It’s bad enough that a customer is cancelling your service, but the sting is magnified when you are not equipped to survey and give them a compelling reason to stay. Many companies don’t take action in spite of losing customers because they do not know what their customers think about their product or service.
If you are a subscription-based service, you've probably experienced the "unsubscribe" button. For the user, it's a safety net that they can use if they don't like your service. Unfortunately, this button has a big downside for you - it lets users leave without providing any feedback on why they're leaving.
In the subscription business, nothing is more important than keeping customers happy. After all, if they are not happy, then they can and will cancel their subscriptions. The process of cancellation is one that must be managed with care as it is where you lose your most valuable asset – your customers.
Cancellation of your product or service is inevitable. You can't stop it. But you can get a lot of feedback if you include cancellation survey during the off boarding process. Cancellation survey should be short and to the point otherwise it will be ignored. Do you know why customers cancel your subscription? The Survey should be built into your overall off-boarding flow. The user shouldn't be taken to another site to complete steps. The survey should be short otherwise the feedback you receive may not be sincere.
You can use the off boarding process to offer your customer an incentive to keep using your product. It is far more expensive to obtain new customers than it is to keep your existing ones. If you have a tool that delivers value to your customer you can consider offering a discount for future renewals as an incentive for them to stay with you. Offering even as much as 50% off for a number of months does more than just potentially keep people from cancelling. It increases your LTV which can help with future investment and the overall value of your business.
Understanding the reason why customers cancel can reveal a need that wasn’t previously realized. This knowledge leads to more optimized products and services.
Turn that "unsubscribe" button into a valuable feedback to steer your SaaS with Overdue.