You do. We listen to your ideas about acquisition, retention, churn and online cancel intervention. The latter was a direct request from a customer: online cancel intervention. You asked; we listened. So actually, you come up with the new ideas that help the subscription industry. NSS simply brings your ideas to life!
Online Cancel Intervention. Let's take a look at the top questions you have about online cancel intervention.
1. Do we even need online cancel functionality on our website?
Yes. The penalty for not complying for recent FTC and States' regulation is up to $16,000 per offense. You can read more here about the Restore Online Shoppers' Confidence Act, or ROSCA.
2. What is the top reason subscribers cancel?
It's all about money — your subscribers' money. Lack of money, layoffs, income loss, tight household budgets and the ever-increasing costs of a news subscription all contribute to your churn. It is critical that your online cancel module takes into account each subscribers' individual weekly (or monthly) rate. NSS creates a highly personalized experience. The subscriber receives "recommendations" to modify the subscription, as opposed to cancel it. The recommendations take the form of dynamic rate offers. The algorithm is written to support your specific stop-save strategy, pulling in pricing from a variety of sources.
3. Subscribers call customer service to cancel. Isn't that good enough?
No. You are required to provide a "simple mechanism" to cancel (or modify) the subscription that is as easy as the method to purchase the subscription. In other words, if you sell subscriptions online, you must permit customers to cancel online. You may continue to take customer service calls to cancel. However, you must provide a simple, online cancel option as well. You are allowed to create "reasonable attempts" to retain the subscriber. Let NSS execute your online cancel intervention strategy to preserve your hard-earned revenue.
4. So how does it work?
We connect with your subscribers who have intent to cancel. Often this is accomplished within your subscription FAQs page, subscriber services pages and anywhere on your website that addresses subscription changes or cancellation. Subscribers enter the online cancel intervention experience and the NSS algorithm drives the appropriate recommendations to save the subscriber.
Disgruntled subscribers who send "cancel me now" email to customer service is another great opportunity for cancel intervention. We simply reply with a standard email response, including a link to the online cancel module, and allow the subscriber to self-select the modification option that appeals most.
5. Is it a generic, one-size-fits-all approach?
Definitely no. NSS provides you with industry best practices prior to launch. However, the app is highly customizable. It supports your pricing and stop-save strategy. In fact, NSS supports both print and digital-only subscription types. Our clients create saves across all stop categories: price, content, no time to read, poor service and many more.
The most powerful component is personalization. The NSS algorithm solves for the wide variety of subscription rates and product types. It saves subscribers by making recommendations to modify a subscription.
6. Bottom line: Does it work?
The question we like to answer the most. Yes! It absolutely works. Total save rates as high as 70%. Creating a clear and conspicuous strategy does two things. 1) It signals to the subscriber you care about them. You make it easy to do business, including cancellation, and 2) If the subscriber decides to go ahead and take a break, it isn't forever. How long will he or she stay away? That depends on how easy (or difficult) you make it to cancel in the first place.
Now is the time to put into play your online cancel intervention strategy. At Newspaper Subscription Services (NSS), we pioneered a solution that educates and advocates. Grow and improve your revenue by nurturing your subscribers. As they re-connect with the benefits of retaining their subscription, they are far more likely to modify subscription terms instead of cancel it.
Thanks for reading "Insights" where we strive to create practical how-to advice, real-world case studies and an entire network of audience professionals to help your subscription business grow. Your success is our success!
And remember, the perfect subscription begins with the perfect retention plan.
Lon Haenel, Chief Client Officer, NSS
Email: Lon@NSSLP.com
Voice: 608-289-4070
