to reducing chargebacks which lead to churn. 5. Know your numbers. Winning teams always want to know what the score of the game is. Even if theyre behind, winners want to know exactly what they have to overcome. Utilizing Member Solutions Enterprise Billing Solution, clients are able to offer their customers 24/7 access to their account profile right on their own websites. Member Solutions clients get real-time, online billing, funding and delinquency reports to track their business results and progress. THE BOTTOM LINE ... THE BOTTOM LINE ... Customer acquisition is costly often 5 x MOREthan retaining a current client. If you, or the billing company that you hire, is proactive about churn, you CANlower churn, and exponentially increase revenue. Other benefits of proactive churn management: Customer Acquisition Costs Go Down: Customer Lifetime Value: If the customer is staying, the customer is paying. Understanding churn to the extent that you can predict it allows for better cash flow projections and allocation of resources for future projects. Reducing churn will lead to more customer referrals which are free, have a shorter sales cycle and have a higher close rate. 3 WAYS TO REDUCE PASSIVE CHURN WAYS TO REDUCE PASSIVE CHURN Predictable Cash Flow: "Keep em' Staying &Paying!" $ More Referrals: Revenue Up Acquisition Costs Down 2 2
Create Your Free Infographic!