Churnkey

We're getting a lot of questions about the FTC's new "Click-to-Cancel" rule. Good news: we read the 230-page memo for you. The rule requires businesses to make it just as easy for consumers to cancel a subscription as it was to sign up. This means no more forcing customers to jump through hoops, interact with representatives, or dig through dark UX patterns to cancel a subscription. There are a few key requirements businesses need to meet to comply with the "Click-to-Cancel" rule: ✅ Easy-to-find- cancellation option THE cancellation option should be clear and easy for customers to locate. It should be just as visible as the sign-up mechanism. ✅ No need for live representatives For most businesses, this means no more mandatory phone calls or chatbot interactions just to stop a subscription. ✅ Immediate processing Cancellations need to be processed promptly, ensuring there’s no unnecessary delay once the consumer makes the request. ✅ Symmetry between sign-up and cancellation The cancellation process must be as simple as signing up for the service. If it takes 1 minute to subscribe, it shouldn’t take 5 minutes to cancel. We've put together three guides for you, linked in the comments, that dives deep on the rules, a checklist for quick compliance, and how this will affect free trial flows. Staying compliant with the FTC’s new "Click-to-Cancel" rule is essential for protecting your business and maintaining consumer trust. But it doesn’t have to be a headache. With Churnkey’s Cancel Flows, you can easily meet the requirements while also creating a better experience for your customers.

Ever had a cancellation experience so good it makes you want to stay? Most businesses dread cancellations, but what if your cancellation flow wasn’t just a dead end? What if it became a chance to retain fleeing customers—on autopilot? I recently tried to cancel my paid Calendly subscription, and their cancellation flow blew me away. It’s a masterclass in using every step to remind customers of the value they’re about to lose—and even convert them back into paying users. Here’s the breakdown: Step 1: No "Cancel" Option—Only "Downgrade" Instead of a hard “Cancel” button, I had to select "Downgrade." 👉 Why it works: It reframes the action as less final and keeps the door open for retention. Step 2: A Screen to "Choose a Plan That Fits" I was presented with three premium plans displayed prominently, with a smaller, less noticeable option to "Switch to the Free Plan." 👉 Why it works: Customers are subtly encouraged to stick with a paid option, avoiding the free plan unless absolutely necessary. Step 3: "Why Are You Canceling?" They asked for my reason. I selected: "I do not need Calendly anymore." 👉 Why it works: Gathering feedback helps the company understand churn drivers and tailor the next steps to address them. Step 4: A Sizable Discount Offer Next, I was offered 30% off my previous plan for 12 months with the headline: "Take a discount on us to keep scheduling." 💡 Genius: They tied the discount directly to the value prop—reminding me of what I’d lose (efficient scheduling) if I canceled. But be careful of users abusing this to get discounts on paid accounts 🤫 Step 5: A Final Reminder of What I’d Lose Before confirming, I saw a list of features I’d lose by canceling. 👉 Why it works: This final nudge plants a seed of doubt about the decision, giving me one last reason to reconsider. The Takeaway: Calendly turned a cancellation flow into a powerful retention tool. They made me think about the value I’d lose, offered an incentive to stay, and captured valuable feedback—all on autopilot. Here’s the lesson: If you’re treating cancellations as the end of the road, you’re leaving money on the table. With the right flow, you can: ✔️ Reframe cancellations as downgrades. ✔️ Highlight the value customers are about to lose. ✔️ Offer well-timed incentives. ✔️ Learn from the feedback to reduce churn long-term. Are you using your cancellation flow to its full potential? #sales #retention #saas

We're getting a lot of questions about the FTC's new "Click-to-Cancel" rule. Good news is: we've read the 230-page memo so you don't have to, and if you use Churnkey to power your cancel flows, you're in good hands. In six months, the FTC will require subscription businesses to offer cancellations as easy as signups. Don't comply? Prepare to be called out and to get a fine. Because you should. It's 2024—and "call-to-cancel" schemes we've been railing against for years are finally getting the attention they deserve. So are sketchy cancellation flows with shifting CTA placements and confusing language. We've architected our flows to be user-friendly and customer-centric. Thankfully, the FTC is baking these traits into their "Click-to-Cancel" rules: ✅ Clear and simple cancellation Make cancellation options easy to find and straightforward. ✅ No live rep needed Allow customers to cancel without speaking to a representative or chatbot. ✅ Instant cancellation Ensure cancellation requests are processed immediately. ✅ Cancel as easily as you sign up Cancellations should be as seamless as the sign-up process. We'll continue diving into the research on this, but we've put together three pieces on the FTC's new rule: an analysis of the entire text, a simple compliance checklist to get ready, and how this will affect free trial flows. Links in comments!

