Understand success in the customer journey
To improve the experience and overall satisfaction of your customers, you need to understand their touchpoints with your product. Moreover, you have to be aware of the pain points they are hoping to solve with your product. And of course, you need to measure how well you are solving these pain points. You also want to know what keeps users engaged with your product. Being aware of how your customers interact with your product enables you to work on the right features.
My personal tip: Ask yourself how often users log in and what they are trying to achieve, as well as what is important or perhaps frustrating for them.
Collect, collate and analyze data
Now that you know what you are looking for to understand the success of your product, you have to start finding answers. Especially if you are new to the business, qualitative data can help you more than quantitative data. At this point, you want to find out why things are happening. Only once you are clear on that can you move on to quantitative data.
The hardest but most effective task you can do is to start talking to your customers.
With the help of surveys, you can ask more frequent returnees for feedback and opinions on your product. Also, follow new customers through the onboarding process to discover poor user experiences early on.
One of the most beneficial resources for quantitative data is actually located within the company.
No one knows the pain points of your customer base better than your team in customer support. Make sure to regularly connect with them to learn about frequently asked question from your users. Remember, if one user is annoyed enough with your product to contact customer support, there are probably ten more users who share this frustration. By solving these obstacles, you will increase satisfaction for many customers.
Target likely churn candidates
When you know how to identify a successful customer journey, backed by data, it is a lot easier for you to find customers who are more likely to cancel your product. Possible signs are that they are not using your product frequently or only using part of it.
From here, you can try the following:
Drive engagement by targeting them with specific content that explains your product and its value more effectively. Try to convince them to return to your product more often. Once you have done this, you can offer them individual renewal options to increase the likelihood they stay with you.
Keep customers happy
The constant threat of losing subscribers is also your biggest motivation to improve. Make sure to continuously enhance the key features for why your subscribers joined in the first place and more importantly, don’t mess them up. At the same time, you need to stay ahead of the competition by introducing new functionalities. However, make sure to focus on developing something of value, instead of creating lots of random and confusing features with a poor user experience.
Switch to direct debit
One important factor that can lead to involuntary churns are soft payment failures, such as expired card information, reaching a maximum balance or having insufficient funds. Additionally, hard payment failures caused by stolen cards or closed accounts can also result in canceled subscriptions. Fortunately, this can be solved by offering a direct debit payment method for your subscription service.