It’s been almost a year since we first posted about our Cancel/Keep retention offers in which we shared the following statistic:
since we first introduced Cancel/Keep offers, merchants that set one up have retained over 5% of customers who initially wanted to cancel.
Since we shared that in May of 2017, the retention rate has crept up slightly to 6% overall – with some merchants seeing rates as high as 10%. However, many Segpay merchants are still not taking advantage of cancel/keep offers, so we thought we’d post a reminder about how much these offers can help, and how easy they are to set up.
Cancel/Keep offers allow you to create a discount – either a percentage or fixed amount – to offer to a member who wants to cancel. It takes just a minute or two to create the offer and can save you lots of money in the long run by retaining customers who otherwise were going to leave.
When the member requests a cancellation, either in the Segpay Consumer Portal or over the phone with one of our reps, the member will be shown (or told about) the discount offer.
Coming soon, we are introducing a report showing all of your recent cancellations, including the reasons members gave for canceling. If a high number of your cancellations are because the service is “too expensive,” you could benefit from extending to these members a discount offer at the point of cancellation. They were going to cancel anyway, so there’s minimal risk with the potential for long-term rewards.