4 takeaways from our discussion about churn with Amy Konary, Subscribed Institute
2 min read
Find out some of the key findings from our discussion with Zuora on customer churn
Recently, we caught up with Amy Konary, Chair of the Subscribed Institute to talk through our latest piece of joint research with Zuora and the Subscribed Institute looking into the issue of churn. Amy was joined by Duncan Barrigan, Chief Product and Growth Officer and Ella Thompsen, Senior Product Marketing Manager to discuss the findings.
The report, How they pay impacts how long they stay, looks into how much your payment method of choice impacts churn and what you can do about it.
Watch the full discussion here to find out more.
Here’s some of the key findings that came out of our discussion.
1. There’s an important difference between voluntary and involuntary churn
When talking about the impact that payment methods have on churn, Duncan highlighted that, it’s important to understand the difference between voluntary and involuntary churn.
Watch the discussion to find out more.
2. For a healthy subscription company, between 70-80% of revenue comes from existing customers
Reaching that fly wheel of success that many subscription companies strive for comes not just from acquiring new customers, but monetising and strengthening your existing customers. Data around how to increase retention can help businesses to do that.
3. Payment methods perform in different ways when it comes to payment failure
Your payment method of choice can have a significant impact on how many customers churn and that’s because payment methods perform differently when it comes to payment failure. Duncan suggests that multiple possibilities for failure increases your chances of customer churn.
4. With recurring revenue and subscription based models, eliminate as much friction as possible
A seamless journey is how to get your customers as quickly as possible to the value of your product, suggests Amy when talking about keeping customers for longer.
For more findings and information on how to manage payment related churn, watch the full session.