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7 Steps to Increase Customer Retention | Vindicia Select PowerPoint Presentation
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7 Steps to Increase Customer Retention | Vindicia Select

7 Steps to Increase Customer Retention | Vindicia Select

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7 Steps to Increase Customer Retention | Vindicia Select

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  1. 7 Steps to Increase Customer Retention Copyright © 2017 Vindicia, Inc.

  2. When you sell goods or services on a subscription or recurring revenue basis, you know that retention is the name of the game. A five percent increase in retention can result in a 25 percent increase in subscribers in just two years. So how do you achieve higher retention rates while managing your costs? We recommend seven steps to accomplish this: 1. COMMUNICATE BENEFITS. Communicate about the value of your products or services. But be careful not to over-communicate about renewals as it can give your passive subscribers an excuse to leave. 2. OPTIMIZE RETRY LOGIC. Change your retry dates for a greater chance of success. For instance, a repeated Thursday retry won’t work for customers who get paid on Friday. Favoring retry days like Fridays, Saturdays and Sundays is more likely to be successful. 3. BE AWARE. When you get error codes signifying lost or stolen cards, don’t move forward. 4. MAXIMIZE PAYMENT PROCESSOR FEATURES. Take advantage of Account Updater fetches, making sure to allow enough time for responses. 5. THINK OUTSIDE THE BOX. Help your clients keep a service they want. Avoid losing more than one month of revenue by retrying the card in a single billing period. 6. MANAGE YOUR RESOURCES. To make speedy changes to your retry system, use an agile solution that doesn’t involve your IT department. 7. TRY VINDICIA® SELECT™.It analyzes failed transactions, diagnoses the issues, and recovers the revenue, all without inconveniencing your customers or involving IT. Vindicia Select enables you to: • See immediate revenue uplift of as much as 5% • Increase subscribers and revenues up to 25% in 24 months • Increase customer retention in days, not months • Increase ACLV Vindicia's cloud-based recurring payment and customer retention solution works seamlessly with your existing billing platform. Vindicia keeps your customers connected to the subscriptions they love, and your business to the revenue it needs. To learn more about our complimentary Vindicia Trial, visit our website Copyright © 2017 Vindicia, Inc.