Summer 2022 Chargebee Retention Updates: Grow by personalizing retention experiences
In the post-pandemic world, subscription businesses are reassessing their vendors and favoring easy-to-use tools. These tools are expected to integrate seamlessly into their existing environments, offer measurably high ROI, and enable rapid, data-driven decision-making to help drive growth across the customer lifecycle.
When it comes to customer retention, the best subscription businesses focus on capturing deep intelligence. This intelligence must be actionable and should be able to direct more personal and relevant customer engagement, for the right reasons, at the right time. This will help inform better business decisions related to service improvements, pricing optimization, and ultimately maximize subscriber LTV.
Understanding this shift in the market, Chargebee is extending its best-in-class subscription billing and management capabilities toward a full lifecycle growth solution. The acquisition of Brightback in January 2022 was an essential step in this regard. With a multi-product Summer Release, we are happy to hit a new milestone in this journey as we fold in Brightback within the Chargebee umbrella.
Brightback is now Chargebee Retention
We are proud to usher in the new age of Chargebee and its vision to provide a full lifecycle growth solution for subscription businesses. As a part of this shift, we are rebranding Brightback to Chargebee Retention to align with our overall vision while welcoming a new group of customers and retention growth professionals to the Chargebee family.
In rebranding Brightback to Chargebee Retention, we welcome iconic subscription brands, including Freshly, Babbel, Vital Proteins, Motive, ClickFunnels, Hunt-A-Killer, MeUndies, Sakara Life, ShipStation, and Unbounce to Chargebee. We are also reinforcing our commitment to innovate new tactics and best practices to reduce churn and retain more subscribers at scale, irrespective of their billing system or subscription record.
In this 2022 Summer Release, we are pleased to announce deeper integration capabilities between Chargebee Billing and Chargebee Retention that opens the gate for all our customers to reduce voluntary churn and offer alternatives to canceling. Featuring our new no-code integration (for Chargebee V2 Portal customers), a low code integration for Chargebee API users, and enhanced support for non-Chargebee using customers, Retention can be configured and deployed in days, if not hours. With a proven record of providing a 20-40% save rate across industries, our customers will get a time-tested solution that is agile enough to cater to many use cases.
Through a native integration of billing and retention, Chargebee users can now provide a seamless subscription experience that strengthens customer lifetime value. Chargebee Retention offers compelling, personalized cancel experiences so customers can’t resist continuing their subscription.
The average business loses about 1% to 10% of its customer base monthly, but these numbers have surged with the market turbulences. This means subscription businesses would do well to focus on retaining customers they already gained through the peak pandemic cycle.
How it helps
By integrating Chargebee’s no-code (portal) or unified API with Chargebee Retention, implementing retention offers and providing a world-class cancel experience has never been easier. Launch and manage your retention offers and subscription updates without additional code modifications or technical resources.
Industry-Specific Retention Benchmarking
Gain insights into how well your retention efforts perform compared to peers in your industry. Whether in eCommerce, B2B SaaS, or Digital consumer business, we have insights that will help you improve efficiency and make better strategic decisions.
Benchmarking performance has been a struggle for retention and growth teams due to a lack of comparison data. This becomes a problem when setting retention goals and targets.
How it helps
Chargebee Retention benchmarks four key metrics: deflect rate, save rate, active deflect rate, and passive deflect rate. Chargebee Retention customers can access the Retention Benchmarks and compare their performance against others in their space, all this in an easy-to-view report right in your dashboard.
Offer Redemption Limits and Offer-Based Targeting
Chargebee Retention now allows you to tackle “offer abuse” by limiting the times a customer can accept a specific offer and setting targeting rules based on previous offer accepts.
Offer abuse can be debilitating to a business, drastically impacting revenue projections and causing bottom-line damage, especially when used by high-value customers.
How it helps
Redemption limits prevent customers from repeatedly taking advantage of the same offer to avoid paying the total price. You can also target or exclude customers based on previous offer-accepts. You can set parameters around maximum redemption allowances for offers and segment the audience based on offers accepted.
Understand how time plays a crucial role in the success of your retention strategies and validate your offer performance to judge saves over time.
False save rates not time-validated and not subscription status-validated can cloud your retention performance.
How it helps
With Chargebee’s Subscription API, customers can enable time-based attribution, verify their save rates, and differentiate between valid and invalid saves, cancels, and watchlist customers.
Full Page Multi-language Support
Build localized cancel experiences, and showcase retention offers in your customers’ preferred language.
Subscription businesses are expanding into new geographies and must translate their entire retention experience to local languages. This feature is essential for any business looking to expand into new geographies while staying locally relevant.
How it helps
Chargebee Retention helps alleviate the operational hurdles of expanding into new markets by streamlining the delivery of localized retention offers. Without manual intervention, you can now fully control cancel experiences within the Experience Manager.
Audiences in Reporting
With Chargebee Retention, you can understand how specific audiences interact with tailored offers. More importantly, you can now get insights into audience behavior and responses to improve your ongoing customer retention strategy.
Each audience behaves differently and will have different priorities. Retention teams must deeply understand each audience and their behavior to provide customers with experiences and offers that resonate.
How it helps
With the option to slice and dice your reports based on audiences, you can gauge what combination of audience and experience works best for retention.
Chargebee Retention continues to support businesses in these turbulent times as it opens up a new source of revenue for subscription businesses using Chargebee Billing. We have also made some unique enhancements like the ability to pause the order along with the subscription. Chargebee Billing users will now also be able to cancel a paused subscription and update the status automatically.
As part of continued product improvement and providing Chargebee Retention users with the ability to showcase world-class retention’s actual value and potential, some of our upcoming features will help our customers realize retention’s direct impact on their business.
Repurchase-based Revenue Impact (Coming Soon)
Track revenue from saved customers to show overall monetary impact and accurately assess ROI from retention efforts. Retention teams will also be able to realign their experiences and targeting for improved repurchase value.
Attributing the success of retention to the business has always been a laborious process. It involves tying in multiple data points from various sources to get the complete picture.
How it helps
Chargebee Billing users can view repurchase-based metrics for their initiatives and show the overall revenue impact on their business. Understand what offers and retention experiences produce more saves and repurchases via metrics like first-time repurchase rate, the average number of repurchase orders, total repurchase value, reactivation orders, and total reactivation value.
The Chargebee Retention roadmap includes self-optimizing, predictive, and benchmark-driven churn deflection, customer insights, and LTV-growth features that will extend native bidirectional dataflows and workflow automation with Chargebee Billing.
Retain the valuable relationships you have worked hard to build with your customers by providing an experience that shows you care and understand.