Member Insights: What kind of subscription CMO are you?
July 28, 2022
Rubi Cohen, who leads marketing for Vindicia, takes a look at subscription CMO in and what marketers can do to tackle the issue.
We are all consumers, and we all know what it’s like to be on a journey with a brand.
But as marketers, we are in a unique and advantageous position – we also know what it’s like to be on the other side, and the challenges of managing a customer funnel.
Put on your “customer” hat for a moment: You’ve probably experienced the frustration when there’s an error on your bill, or when your subscription suddenly drops off because (unbeknownst to you) your credit card has expired.
Now put on your “CMO” hat and answer this: Are you tackling the subscription journey and all the obstacles that lead to churn? Is retention not yet on your radar? Or are you already fighting Churnzilla with everything you’ve got?
Let’s take a look at the different stages you might be going through in your journey as a CMO, and how Vindicia’s subscription tech stack can help you in the almighty battle to prevent churn and keep customers happy:
You don’t yet understand the importance of tackling churn
Churn is a tricky problem because there are a million reasons why it can happen. If a customer decides they’ve had enough, that’s one challenge and marketers are usually already on it. But if a customer drops off accidentally, not because they wanted to but because the transaction simply failed (for any and every reason), then that’s passive churn and it is gobbling up your potential revenue.
Shockingly, up to 70% of involuntary churn happens because of failed transactions, meaning that the customer still wants the product, but for “technical” reasons they are no longer a signed-up subscriber. For some subscription marketers, they are not yet aware of how important it is to tackle this problem and how much money can be captured by solving it.
You know churn is a problem, you accept it, and you want to fight it!
After awareness comes recognition and acceptance. You’ve got a problem (aka, churn) and you want to solve it.
That’s where Vindicia comes onto the stage. Vindicia’s subscription tech stack is designed to help subscription companies solve the problem of failed transactions and passive churn, and in the process, recover significant lost revenue. This is accomplished with the help of subscription intelligence, a wealth of subscription and user data accumulated over many years in the industry. In fact, as the longest running subscription tech company on the market, the data that drives Vindicia’s churn prevention solution is what enables subscription companies to recover 50% of terminally failed transactions and boost their income by an average of 6%.
You’re winning the battle against churn, but you want to do even better
Once you’ve integrated Vindicia into your subscription infrastructure, and you’re already unlocking new revenue that would otherwise be lost, it’s time to double down and take it to the next stage: retention.
Retention is the new growth. By delighting customers with frictionless, comfortable, and satisfying subscription experiences, you can build loyalty that leads to deeper, long-term connections. And that leads to retention. With the help of Vindicia, subscription companies can personalize the subscription journey, creating customized bundles and offers that match the user’s preferences and needs. By optimizing the payment experience and making it smooth and trustworthy, customers will stay connected and increase their lifetime value. Goodbye churn, hello customer satisfaction and revenue!
Don’t give churn a chance
Churn is a monster with a life all its own. By leveraging Vindicia, you’re equipped not just with a churn-fighting weapon, but with a robust growth engine driven by subscription intelligence, operating constantly in the background to keep customers connected and increase the LTV of every subscriber. Whether you’re just becoming aware, already in the battle, or looking to up your game, Vindicia is every Subscription CMOs ally against churn that’s lurking around every corner.
