We've got another exciting ProfitWell Retain update—Retain Tactical Retries.
For background, ProfitWell Retain targets debit and credit card failures, which account for 20-40% of your lost customers. It's a lot and you're probably not doing a whole lot about it. Credit cards are mechanical devices subject to failure. They haven't really been updated since the 1960s and there are over 130 different reasons why a credit card fails and let's go through every single one. I'm kidding.
But, Retain studies all of the data we have—billions and billions of credit card transactions per month—and tailors algorithms to get these customers back.
So what is this Tactical Retries feature? Well, we can get a bunch of these customers back without even contacting them by intelligently retrying the credit card at the right time.
The right time is important here, because you can definitely retry a credit card yourself, and some billing systems have these built in, but you only get so many attempts. Typically six to eight, and if you don't retry in the right way you can run out of attempts and end up hurting your account AND not getting the customer back.
Instead, we study all of the data we're sitting on, and the metadata from your customer, to know exactly the right time to retry the credit or debit card based on the day of the week, failure code, type and location of customer, and the list goes on. As an example, if you're a DTC consumer company or prosumer SaaS, one of the best times to retry a card is 12:01am on the first and 15th of the month—pay day. Retain's Tactical Retries are also smart enough to know when a card is lost or stolen, so it knows not to retry in those cases.
We do the research so you don't have to, and all that research means that Retain Tactical Retries boost churn recovery by 10 to 15 percent on an absolute basis. That's a lot.
This is never going to be your number one priority and that's ok. We know you've got other things to worry about, so let our dedicated retention team make your churn our priority. It's passive software by design.
And for all of our Retain customers, it's included for free. In fact Retain is free—you only pay for performance. If we don't beat your current performance, you pay nothing. We only make money when you make a lot more money.
Automatically optimizes your credit or debit card retry attempts: You only get six to eight attempts at retrying a credit or debit card. You need to use those attempts wisely. Retain Tactical Retries studies all of the data we're sitting on, and the metadata from your customers, to know exactly the right time to retry the credit or debit card based on the day of the week, failure code, type and location of customer, and the list goes on. All in, recovery rates jump by 5-10% when using Retain Tactical Retries.
Works and optimizes based on product type, card type, location (and 15+ other factors): Retain Tactical Retries looks at the data on a market, account, and customer level, so that it can retry each card at the perfect time. If you're a subscription ecommerce product, tactical retries will work differently than if you're a B2B SaaS product.
Completely turnkey—you do no work: We study the data, because your churn is our priority. You don't need to do any setup, any configuration, or any studying. We do the work for you, so you automatically recover churn.
Works seamlessly with your billing system's smart retries: Your current billing system probably has some retries already built in. Retain Tactical Retries recognizes and works with these retries, so you get the best of both worlds.
So, if you want to try out Retain—now with tactical retries—or just get a demo of what Retain looks like, email me at email@example.com and we'll get you on the path to reducing your churn once and for all.
By Patrick Campbell
Founder & CEO of ProfitWell, the software for helping subscription companies with their monetization and retention strategies, as well as providing free turnkey subscription financial metrics for over 20,000 companies. Prior to ProfitWell Patrick led Strategic Initiatives for Boston-based Gemvara and was an Economist at Google and the US Intelligence community.