How LTVplus helped The Events Calendar Recover over 150K in Lost Revenue
Meet The Events Calendar
The Events Calendar is a WordPress plugin. Through its products, they make event management a snap—from promotion and ticket sales to registration and communication.
Challenge
The Events Calendar realized that they were losing a lot of revenue due to failed payments. They needed a reliable Failed Payment Recovery specialist who would make sure on-time payments happen. A recovery agent would handle the payment recovery and ensure that customers pay on time, resume their subscription where applicable, and collect reasons as to why customers are churning.
Solution
The solution for The Events Calendar was having a recovery specialist that was in charge of sending outreach emails to the customers whose payments have failed, so that payments can be processed and recovered.
1.Retention specialist/Failed Payment Recovery agent
The set up for The Events Calendar was having 1 dedicated Failed Payment Recovery agent, who was working full time sending out emails to failed payment customers in order to recover payments as well as collect the reason for not reactivating their subscription. While the agent was managed by a Customer Success Manager, she also worked closely with The Events Calendar team to be trained (where applicable) and be educated about the processes and tasks at hand.
2. Customer Success Manager
The Customer Success Manager worked closely with the agent to improve failed payment recovery processes and closely with The Events Calendar to ensure that the agent hit the desired goals of the business.
Benefit
The Events Calendar had a reliable partner who took care of failed payment recovery and recovered more than 993 payments resulting in more than $153,782.59 recovered revenue in just 12 months. In Q1 of 2022 from 1730 contacts, we recovered 314 payments amounting to $49,804.16.
Result
- Sales generated: 993 payments recovered
- Total sales revenue recovered: $153,782.59
- Customers contacted for recovery: 3520
- Apps used: Live Agent / Zendesk (email), Metorik
*data from April 2021 to March 2022
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