An immediate 15% reduction in churn (study)
You probably have the “cancel” button within your app.
Customers click it and you lose them forever.
Lincoln Murphy's client had the same issue.
But after he applied one trick - they saw an immediate 15% reduction in churn.
Here's what they did, after customers clicked the “cancel” button:
1. Reminded them of the value they’ll lose (along with data, history, etc.)
2. Offered down-sells.
3. Offered the ability to hibernate an account for 'x’ months (especially good where there’s seasonal volatility).
4. When they didn’t cancel, marked them as a churn threat and reached out to re-engage.
Result:
An immediate 15% reduction in churn.
This is a huge result considering the fact that (as you remember) a 5% increase in retention increases profits by up to 95%? ;)
Source: sixteenventures.com
Cheers,Charlie Patel ;)
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