TLDR
In the U.S. alone, customer churn costs businesses an average of $136 billion every year - 34% of which come from involuntary churn and failed payments. Payment failure is the number one cause of involuntary churn, stemming from insufficient funds, credit card limits, or credit card changes. 35% of subscriptions automatically renew, but 47% of businesses lose auto renewing payment due to changes or errors in payment data. Decreasing churn by just 5% can lead up to a 125% increase in profits, 80% of customers are willing to pay more for a better customer experience.via the TL;DR App
no story
Written by brianwallace | Founder @ NowSourcing | Contributor at Hackernoon | Advisor: Google Small Biz, SXSW | Founder of The Innovate Summit
