EP12 – Reducing Churn: Tactics for Increasing Subscription Customers and Revenue by Reducing Churn with Kristen LaFrance of ChurnBuster
Kristen LaFrance breaks down the three tactics you need to implement to reduce churn rate in your subscription business. Kristen oversees all things community and growth at ChurnBuster, focusing on creating meaning customer relationships and helping subscription businesses humanize their brands, build stronger communities, and maximize revenue.
Kristen and the ChurnBuster team have worked with top companies like Butcher Box, LOLA, and MeUndies to improve their monthly recurring revenue (MRR), build deeper connections with their customers.
There are plenty of different types of subscription businesses out there, including physical products and e-commerce businesses. Churn rate is the rate at which subscribers leave your program, and it’s the number one enemy of subscription businesses.
We discuss the top three tactics and strategies you can use to reduce the churn rate in your business so you can extend the lifetime value of every customer who enters your subscription program.
“Subscription businesses are a marriage between a customer and a company. You can’t just marry someone, show up once a month, and think that’s going to work. You have to do a lot more work than that” – Kristen LaFrance (6:58-07:16)
Some topics that were discussed include:
- Addressing voluntary and involuntary churn
- A subscription business is a marriage between you and your customers.
- The importance of setting expectations right from the start
- Creating a larger mission for your subscribers
- How to get your customers to engage with (and stay excited about) your brand over time
- Why you absolutely have to over-deliver in the first three months of a subscription
- Recovering failed payments: The low-hanging fruit most subscription businesses ignore
- Learning to shut up about your products
- Using surprise and joy to give customers more than they paid for
Contact Kristen LaFrance:
References & links mentioned:
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