Paid users are the cornerstone of every subscription business. These members produce revenue, fuel growth, and help advance our products. So why is it that we allow nearly one in three of users to churn? To stop the bleed we should first look to increase renewals from annual plan members, the bedrock of your base. The long lead time until payment allow you to craft a strategy to digitally "tap on their shoulder" earlier so that you don't have to wait until it's too late.
As a start it's important to identify when you want to reach out to your annual users. Reaching out the month before renewal may not give you enough time to address issues such as payment failures or helping your users swap out their expired credit card. On the flip side, reaching out too early may cause the user to become annoyed and ignore you in the future. In many cases, 90 days from expiration is a good starting point to begin "catching up" with your user.
However, you shouldn't stop there. You can take it a step further by targeting valuable users who have visited the account page or better yet, the cancellation screen.
Now that we've identified the relevant users, it's time to tap on their shoulder. Using Redfast's powerful inline messaging templates you can provide seamless messaging with just a few clicks. For the first month try showing the user a banner whenever they visit your most valuable content or feature.
If multiple visits pass and the user doesn't respond you can begin generating more valuable offers by using sequences.
Finally, if time is running out you can show them a powerful popup to lock them in for another year.
Despite being one of the trickiest challenges in the world of online subscriptions, our renewal playbook has proven itself time and again!