6 Churn Reduction Strategies: Recover Failed Payments - Deepstash

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6 Churn Reduction Strategies: Recover Failed Payments

Typically, one of two things happens when your customer’s payment fails:

  • They eventually realize it and make their payment
  • They go ghost and you lose out on the money.

Even if the customer does update their payment info later, you’re still missing out on revenue.

Instant email communication helps, where the goal is to let customers know their payment failed, and get them to update the information.

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Listening to your customers (and acting on their feedback) directly impacts churn.

  • User churn is the number of customers you’re losing in a given timeframe (typically per month or year).
  • Revenue churn, which is arguably even more important, is the amount of revenue you’re losing in a given time frame due to downgrades or cancellations.

Churn can most basically be defined as resources lost in a given period of time. Typically it’s referring to users or revenue lost and is usually represented with either a percentage or dollar amount.

Here are a few signs/red flags that you might have a churn problem:

To get more clarity, look at your churn by customer segments or cohorts.

Ask your customers why they are cancelling. Make sure you customize the cancellation reasons in your survey based on your product.

You can build Customer(or Brand) Loyalty by:

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