As an organization, what do you find the easiest thing to do – onboarding a customer or retaining one? Well, the answer may vary, but according to research done by Frederick Reichheld of Bain and Company, subscriber retention by even 5 percent can lead to over 95 percent increase in profit. One of the significant factors affecting these numbers is the money spent on onboarding a new subscriber. So, the question arises, what do you need to do to increase subscriber retention? We have curated a list of measures that can help any organization in improving subscriber retention –
1. Provide Hassle-Free Billing
Subscribers or customers tend to walk away from brands that fail to provide them with hassle-free transactions. Not to forget, you also have to ensure that your platform is safe and secure and no malicious activity can be done on your platform. The best way to achieve all this is to use a billing platform that offers multiple payment gateways, flexible billing, and carrier-grade security.
2. Enhance Customer Support
To retain a customer, it is essential that all their needs are met, and they don’t face any issues while using your product. The only way to achieve this is by providing them with 24-hour customer support. It would be better to give customer support in different languages if your organization focuses on a global audience. On an organizational level, a sound ticketing system should be there so that you don’t miss out on any complaints made by the customer.
3. Reward Loyal Subscribers
Everyone loves rewards every now and then. There are two ways of rewarding your customers; the former is by giving them a routine reward such as a discount every 4th month; the latter is that you can provide rewards occasionally but when needed the most, such as when a customer is not paying their bill for a while or maybe when it’s their 20th order. What is important is that you tell your customers that they matter and will stay.
Through this blog, we are at no point saying onboarding a customer is not important. We are just saying that customer retention can go a long way in increasing your revenue as well as in influencing others to join in. So, dwell on the activities we mentioned above and start exploring the tools that can help you do so. You can begin by visiting Muvi Billing, which offers 17+ payment gateway, the smart recording provides timely reports, and more importantly, it gives 24-hour customer service in different languages. Try the 14-day free trial now to kickstart your journey.