[WMD 2016] SurveyMonkey >> Elena Verna "Minimize involuntary churn through payment processing"
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Transcript of [WMD 2016] SurveyMonkey >> Elena Verna "Minimize involuntary churn through payment processing"
Involuntary Churn
Elena VernaSVP, GrowthSurveyMonkey
Retention is everything
Retention is:Engagement
Monetary
Churn:Voluntary
Involuntary
Involuntary=
Renewal Payment Failure
Annual Subs
Affected the
Most
What % Involuntary?
Annual Term
60% of 1st term
40% of 2nd term
What your logic may look like...Annual subscriptions
Sub start11/4/2016
1st renewal11/4/2017
Day 5: Email & Try
1st collection attempt
Payment Fails Payment Collected2nd collection
attempt
3rd reach out attempt
Day 9: Email & Try
Day 12: Email Only
Day 16: Email & Try
Sub backdated to 11/4/2017 for rev recService continues to be provided
How Many Days Should You Continue Trying?*
For annual subs
For monthly
subs
45 20
*Applicable to self-serve
HardProbably
Invalid
Low Chance of Success
SoftProbably
Valid
High Chance of Success
Success Rate50%
Will be User Driven60%
KPI Impact
How do you categorize this
‘success’?
negative churn :)+
14 month true churn by term rates
Optimizing User
Messaging
SitePersistent
Notification
‘Blocker’ Module
EmailFrequency
Message/CTA
Optimizing Your
Payment Platform
Internal Billing Platform?
Some Benefits
● Choice of Payment Processors○ Differs by country
● Bank categorization of your business● BIN (personal/business) analysis● Fee negotiation