Discover five subscription renewal strategies to keep your loyal customers and boost revenue generation.
- Customer retention is important for revenue generation and organic marketing opportunities.- Increasing engagement with customers through social media can protect against competitive threats.- Updating benefits and services based on customer feedback can keep customers coming back.- Automating renewals and creating a customer touchpoint map can improve customer retention.- Sending renewal reminders shows good work ethic and reminds customers of the value provided.
Your worries may tend to increase as the renewal season approaches for your services. As established by many studies, customer retention is of utmost importance when it comes to revenue generation. Keeping existing customers is more profitable, and they bring organic marketing opportunities such as feedback and word of mouth. If your services offer the value a customer expects, then renewal is inevitable. However, seeing how profitable it is, you might want to invest in some strategies to encourage renewal. We have gathered five subscription renewal strategies to help you keep your loyal customers for many more renewal seasons.
1. Increase Engagement
Studies have shown that increased engagement with brands increases loyalty and therefore renewal rates. When customers see you as just a service provider rather than a trusted brand, they are more likely to switch to a competitor with even slightly better incentives. Engaging with customers and making them feel a connection with your brand provides a level of protection from competitive threats. Social media is an incredible channel for engagement. Engage in regular communication on social media channels to connect with your customers. You can talk about business-related news, share current themes, publish viral images or videos, and even engage with their posts by liking and commenting.
2. Create Value With Your Customers In Mind
When evaluating your benefits and services in general, you have to make sure you have your customers at the center of the process. Industries, customers, and needs change with time. A great strategy to keep your customers coming back is to update your benefits in accordance with the changing needs of your customers. To make sure your customers are indeed at the center of your re-evaluation process, you can use customer satisfaction surveys and feedback to determine which of your subscription benefits your customers value the most and what they would like to see in the future. When used effectively, feedback loops are an incredible customer retention tool.
3. Automate Renewals
This strategy is one of the more obvious ones, but forgetting it could cost you valuable customers. The likelihood of losing customers merely because they neglected to renew is higher when renewals aren't automated. Give members the option to pay dues over a predetermined period of time. Automatic renewals also provide the benefit of framing costs in increments that make them more palatable. Reduce administrative costs associated with renewal follow-up and processing. Relieve your members of the renewal stress. And make sure your relationship is maintained with the fewest possible interruptions.
4. Create A Customer Touchpoint Map
Any direct or indirect interaction a customer has with a brand is considered a customer touch point. It is important to map out your customer touchpoints and make sure you communicate with your customers regularly. Building solid relationships requires staying in touch with customers, especially the new ones. An occasional well-planned check-in can increase a brand's retention rates significantly. Remember, customer retention is all about building a connection and nurturing loyalty through this connection you've built. Some basic customer touchpoints are: welcome messages, tutorials or orientation programs, surveys, customer success activities, etc.
5. Renewal Reminders
Sending your customers renewal reminders not only shows good work ethic, but it also provides an opportunity to remind your customers of the value you provide. The classic channel for renewal reminders is email, but you can also opt for multi-channel communications in relation to the services you provide, such as social media notifications or platform native notifications. Whichever channel you choose, keep in mind that the people you are trying to contact are probably very busy and receive a lot of messaging through emails, social media, etc. Make sure you send your message at optimal timing and that the body of your message is short and clearly written. Try to include some of your outstanding value propositions and make sure to mention any renewal incentives you offer.
Safeguard Renewals With BHuman.ai
Knowing how important communication is to strengthening and establishing long-lasting relations with customers, BHuman.ai provides a connection solution like no other.
With our platform's ability to create personalized videos at scale by spending the time and effort it takes to create just one, you can communicate with each and everyone of your customers face-to-face. You can address them specifically and send them a video renewal reminder showing them how much you appreciate their commitment. You can customize communication at every touchpoint for the specific customer.
Sign up for our platform today to personalize your communication efforts on massive scales. Stop missing out on the ultimate recipe for connection and loyalty!
To learn more about the other ways you can utilize BHuman.ai, visit our site at BHuman.ai. You can also contact us at email@example.com and we will be happy to inspire you with all the ways you can use BHuman.ai to improve your customer retention efforts.