Indie Letters - ⚡ IL - Grow with Habits, Not Tactics.

Marketing & Growth

Reduce involuntary churn by retrying failed subscription payments

Failed payments can cause users to churn when they don't want to. Avoid needlessly losing customers by automatically retrying payments when they fail.

Failed payments can have a big impact on your revenue, especially if you're using a subscription model. Just ask Segment, where 50% of churn is involuntary.

While it's important to hedge against involuntary churn with email reminders about approaching card expirations, notifications about failed payments, and so forth, don't forget about the basics: Run it again.

It turns out that over 20% of failed payments are fixed simply by retrying the payment. So set up automatic retries. If your payment platform allows it, customize them so that they occur during the day, as refusals are higher at night.

And since refusals are also higher at the end of the month, it may pay to wait until the 1st in some cases. But whatever you do, don't retry a charge more than four times, as that may get it flagged as potential fraud.

P.S Gumroad is using this technique. And I'm one of their prey. Lol.

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Snippets

• Grow with habits, not tactics. (Retweet It)
  
• A creator is not paid for his labor but for his vision. (Retweet It)
• Everyone who’s ever taken a shower has had an idea. It’s the person who gets out of the shower, dries off and does something about it who makes a difference. — Nolan Bushnell (Tweet It)
• Your goal with a new project isn't to get 100k users, make a million dollars, or change the planet. Your goal is to validate your idea with a few people.
• Get more customers to purchase annual plans by reframing how you offer discounts.
• It can take Twitter a while to "update" the meta tags if you've already shared the page before though. If it's urgent for a big launch, slightly change the URL so it's "fresh".

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Worth Reading

1. Growth marketing by Julian Shapiro (an excellent read)

2. Differentiation strategy

3. The scientific method: how to design & track viral growth experiments (shared earlier as well)

4. Why your marketing is broken and how to fix it

5. What marketers need to know about YouTube TrueView Ads

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Apology emails are an extremely common tactic in the internet marketing space. Most people do it in a "fake" way where they pretend a link was broken in their last email to drive open rates.

Last, but not least!

Indie Letters Twitter is kinda dead. Now I am planning to use it more, tweet more, engage more, interact more. And I want to start all this with a bang. So retweet this tweet, "Grow with habits, not tactics."

P.S Retweet will not cost a dime, but 1-click only.

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