Challenges

When Lifeboost first migrated to Stay AI from their previous provider, their goal was to scale their subscription program while also reducing churn.

Understanding the why behind customer churn and subsequently increasing their subscriber save rate were priorities for the team to keep recurring revenue steady and growing. Their previous subscription solution did not offer these capabilities or predictive forecasting. 

To successfully track why and which customers were canceling, what could be done to keep them, and how overall churn was trending over time, Lifeboost turned to Stay AI.

The Solution: RetentionEngine

Using our proprietary RetentionEngine™, merchants can deliver dynamic cancellation surveys to help understand churn and prevent it before it happens. RetentionEngine learns how different customer segments (based on location, acquisition channel, LTV, or product) behave over time and allows you to build dynamic cancel flows that capture insights on why customers are canceling, what rebuttals work best to retain them, and ultimately works to reactivate former customers.

The longer a merchant uses our RetentionEngine, the better the results. Our AI reinforcement learning models optimize based on your historical subscriber data to discover what treatments work best for which customer cohorts. When a brand first implements our RetentionEngine, we start with basic cohort analysis and churn forecasting. Over time, by testing and iterating on new cancellation treatments and split-testing various offer combinations, we optimize each merchant’s strategy to ensure their program is optimizing toward increased LTV.

Strategy

Increase Save Rate with RetentionEngine: When Lifeboost onboarded with Stay, their subscriber save rate hovered around 5%. But as their team worked on iterating and building out their cancellation treatments and worked directly with Stay’s hands-on CSM strategy team, they have witnessed an incredible boost to their save rate to over 27% – a number that continues to rise as our teams work together and optimize their program.

Lifeboost has built out an extensive cancellation treatment library with the help of our RetentionEngine, allowing them to split-test, optimize, and combine their best cancellation rebuttals to a save rate of over 27% and rising.

Advanced Churn Forecasting: The Lifeboost team closely monitors their subscriber save rates using Stay’s Exit Survey Response and SKU-based Churn graphs, which allow them to segment and monitor the churn behavior of new subscribers compared to long-time and previous subscribers. Stay’s advanced subscriber segmentation and cohort analysis allowed the team to learn what works and what doesn’t when it comes to retaining subscribers for more than just one to two order cycles. As a result, the team has been able to reduce churn rates and create sticky subscription offers that are hard to beat.

Stay’s Exit Survey Analysis Provides a Detailed Look at Customer Churn

By working closely with our strategy team and a willingness to iterate and test new treatments, Lifeboost has seen incredible results in saving subscribers from churn – and continues to see their save rates increase. With the right strategy, RetentionEngine empowers your brand to create unique cancellation flows and rebuttals and to optimize them in real-time.