The Pay step relates to your customers’ billing activities, including payment cycles and upcoming renewals.
Key Performance Goals
More successful renewals
The main focal point at this step is using the renewal cycle to boost the rate of successful subscription renewals. This is the heartbeat of your business as a subscription service.
Reduce involuntary churn
Involuntary (payment) churn can account for more than half of the subscriptions you lose. Stopping these losses is a primary goal.
Days to next renewal
Renewal timelines act as a subscriber ‘micro-cycle’. Use this cycle to time messages & test their impact.
Low performing payment routes
Use Pay analytics to identify methods/gateways/channels (or combinations of these) that have higher failure rates. Customers using these routes require special attention.
Payment details expiry date
Automating your own reminders for customers to update their payment details is a good idea. Customers will often lose access in this way and be completely unaware of it. So you should use this segment both for prevention and recovery actions.
Segment Actions To Use
Subscribers immediately pre- and post-renewal
For monthly messaging cycles, both the days immediately before & after renewal are a great time to maximise impact.
Action: In both cases the goal is simply to remind the customer about the value they get from their subscription. After payment matters just as much as before.
Customers with expired payment details
Customers with expired payment details and an approaching renewal date are at a very high risk of churn.
Action: Send a personalised, friendly reminder to the customer to check their payment details.