With the focus on hosting cloud-based services that customers subscribe to – instead of software sold in one large payment – customer retention is vital to success. it’s crucial to reach a 3:1 ratio of Customer Lifetime Value (CLV) versus your Cost to Acquire a Customer (CAC) to grow as a business. You want customers to keep subscribing long past the point where you recoup the original investment.
Few customer retention strategies have such a strong effect as integrated payments. Here’s why:
Put simply, if customers don’t see tangible benefits, they’re not likely to stay subscribed. By including integrated payments, you instantly offer clients a more well-rounded software application that lets them handle multiple tasks from the same platform. Company decision-makers value results, especially when they’re related to streamlined processes and productivity.