🚨 New FTC “Click to Cancel” Rule: Is Your Business Ready? 🚨 The new "Click to Cancel" rule is set to change the way subscription businesses operate. Soon, you'll be required to make cancellations as easy as signups. Non-compliance could result in fines, penalties, and reputational damage. Here’s a quick checklist of what you need to do to stay compliant: ✅ Clear and Simple Cancellation Make cancellation options easy to find and straightforward. ✅ No Live Rep Needed Allow customers to cancel without speaking to a representative or chatbot. ✅ Instant Cancellations Ensure cancellation requests are processed immediately. ✅ As Easy to Cancel as Signing Up Cancellations should be as seamless as the sign-up process. For more details on how to get ready for the "Click to Cancel" rule, check out Churnkey's comprehensive guide to staying compliant 👇 https://lnkd.in/e3X62BMX

I'm really excited about this... We just launched our first free #PLG product at Churnkey: Churn Metrics. It was a multi-month effort from our #growth team but I think the bet is going to pay off. Here is the reasoning behind why we built it: 🔭 Many of the #SaaS and subscription companies we talk to might know they have a churn problem but they aren't aware of how bad it is. Our Churn Metrics break down churn month over month by involuntary & voluntary churn. This helps shines a light on churn and highlights the gameplan that is needed to improve retention. 🏷️ We price Churnkey based on total monthly churned revenue. This product fast tracks our quoting process and removes any uncertainty between our sales team and future customers. Our sales team is already using it to help move deals along. ⌛ Churnkey takes time to implement and report back on recovered revenue. Many companies sign up for Churnkey but aren't quite ready to get started. This new Churn Metrics product drastically improves our Time-To-Value for new signups. 👍 Our existing customers using Churnkey's products can now track the impact Churnkey has on their churn over time. The results are already looking great. I hope this new free product hits on all fronts! (link in comments if you are a subscription company that wants to better understand your churn metrics)

📈 If you want to grow, start with retention. Some startling figures in ChartMogul's Q3, 2024 SaaS benchmarks over the past 8 quarters: - Recurring revenue growth DOWN from 138% to 81% - Customer retention rate DOWN from 76% to 74% - Net revenue retention DOWN from 87% to 84% - Gross revenue retention DOWN 76% to 75% In most recurring revenue businesses, there is low-hanging fruit to pick. Churnkey customers prevent an average of 25% of voluntary cancellations and involuntary churn due to failed payments. You literally cannot afford to not automate these processes. It's like found revenue in a year where new revenue is often difficult to come by. (your CFO, CEO, and board will LOVE you for it.) We'll be hanging out with our friends at Pendo next week for their annual Pendomonium conference. Swing by and meet our founders, Nick, Scott, Rob, and Baird at the Churnkey booth. And we'll show you how we save subscription companies millions in revenue each month. See you there! 🙌

We're fired up to sponsor Pendo.io's Pendomonium 2024 — the must-attend event for product-led SaaS leaders! 🎉 If you’re heading to the conference, make sure to stop by our booth to meet the founder, get a live demo, and exchange notes on how to reduce churn and boost retention. 👉 PS: We also have some swanky new water bottles we'll begiving away. And who couldn't use another water bottle!💧 #Pendomonium #SaaS #productledgrowth #retention Churnkey

Have you ever wondered what hidden gems of information lie beneath the surface when a customer decides to cancel their subscription? 🤔 It’s time to embrace the cancellation process as an opportunity for growth rather than a setback! Focusing on data collection can help you understand your customer base better. Listen to Baird Hall, co-Founder Churnkey How do you approach customer cancellations? Share your thoughts below!💬👇 #CustomerExperience #DataDriven #CustomerRetention

📣 Shocking reality about freemium models! You might need to cut your freemium offering. (Doing this could increase your revenue AND cut your costs) Here's the reality, if your freemium offering isn't: 💡 Converting into paying subscribers 💡 Driving viral acquisition 💡 Having a network effect In many cases, companies are losing more than they’re gaining by offering free memberships. *********  👋 I'm Robbie, I'm a consultant, author, and speaker covering all things subscription businesses. 💡 Free resources, expert tips & advice at robbiekellmanbaxter.com 📩 Join my newsletter: https://lnkd.in/g8bCw7pJ 🎙 Tune in to the Subscription Stories Podcast: https://lnkd.in/gdfjFeS 📹 Catch my latest videos on Youtube: https://lnkd.in/gW8RcSea *********

So, you think SaaS companies invented trials? Think again. Estée Lauder was a hands-on entrepreneur. Not only did she formulate her own cosmetic products, but she was maniacal about showing women how beautiful they could be with them on. She would make up women on buses, in parks, and at department store counters. Wherever she could find a willing subject. In the early days, Estée couldn’t find a marketing agency to manage her small advertising budget. So what did she do? Spent it all on samples. And gave them away in mailers and at fashion shows. - value-first, turned into… - word of mouth, which turned into… - more sales than she knew what to do with ($100,000,000 by 1973 to be exact.) “No woman would ever leave empty handed,” she said in her autobiography. Times and technologies have changed, but human nature hasn’t. We all love to know exactly what we’re getting before we commit to a purchase. And who doesn’t like a little freebie every once in a while? Cheers, Estée. We solute you and continue to follow your example. #saas #plg #product Follow Churnkey