GrowthHackingIdea - How they reduced churn by 27% (study)

Statsbot's team didn't like their big churn rate.

So they analyzed their data and found out that...
30% of all their churned users were gone due to expired cards.

They applied an approach that helped them reduce their churn due to failed charges by 27%.

Here's how:

1. They integrated their payment gateway (Stripe.com) with a tool that provides support and onboarding (Intercom.com).

2. They set up 2 emails:

2.1. The first email was sent after Stripe gets a failed charge event.
It says: we couldn’t process your payment, please get in touch with the card issuer, and read the instructions on how to update billing info.

2.2. If their further attempts kept failing, they would send a second email two days after the first one.
It says: we will make a final attempt to process your payment before the service will be suspended.

Result: this approach reduced their churn due to failed charges by 27%.

Source: blog.statsbot.co


Cheers,
Charlie Patel ;)



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