Get customers to renew their subscriptions

By now, marketers are aware that attracting new prospects is a lot pricier than retaining existing ones. The study by Harvard Business Review reveals that gaining a new customer costs up to 25x more than keeping the current one. Yet, customer churn is inevitable, even if you offer an excellent product/service and top-notch support.

You might think it’s pointless to bring back users who are no longer interested in your service/product, but the truth is with a powerful renewal plan, it’s very doable.

The Client WinBack Benchmark Study reveals once a renewal campaign has been launched, 26% of lost clients returned with 2x more Customer Lifetime Value (CLV). So, let’s point out the key to an effective win-back strategy:

• Offer a grace period: Don’t cancel the service once the subscription has expired. With a short reminder message, you can ask them to renew their membership before their total abandonment.

• Segment your churned customers: Segmenting churned users helps you identify the motives behind leaving your business and pathways to improve the retention rate. Email segmentation is a powerful tool to analyze your users’ behavior and act on it accordingly.

•  Give special offers and discounts. This can be expensive but an effective method to win your past users back. If you personalize your offers with their interests and unique experience with the service, you can propose special deals and discounts, ideally three months after the last communication. But remember, the catch is to personalize your message as much as possible, which brings us to the last point.

•  Use automation software. With the Smartsender.io automation platform, you can create personalized win-back campaigns to reach out to your churned customers via email, SMS, web push, and telegram. The system allows a/b test your messages to understand which email performs better. Personalize your messages based on your churned customers’ behavior, get a detailed report of your campaign, and take action accordingly.