Reduce churn automatically
Exit surveys help to prevent future churn, but they are far from automatic. A fair amount of work goes into reading the surveys and drawing conclusions from them. This is especially true when exit interviews are conducted. There are some steps you can take; however, that are much more automated. Let's look at a few ways ProfitWell can help with that.
Better understand customer behavior with ProfitWell Metrics
There are often warning signs that a customer is going to churn. For example, customers who are paying for a service but not logging into it very often, are probably not going to keep paying for it for long. ProfitWell Metrics subscription analytics allows you to see which users are not engaging well with your product and gives you a chance to proactively reach out to them and help resolve any issues they may have.
You'll also be able to gather other useful bits of data. Which features do your customers engage with the most? How accurate are your customer segments? By getting a granular look at how customers use your product, you'll be able to make improvements and determine which areas need the most focus so customers remain happy with the product you are offering.
Model your churn accurately with ProfitWell Metrics
If you're going to take steps to reduce churn, then you're going to need to accurately model it. As your churn reduction strategies are put into place, ProfitWell Metrics will give you detailed information about your churn rates so that you can measure the success of your programs. This also allows you to A/B test different retention strategies to see which ones perform the best.
Use ProfitWell Retain to prevent involuntary churn
A surprisingly large number of customers churn due to failed payments. This type of involuntary churn can be effectively managed through ProfitWell Retain, which utilizes powerful algorithms built on billions of data points about why payments fail and how to best recover those accounts and boost customer retention. ProfitWell Retain is also risk-free, as you only pay for results.