Learn what it takes to see enormous growth in your recurring revenue with this exclusive webinar.
Whether you’re a course owner, subscription box entrepreneur or a CEO of a subscription based service, you likely spend a tremendous amount of time focused on getting your name out there to potential new customers. But winning new customers or subscribers is not easy. For all the effort we spend striving to “grow our brand” with creative, innovative, and expensive takes on outbound marketing,, we may be overlooking the lowest hanging fruit of all - customers we have already won.
In this webinar from Gravy and our friends at SamCart, we run through the secrets to our success (read: our clients’ success) in exploding recurring revenue. Here’s what you can expect to learn.
Customer churn can be described in different terms - customer attrition, turnover, defection, or client loss - nobody wants customer churn to happen to them. But it does.
You’re going to experience customer churn, some extent of client turnover is inevitable. But that doesn’t mean you have to watch your money walk out the door, every month. It’s within your power to win back and keep your customers long-term.
“The moment someone buys from you is the end of a lead journey, but [it’s] the beginning of a user journey. It’s the biggest potential for revenue growth - even if you’re not a subscription business,” says SamCart co-founder Scott Moran.
Don’t let a good opportunity go to waste. Don’t wait for your current customers to leave to try to win them back. Even the best products benefit from the differentiation you can create with quality customer success outreach. And the lowest hanging of the lowest hanging fruits are those customers who didn’t even intend to stop purchasing - their payment method just lapsed.
Make it easy.
Make it simple.
Make it fast.
Make it personal.
Scott from SamCart and Casey Graham, Gravy founder, will show you the devil in these details, but you get the basics.
‘“Everybody agrees with these words - easy, simple, fast - but very few people do them,” says Casey. And it’s true. In theory, a customer’s payment fails, you craft an automated email to let them know, and they set up a new form of payment. Right?
Well, sometimes. (If you’re lucky!) Most of us, on the other hand, would be reluctant to respond to an automated, faceless message asking us for money.
Remember: for those looking to grow their business, it’s not just about keeping things easy, simple, and fast. “This isn’t about business,” says Casey. “It’s about humans.”
One piece of advice is what Casey calls the “Over the Shoulder” test. Wondering if your failed payment recovery tactics are working? Look over your shoulder for a guinea pig. Choose someone who knows nothing about your business plan. Try it on your mother and your grandmother. If it’s not simple and easy for them to renew their subscription, you’ve still got some work to do.
Dunning emails, or the emails that are sent when a payment fails and you need to remind your customer to update their payment information, are only as good as the consideration they give to their audience. They should also only be one part of your total customer retention and churn reduction strategy. In other words, don’t underestimate the power of personalization.
As Scott from SamCart nails down in more detail in the webinar, “What does your audience care about? ‘Cause that’s all that matters.”
Let this be your guiding light: Behind every payment is a person. And just because you think you’ve built the easiest, simplest funnel for them to come back to your business doesn’t mean anything if you forget the crucial advice: Be personal.
“Do for one what you wish you could do for everyone,” says Casey. Don’t get caught up worrying about what will scale and what doesn’t. Take each and every opportunity you have to do things that don’t scale. Touch the human behind every payment. Slip into their shoes and understand their aspirations, their stressors, what disturbs them and what delights them. Because for all the logic you spend crafting the perfect user journey to purchase, your customers don’t care: as humans, we often act on emotion and go with our guts. As the old saying goes, people will forget what you said, but they will remember how you made them feel.
At the end of the day, reducing customer churn and building better failed payment recovery systems is not rocket science. It’s about putting people first. When you strive to understand what really makes your customers tick - and weave that thoughtfulness into your customer success outreach, customer service, dunning emails and more - that’s where you’ll see returns beyond your wildest revenue dreams.
SamCart is a web-based checkout platform that features conversion-optimized checkout templates along with one-click upsell, order bump, subscription, and payment plan capabilities that are designed to maximize profits from every sale.
Gravy Solutions is a company that helps reduce customer churn. We have a team that reciprocates the brand that hires us and goes into the failed payments data and reaches out to people who have had failed payments. With a very human approach. Person to person personalized and thoughtful.
Increasing customer retention can increase profits by 25%. It is much easier to retain old customers than convince new customers to use your services. That’s why it’s important to retain those customers you may be losing to failed payments. There are several strategies to limit involuntary churn, including:
September 23 - Atlanta, GA - Gravy, the Global Leader in Revenue Retention, is thrilled to announce that it has been ranked #12 on the 2021 LinkedIn Top Startups List – The Top 50 U.S. companies on the rise. This is the company’s first appearance on the prestigious list, which includes well-known brands like Cameo, Clubhouse, Gong and Drift. Gravy represents 1 of only 2 organizations with roots in the Southeast.