Cancellation Offers
What is a Cancellation Offer?
Offering a cancellation incentive to customers as they attempt to terminate their current subscription can serve as an effective strategy for businesses to retain their customer base and mitigate churn. Customer decisions to cancel subscriptions may stem from various factors, including dissatisfaction with the product or service, a perception of inadequate value, or changes in personal circumstances or priorities.
With Loop, businesses have the capability to establish incentives that are only extended when customers select specific reasons for cancellation. Additionally, merchants have access to detailed customization options, allowing them to tailor discount offers to their preferences.
By leveraging smart cancellation discounts or providing one-time free gifts through customized rules, Loop enables businesses to incentivize customers to maintain their subscriptions. This approach not only enhances per-subscriber revenue but also helps in reducing churn rates.
How do I set this up?
Go to the “Cancellation flows” section under Loop > Customer Portal > Cancellation flows > Offers and click “Create New Offer”
Give your cancellation offer a name to distinguish it from others.
Select the condition on the basis of which the cancellation offer has to be triggered.
Select the incentive you want to provide to the customer.
If you select a free gift, a pop-up will show with all your products in it and you can select which product to give as a free gift.
If you select discount, you'll see the option ahead to add the desired discount.
- Select the cancellation reasons for which this offer will be shown.
Note that the customer will only see the incentive for the cancellation reasons that you have specified the incentive to be available.
You can also track the performance of your cancellation offers from this page, Loop > Customer portal > Cancellation offers > Offers
Suggested Reads
- One click subscription checkout URL for email promotions
- Setup Cancellation Workflows to reduce churn
- Learn about discounts on Loop / Shopify
Facing Issues ?
If you have any queries or doubts about any of these steps. Please reach out to support@loopwork.co
Thanks
Loop Subscription Team