Last month, we brought you AI-centric product improvements with a single goal: to help you build a better product. The first—an extension of Insights AI—sorts through your qualitative cancel flow feedback, categorizes, and sources up to 15 of the most useful, relevant, and urgent pieces. And the second—"Build With AI"—makes it possible to generate cancel flow steps, copy, and offers with a simple prompt.
Now, we're turning our focus to failed payment recovery (dunning) and cancel flow analytics:
- Campaign segmentation is coming to our Payment Recovery platform
- Trended cancel reasons are now part of Cancel Flow metrics
Segment your payment recovery campaigns
You know how powerful personalization can be when speaking to your customers. Personalization yields higher response rates and stronger conversions. It establishes the correct context and, ultimately, makes customers them feel seen as people.
The problem? It's hard to do this at scale. Especially when it comes to touchy subjects like past-due invoices, payment failures, and other potentially uncomfortable conversations about the mechanics of a subscription.
And that's why, since the dawn of the modern dunning industry, payment recovery campaigns have been a one-size-fits-all affair. Single-use campaigns, everywhere. Some have even claimed this as a strength, with so-called "optimized" emails, constantly changing, with messaging that elicits the best response thanks to a black box of trust-me algorithms.
Well, all that changes today.
Campaign segmentation is now part of our Payment Recovery platform. Its power lies in our straightforward approach:
- Define an audience, write your copy (or use our existing template), and set your segmented campaign live. We support an incredible array of definition options: currency, location, invoice amount due, subscription date inception, etc.
- It's that easy: segments work exactly like they do in Cancel Flows. Changes to your campaigns go out immediately. And none of this requires any code.
Two examples of dunning campaign segments
Here's where I break down real-life use cases that you can put to use in your business:
Customers on high-dollar subscription plans
- Make these more personal and use Dunning Offers liberally.
- Turn on Intelligent Retries before every campaign email.
- If these are loyal customers who are providing your business high margins, it also pays to give them a little more time to update their payment details before outright cancelling their subscriptions. So make the campaign have a long burndown with more messages.
- Finally, don't miss an opportunity to get personal in the copy. Maybe that means including your personal phone number in the email body, or an unlisted email address to get in touch.
Customers acquired from seasonal promotional campaigns
- Remind them of the deal they got and reference how much value they've gotten since then: mention everything new you've shipped and how your product evolved.
- If they're being renwed into a full-price plan, consider allowing them to renew at their original rate.
- Whatever your brand's personality, don't be afraid to show a little humanity. Be playful, be humble, be optimistic.
Track cancel reasons over time
Onto metrics. We love this dashboard improvement because it shows how response rates to your cancel survey change over time. And what that really means is: is your team getting it?
Trended cancel reasons help you pinpoint where and if you've made things better. Or not: maybe you've made things worse.
There are so many use cases here:
- A new competitor has started stealing customers.
- You've shipped the right improvements, but there are technical problems.
- You're not shipping any improvements, and churn keeps happening. The time for fixing things is now.
- Reliance on partners for key bits of your infrastructure is becoming a problem: they're not consistent, or have fallen behind other solutions. Maybe it's time for a swap.
That's all for now!