Butter Payments reposted this
High-growth, revenue-focused, marketing leader | Demand & growth wonder woman | Mentor, coach | Marketing strategy & operations fixer
As a Subscription industry, we're missing a critical piece of the puzzle for subscriber retention. Over the past couple of days, I’ve spent time in Dallas at SubSummit. Great event where I heard many fantastic speakers highlight the importance of retention and share tips on how to accomplish that through effective onboarding, bundles and offers, optimized cancellation flows (we all saw the news about Adobe), email nurtures, and more. And I 100% agree with them. But there’s a glaring hole in our approach. What I didn’t hear about is how critical payments are to driving subscriber retention. Shocked. I’ve spent the last several years at subscription businesses, speaking with experts, listening to merchants, researching and looking at data related to subscriber needs. You should 100% be updating your offers, working through tactics to tackle voluntary churn—leveraging data to ensure you're delivering value, meeting changing subscriber demands. The other side of the coin, involuntary churn, is a line item you likely look at across the org, across executive levels, but we’re not really optimizing against it. What we’re doing now as an industry is the bare minimum. Failed payments are stealing your subscribers. If you’re not actively addressing failed payments—be it failed trial conversions, first-time payment failures at checkout, or recurring payment issues with your loyal subscribers—you’re slashing your profit margins and forfeiting millions in revenue. There’s so much outdated data and information on how to effectively tackle failed payments and address involuntary churn. This is an issue that can be solved. We have the data, the methods, and the means to solve it. Post this event I’m hoping to help drive more shared learning and understanding within the subscription community across payment processes and the impact they have to a subscription organization as a whole. So, at Butter we’ll be working on content to share information on our changing payment landscape, including facts and tips to help you nearly eradicate failed payments, increase retention, and start driving exponential revenue growth. Ok end rant - thanks for reading. Let’s start a conversation. Chat in the comments. Follow us at #ButterPayments for those tips, social shares, and content updates. #SubSummit2024 #Subscriptions #SubscriberRetention #SubscriptionEcommerce
Business Development | Strategy | Experienced Leader | Ideas Innovator
1moYou must have missed my session on how to use payment strategy to drive subscription growth. It’s a favorite topic at Payway® if you’d like to connect we could share insights.