How to Ensure That Price Changes Don’t Add Friction to the Subscriber Experience

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Best Practices

In our previous post in this series, we discussed the importance of reducing the friction that occurs during the subscriber lifecycle in order to promote and support continued revenue growth. We focused on free trials as a way to reduce sign-up friction in that post.  

But friction at sign-up is only one touch-point in the subscriber lifecycle. In order to extend the lifetime of your subscribers, you must look for and reduce points of friction throughout their entire lifecycle, from engagement through retention.

In light of Netflix’s recently announced pricing changes last month, this seems a good opportunity to talk about price increases as a point of friction.

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What Is Involuntary Churn & What You Can Do About It

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Best Practices Churn decline management

One of the main challenges subscription businesses face is churn, which lowers the number of subscribers  and monthly recurring revenue. The two types of churn are voluntary and involuntary, and because each is driven by entirely different things, as a subscription business, you need to take different steps to mitigate each type of churn.

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Starbucks & Amazon Streamline Checkout and So Can You

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Best Practices subscription trends

Businesses are always looking for ways to make it easier for customers to interact and make purchases. Starbucks launched a mobile ordering system nationwide in 2015, letting customers avoid the long lines at the store by using the Starbucks app to place their order which is then waiting for them when they come into the store. Tesco, a UK grocery store chain, recently debuted their “Scan As You Shop” system where customers use a handset to scan their own items and then put them directly into their bags in their shopping cart.

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What Subscription Businesses Can Learn From a Busy London Pub

Last December, a pub in central London did something unique to help improve its customers’ experience. Bars and pubs in London can be crowded, especially during the holidays. They’re so crowded, in fact, that customers wait an average of 12 minutes per drink order at the bar. Depending on how many trips a patron takes, this can take a big bite out of their time for merriment and socializing with friends. Indeed, this lengthy wait time was a huge annoyance and the pub knew it.

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Recurly’s Account Updater Service Increases Revenue, Reduces Churn

What do you think caused 5.5 million people in Britain to cancel their credit cards last year? If you guessed fraud, you’d be right. Those 5.5 million people comprise a full 12% of the population—one million higher than last year and evidence that cybercrime has gotten worse in that country and people are taking action to protect themselves.

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Using Data to Identify & Acquire Your Most Profitable Subscribers

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Best Practices analytics Strategy metrics

At the highest level, three major hallmarks of a strong subscription model are:

  • predictable revenue
  • customer loyalty, and
  • the ability to harness a wealth of data for valuable subscriber insights

Predictable revenue and customer loyalty are key because, unlike traditional transactional billing models, subscription businesses frequently incur greater expense upfront to acquire subscribers. The payback on that acquisition cost happens over the subscriber’s lifetime. 

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The Internet of Things and the Transformational Power of Data

The Internet of Things is transforming how we live, work, and play. Beyond the familiar ‘smart’ devices in our homes, such as thermostats and fitness trackers, the Internet of Things (IoT) has applications in a wide-ranging realm. There are devices that can find our lost phones and luggage, monitor our heart rates and blood pressure, tell us when our cars need maintenance, help manage traffic when we drive, and help make our manufacturing sector and our cities more efficient. The web of connected devices that comprise the Internet of Things promises to bring convenience, efficiency, cost savings, peace of mind, improving our lives in any number of ways.

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Blueprint for Subscription Success: What to Look for in a Subscription Platform

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Best Practices e-book download

In e-commerce, transactions can fail for any number of reasons, and every time a transaction is declined, the business loses revenue. With subscription businesses, the problem is compounded by the fact that subscription revenue is recurring revenue. This makes effective management of billing and payments especially critical: any time a transaction fails, a customer can churn.

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Using Recurly Data to Fight Churn

In our previous post in this series, we talked about the difference between cancellation and churn. The post outlined the different actions you can take when a customer cancels to try to prevent them from churning and how Recurly helps to identify these customers.

Because we know you can’t prevent all churn, we want to talk about ways to analyze your subscriber churn rate to surface insights that you can then act upon. In particular:

  • Where does your churn rate stand in comparison to your competitors and/or to the market as a whole?
  • What are some of the meaningful data points related to churn that provide actionable intelligence?
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Blueprint for Subscription Success: New E-Book From Recurly

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Best Practices e-book download

The subscription model is one of the fastest-growing categories in e-commerce—which should come as no surprise given the many benefits that a recurring revenue business offers. While the model provides benefits, it also has inherent complexity.

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