Access PaySuite have been sharing their views on improving subscription renewal rates.
For many companies, the key metric they look at is how many new subscribers they are bringing on board but this misses an important point about leaky buckets. The larger the hole, the more water you are going to need to put in to fill it, and if you stop filling then your bucket will empty very quickly indeed.
Your subscription base is a leaky bucket and the simple fact is that it doesn’t matter if you have the best proposition in the world, you’ll always have a hole in it because you are always going to lose people at renewal time.
What successful subscription-based companies have realised is that reducing the size of the hole is vital and so increasing your renewal rate will make a massive difference to your revenue.
Many organisations fall into spending vast amounts of money on customer acquisition and then ignore them when it comes to renewal time, so in this post, we’re looking at ways you can improve your subscription renewal rates.
- Access PaySuite – How to improve subscription renewal rates
- Access PaySuite – Advantages of Direct Debit payments for growing businesses