What Is Churn and Why should you reduce it?
Churn is the number of users you lose over a time period divided by the number of users you have.
The best way to increase revenue and grow your business is to retain existing users.
Every customer you successfully retain will bring in periodic revenue until they cancel. If they never cancel, then the revenue never stops!
You set up churn reducing journey once, and it works automatically for all cancelations.
Here is how you can set it up
From the Monetization section of the left menu, select Manage Monetization and then SVOD.
To add a new coupon, click on the Create Cancel Reason button.
Here, type in the reasons.
And select Status as active to make the option appear on the user's cancellation reason list.
You can always edit or delete any reason by choosing the options in the Action column.
🚨Note: You cannot add up to 7 reasons. Studies show that the more precise the options are, the better the quality of the survey.
How to create retention coupons
These are coupons that are applicable only during the cancellation journey.
From the Monetization section of the left menu, select Manage Monetization and then Coupons.
Select Manage Retention Coupons.
Select the plan and fill in the coupon details.
Hit the Submit button
You can set the Status as Inactive if you want to stop issuing this coupon on the cancellation journey.
User Cancellation Journey
When a user cancels they will see a list of cancellation reasons.
They can choose one of the reasons that you have already filled in or, they can choose others for adding their own reason.
Now, you can change their mind by giving them a discount that they cannot resist.
This will appear as a popup similar to the below message
When the user clicks Claim Discount, the discount will apply on their next billing date.
If the user closes the popup, they will receive an email (which can be customized)
Here is how it will look:
⚠️ Note: You will be able to customize the intervals at which the email is sent
If the user claims the offer, the discount will be applied to their next billing.
💡 You can also apply the discount for multiple billing cycles. Click here to find out how.
They will see the option to redeem the retention offer on their billing information page. They can either claim the offer or if they didn't, their subscription will be canceled on the current subscription end date and marked as canceled users.
Below is what they will see if they press the "Redeem" button on the billing page.
They will see a confirmation popup if they still choose to cancel. This is to avoid accidental Cancels.
The retention offer will be applied only once for the user and they will not be available once redeemed and applied by the user.