Subscription deals have grown dramatically in popularity in recent years. Around half of consumers now subscribe to at least one media subscription service. And more than 15 percent have signed up for subscription services from e-commerce companies.
You want your company to be successful over a long period of time. So you have to have a consistent customer base. It is not enough to constantly win new customers. So, if you learn more about your customers and make improvements to keep them happy, it can have a positive impact on your overall number.
Brightback is a customer segmentation tool that enables subscription companies to easily find out why customers are leaving, so you can address their concerns and ultimately improve customer loyalty. Below you will learn what you need to know about this option and what companies of all types can learn from customers who plan to leave.
Guy Marion, CEO of Brightback, said in a telephone interview with Small Business Trends: "We are in a phase of the industry in which it is no longer good enough to just grow, grow and grow Customer retention is the first way to improve profitability. "
If you run a subscription business, you lose money every time someone clicks the unsubscribe button. So find out the reason the customer is leaving. And you may be able to create a new offer that addresses your concerns and persuades you to stay.
Although you cannot prevent that particular customer from leaving the company, his concerns may apply to others. So by contacting them, you can prevent more customers from migrating in the future.
This general concept also applies to companies outside the subscription room. Even without the special unsubscribe button. Do you regularly interview customers and former customers? How about just delving deeply into the reviews and feedback you get? You may find patterns or areas where your company can improve the customer experience. Ultimately, this could help you make more people regular customers. And it could improve overall satisfaction.
For subscription-based businesses, there are a few reasons why customers may leave you and can't do much about it. For example, a customer may simply no longer need your product or service. Or your budget has changed. And it doesn't allow them to continue paying the monthly or quarterly costs.
However, there are a number of cases where customers may eventually leave the company, which you can ultimately contact.
Marion says: "Companies are constantly losing customers they shouldn't lose due to negative customer interaction, or simply don't see the value they pay for."
Some of the most common reasons why customers leave the company can be:
If you want to maintain relationships with customers who are trying to unsubscribe from your product or service, you need to act quickly and address their specific concerns.
Marion says: “You have to break down the reasons and then find quick, actionable solutions that you can take. For example, if you have an onboarding problem, you may need to improve your teaching materials and make them less complicated. "
Brightback automates this process. It segments customers and tests various offers to avoid unsubscribing. You can create your own custom filters. Then let customers point out the most relevant offer pages for them. For example, a page can be called up on which a better offer is offered, while another page displays a digital version of the product to which you subscribe.
If you're not a subscription-based company or don't have tools to automate this process, you can still try to consider this general idea. By learning from your customers who leave the company, you can better understand the risks your company is exposed to. Knowing the negative aspects of your customer experience gives you a better chance of fixing them and preventing them from becoming a problem in the future.
Use regular surveys, reviews, or tools like Brightback. Always learn from your customers. That is the key. Insights from unhappy customers or those at risk of leaving the company can be particularly useful.
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