Maintaining member subscriptions is crucial, and thus introducing a Retention offer as an alternative to outright cancellation could be beneficial in preserving both revenue and content engagement.
How Does it Operate?
Upon selecting 'Cancel Membership', members encounter a popup offering a Cancellation (Retention) Offer instead of immediate cancellation confirmation. The popup elucidates an option to continue membership at a reduced rate. Should they choose to persist with the cancellation, it’s processed normally, culminating in a confirmation popup. Acceptance of the offer also yields a confirmation popup, now detailing the accepted discount.
Enabling the Retention Offer:
Navigate to: My Site > Prices & Discounts or Join Option settings.
Enable the offer via checkbox and adjust the discount amount as desired.
Important Notes:
If a member opts for a discounted subscription, the retention offer will further reduce the already discounted rate.
E.g., A $100/year membership with a 25% discount ($75/year) and a 50% retention offer will result in a $37.50/year offer upon cancellation attempt.
Trial members aren’t presented with a discounted retention offer during trial periods.
While Join Options are static post-creation, Discounts, and Retention Offers can be toggled and adjusted at any point.
Keep Your Fans, Maintain Revenue:
By presenting an economical alternative at the point of cancellation, you create an avenue to maintain a member's engagement and subscription, albeit at a reduced rate, ensuring sustained interaction and revenue flow.