[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