Who's using Retention Software? Profitwell Retain/Churnkey/etc
In our organization, we're looking to attach early cohort churn from a couple of angles, one of those being the cancelation process.
Have you used a cancelation/retention tool like Profitwell Retain or Churnkey? If so, how did you like it?
For context, our current cancelation flow is an embedded typeform which collects the following data and sends it over to our CS team to reach out to attempt to save before closing down the subscription.
- Churn reason: didn't understand how to use, pricing, didn't use enough, missing features, technical issues
- free-form text for additional information about the churn reason - we seldom get actionable data from this field.
As a result, we're looking to automate the cancelation process (in Stripe) as well as implement a coupon-based retention tool to try to save what we can.
Has anyone used such a tool?
Comments
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I have not used either tool although I’ve heard great things about Churnkey. That said, response rates are often very low in these scenarios so the data can be sparse. (Have you experienced that?)
One tactic you may want to use alongside whatever tool you choose is to do 5-10 “churn/loss calls” per month. Offer your cancelling customers a $50 gift card to hop on the phone for 15 minutes with you and interview them about why they decided to cancel. What happened before, how did the make the decision, and what are they doing now that they have dropped their subscription?
The insights you receive will be well-worth the time and money you spend. There are also 3rd parties who do this on your behalf and are very good at it. We use Clozd at my company.
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Currently, I outreach and offer a call to every cancelation - less than ideal for a scalable solution.
Our thought is if the account is considering churn anyhow, what could be mitigated via offering a coupon?
We have 3000+ accounts in our ecosystem so a CSM of one can't get in front of all of them. Much of the churn is early cohort 30/60 days and low MRR.
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