Getting another chance to do it all over again can be very appealing. Imagine the endless opportunities – fame, fortune and better decisions await.
Whilst this is not a repeat of yesterday (with ‘I Got You Babe’ playing in the background), this could be the wake-up call you’ve been waiting for.
When it comes to subscriptions, getting payments right first time is key.
There’s nothing worse than turning away loyal subscribers because they had to relive the experience of entering their payment details again. And again. In addition, making the ongoing process of recurring payments frictionless is critical to increasing subscribers’ lifetime value.
We understand that making it easy to pay for subscriptions is only one of many considerations for digital businesses. That’s why we work with some of the world’s largest businesses to make recurring payments one less thing to worry about.
Here are three quick tips to keep your subscribers happy:
1. Delivering maximum success rate at the initial validation stage
It is important to validate the card credentials of your subscriber at the initial trial period. Doing this correctly will enable you to continue your relationship with that subscriber.
2. Reducing the risk of lost revenue
Utilising features such as Account Updater can ensure that the card data on file is accurate without introducing friction to the subscription cycle. It can also help reduce subscriber drop off as a result of expired, lost and stolen cards alongside enhancing the user experience.
3. Reduce payment decline rates
Our data samples suggest that decline rates vary dramatically depending upon the day of week or month, and on the time of day. Taking this into account whilst utilising an intelligent re-try strategy, underpinned by decline reason analysis will help boost your bottom line.
For more information on how to improve your subscriber lifetime value, take a look at our recent webinar hosted by VentureBeat with experts from Netflix.