Growth August 20, 2020

Tip: Increase retention by conveying your value in each invoice

Growth Bites @growthbites

Every bill you send a customer reminds them that they're giving you money, and that increases the likelihood of cancellation. Decrease churn by using each billing email to remind customers why your product is worth it.

Invoicing customers can have an unfortunate side-effect — cancellations. The good news is that these emails can also be an opportunity to remind users of how valuable your product is. Especially considering that open rates on transactional emails are four to eight times higher than other emails. So don't turn off these notifications. Instead, showcase new features and improvements. Get users excited about your roadmap. Show them use cases. Share social proof and case studies of successful customers. Celebrate their milestones and make personalized suggestions. Or use it as an opportunity to check in and see how everything is going. You don't have anything to prove, but a simple reminder can go a long way.

More 30-second growth tips?

Every day we share a tiny, bite-sized tip for growing your business. Click here to see more and get Growth Bites in your inbox 👌

  1. 2

    This is something I do and was so emphatic about!

  2. 2

    Really smart, an invoice out of the blue increases cancellations. Turn it into a nice letter

  3. 2

    I love this! Definitely going to take this on board when we roll out subscriptions for Smithy soon. Thanks for the tip!

    1. 1

      🙏 Happy to help, good luck!

  4. 2

    Or use this opportunity to convince them to switch to an annual plan with a discount (especially if they're already been on a monthly plan for a couple of months) ;)

  5. 1

    I would love for Stripe to give me the option to do that easily as I'm sending out invoives through their system.

Recommended Posts