As a successful subscription business, your job is to not only acquire new subscribers but to also make sure they stay and keep renewing for as long as possible. The best way to cover your bases is by using revenue recovery tactics to ensure your potential recurring customers are not falling through the cracks. Ideally, you want a platform that can automate this, so that your operational team can focus on more pressing matters, like running your business.
How Pelcro Recovers Revenue
Automated Renewal
Imagine how many customers you lose annually due to easily avoidable mistakes, well, an estimated 34% of your churn is involuntary. In addition to that, automated renewals shape approximately 62% of your subscription revenue. The average subscriber will not remember to renew their subscription manually every month, because, let’s be honest, who has the time, energy, or memory to do so? By introducing automated renewals, you can now decrease your churn significantly and increase your recurring revenue exponentially.
Social Logins
By enabling Pelcro’s social login feature, it actively prompts potential subscribers to log in via their social media accounts. According to a recent industry report made on SSO, it is believed that 40 – 65% of users prefer social logins, and 60% believe that companies offering social logins are more up-to-date and innovative. This is a great way to invite customers to sign up without having them fill in long forms which might be off-putting people on the fence about your subscription. By creating social logins, you also allow customers to easily log in after signing up, promoting efficiency and connectivity for all your subscribers.
Payment Retry
Let’s say your subscriber’s card expired or for some reason and the payment did not go through. There are many reasons why this could have happened, maybe they forgot to update certain bank-related credentials, or did not have enough balance at the time of the initial charge. With the payment retry feature, a recharge is automatically applied to the same card a set number of times within a specified number of days so the subscription does not automatically cancel. Pelcro also offers the option to follow up with an email, so that your subscribers are aware of when there is a chance of getting their favorite subscriptions canceled.
Pelcro Helps With Revenue Recovery
With a variety of different features and a keen eye for efficiency, Pelcro reduces churn and improves revenue recurrences by adapting to the needs of the businesses, and their customers. From automated renewals to notifications enabled, there is a plethora of helpful features to explore on the Pelcro platform.
If you are looking to improve your revenue recovery for your subscription business, you can get started with a Pelcro free trial today or schedule a demo call with an expert. Find out what Pelcro can do to save your business from involuntary churn.Â