The Subscription Economy- Reducing Turnover

Customer churn: The very term is enough to make your stomach churn. Churn, or turnover, is a key metric that subscription economy businesses must monitor to grow their share of the $207.7 billion subscription market. Here are some of the ways your business can keep customers happy.

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Deliver Value They Can’t Cancel On

 The best way to keep customers is to be truly indispensable. Healthy meal kits and pet essentials are vital to better living. Any company that continues to keep the bar high while making our lives easier will be a winner in this field! Stand apart by creating a strong value proposition and communicating it well to your customers. If you need help, ListenTrust can help with your communications strategy!

Make On-Boarding Easy

Many subscription-based businesses offer a trial period. This is your time to shine, because it’s a great way to entice curious but not-quite-won customers. Make onboarding simple, iron out any potential friction, and ensure that you’re reaching out to new customers to ensure that they’re enjoying your service. The better the trial period goes, the more likely they’ll extend their subscription. Worried about issues? The bilingual ListenTrust team is here to offer support.

Offer a Variety of Subscription Options

One-size-fits-all rarely works for subscription-based businesses. Be flexible in the plans you offer, and make it easy for people to pause or downgrade plans, or customize when they want to receive an offer. This is a great way to generate goodwill and keep customers who like your service. At ListenTrust, we’re experienced in helping customers pick the right option for them, or adjusting their plan as needed.

Go All In On Customer Service

Exceptional customer service goes beyond just answering questions—it’s about truly understanding and supporting your customers. Thoughtful gestures like refunding unopened products and encouraging donations to those in need show that a brand values its community and customers’ well-being. To go all in on customer service, start by understanding your customers’ values, pain points, and needs. Then, create policies and perks that reflect those insights. And above all, be available. Having someone like ListenTrust’s reps ready to pick up the phone and walk a customer through a question or concern can make all the difference.

Have a Winback Strategy Ready

Customers are most likely to leave when they’re not getting value from your product, are having product issues, or are having a poor customer experience. There are also particular milestones that make churn more likely, such as annual renewals or price hikes. Keep an eye on customer satisfaction metrics as well as renewal dates and have a plan to entice back customers who might consider leaving. Maybe it’s reaching out to customers a few months before their renewal with a special gift or loyalty rate. Or maybe it’s simply having an enticing deal ready if they do call up to cancel. At ListenTrust, we keep a close eye on ROI, so we work proactively to find a solution that works for both you and your customers, reducing churn and ensuring customer satisfaction.

Keep Customers Happy with ListenTrust

At ListenTrust, we have deep experience working with subscription businesses. Whether it’s taking calls, checking in with renewing customers, or designing scripts and policies that will keep your customers smiling, our nearshore bilingual reps are pros at nurturing happy customers. If you’re part of the subscription economy and want to reduce your customer churn, talk to ListenTrust. We’re big on data and big on being human – and we’ll help you shore up your pool of loyal customers. Get in touch today!

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