How Legendary Companies Make Money

Many companies are excited for and know their top line revenue numbers very well. Legendary companies take themselves to the next level by paying attention to what so many have come to ignore: their existing customers.  See how you can improve failed payments and improving customer retention from our infographic below:

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In the U.S., customer churn costs businesses $136 billion per year — 34% due to involuntary churn and failed payments

 The Cost Of Failed Payments


It costs 5X more to attract new customers than to keep existing ones


The Forgotten Funnel: Customer Loyalty

32% of people will stop doing business with a brand or company after just one bad experience

Decreasing churn by 5% could lead to a 25-125% increase in profits

Satisfied customers are less likely to cancel a subscription and more likely to add services or upgrade their existing package


On average, 13% of recurring transactions are declined each month — Just 15% of failed payments are recovered by traditional methods


Pay Attention To Failed Payments

Reducing card declines can bring payment failure rates as low as 0.5% — That’s a 70% reduction in involuntary churn


“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.” ― Zig Ziglar


We have 100% attention on one item. Gravy has its full attention on payments and people.


Our mission is to return $1B back to businesses by the end of 2023

Recover your payments today with Gravy

Sources:

https://www.callcentrehelper.com/not-valuing-customers-costs-136-billion-132902.htm

https://www.digitalriver.com/wp-content/uploads/Forrester-Research-Report-The-Art-And-Science-of-Reducing-Involuntary-Subscriber-Churn.pdf

https://www.invespcro.com/blog/customer-acquisition-retention/

https://www.gravysolutions.io/post/improve-customer-retention-rate-in-15-minutes-flat

https://www.rebilly.com/blog/tracking-reducing-involuntary-churn/

https://hbswk.hbs.edu/archive/the-economics-of-e-loyalty

https://www.fundera.com/resources/brand-loyalty-statistics

https://smallbiztrends.com/2016/10/customer-retention-statistics.html

https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Customer%20Experience/CX%20Compendium%202017/Customer-experience-compendium-July-2017.ashx

https://blog.recurly.com/what-is-involuntary-churn-what-you-can-do-about-it

https://www.gravysolutions.io/post/dunning-101-what-is-it-and-does-it-work

https://www.forrester.com/report/2018+Customer+Service+Trends+How+Operations+Become+Faster+Cheaper+And+Yet+More+Human/-/E-RES142291

https://gocardless.com/en-us/guides/posts/recalibrate-your-payment-mix-to-reduce-involuntary-churn/

https://www.gravysolutions.io/gravy-vs-dunning-software