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.
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 patrick@profitwell.com and we'll get you on the path to reducing your churn once and for all.