April 25, 2023 | Authored by: Rubi Cohen
The new “PR” is payment recovery
There’s no such thing as bad publicity, right?
Bad PR comes in lots of forms, and you know what’s one of the worst kinds for your business?
Marketers, does this sound familiar?
So, you’ve poured your heart and soul into building a brand. You’ve crafted an authentic story about your vision and values. You’ve dived into the creative pool to produce smart, sassy ads and irresistible email subject lines.
Your acquisition rates look great, customers are loving the brand experience, and then – BOOM.
Their payment fails, their subscription gets canceled, and they go “bye-bye.”
It’s not just a lost / frustrated customer; it’s terrible PR. However amazing and original your brand story is, it won’t make much difference if the customer is disconnected because of a technical failed transaction.
The payment experience matters
Every marketing leader used the words, seamless / frictionless / endless. our Customers today are on a complete, 360-degree journey with their favorite brand, which covers every touchpoint and every interaction. That includes payments too.
The relationship you generated with a new customer is so valuable to your company, so don’t fall into the trap of thinking that once you’ve captured a customer’s heart and credit card, that they’ll be OK. Failed payments are hugely disruptive to the relationship between the subscriber and your brand.
When a payment fails, it disconnects the customer from the product or service in the most basic and meaningful way. The subscription relationship should be one of ease and convenience; the subscriber (a customer who commits to your brand promise on a recurring basis) does not want to have to worry about payment friction. They want a clean, smooth and uninterrupted subscription, like a faucet that’s always on.
This goes beyond the payments or collection team. It touches the soul of the customer’s experience with your brand. As a marketer, failed payments are also your concern. And Payment Recovery is your true PR tool.
Don’t fall down on payment recovery
What’s the best PR you can do for your company? Make sure that customers who want to stay connected to your brand, and be part of your brand story, can and do stay connected.
That means tackling passive churn with a proactive mindset, preventing churn due to technical errors, and doing everything possible to recover lost payments and fix the payment problem, without the customer even knowing.
Vindicia Retain technology specializes in passive churn, using the most advanced algorithms in the industry, based on two decades of subscription data to identify transaction problems and recover lost revenue. We are the #1 payment recovery solution, with more recovered revenue than any tools out there. In challenging economic times and a fiercely competitive business landscape, that’s the kind of PR you need.
Less friction, more PR
You can reduce friction in your brand experience and make sure the connection with customers is constantly “on.” How? By catching payment failures and rectifying them quickly. You’re a busy marketer and you have enough on your plate without having to worry about frustrated customers due to failed transactions. So don’t forget about the “PR” that really matters.
How to retain subscribers in today’s post-pandemic environmentDownload