The subscription market is heating up with a new partnership between powerhouses Recurly, a leading subscription management and billing platform, and Redfast, a subscriber personalization and engagement provider.
The two platforms announced a new lifecycle engagement tool to drive proactive, personalized in-app experiences to keep subscribers engaged and increase brand loyalty. Its features include subscriber churn prediction and prevention, one-click calls to action, personalized onboarding of new users, growth marketing tools, A/B testing, and customer engagement prompts across the subscriber lifecycle.
Recurly’s CEO Joe Rohrlich explains, “Predicting and acting on subscriber acquisition and retention opportunities are top-of-mind for consumer subscription leaders. Our partnership with Redfast couldn’t be more timely.”
“Investing in a robust lifecycle engagement strategy is essential for subscription businesses. Combining subscription billings and lifecycle management, powered by Redfast, we offer brands a holistic approach centered on subscriber lifetime value, including acquisition, retention, and growth strategies,” continues Rohrlich.
Increasing Engagement and Slowing Churn
Subscriber churn continues to plague subscription services, standing in the way of growth. The new tool targets this industry-wide issue to stop churn by improving subscriber engagement.
Recurly’s research shows that engaged subscribers are more loyal and profitable, with 65% of consumers saying they would reconsider canceling a subscription if they can customize their plan to their needs and 26% saying they would stay subscribed for another four to six months if they are given what they want, according to Recurly’s State of Subscriptions study.
“This partnership empowers subscription professionals with the combined might of Redfast and Recurly to elevate subscriber management,” says Rajeev Raman, Founder and CEO at Redfast. “By harnessing the combined strengths of these platforms we can unlock incredible, personalized in-app experiences for end users that ultimately leads to significant improvements in churn rates and subscriber engagement, paving the way for sustainable growth.”
The global subscription market is set to reach $996 billion by 2028, and consumer-focused subscription services are fighting for a competitive edge as the industry speeds ahead. Companies like Recurly are working to help brands maximize revenue and make the most of this opportunity, leading to new growth this past year, the launch of new in-app analytics reports, and the appointment of C-suite leaders Joe Rohrlich as CEO and Lina Tonk as CMO.
