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Montreal, January 10, 2023 /CNW Telbec/ – FlexPay, a leading global payments and technology company and PYMNTS, a leader in information and insights on the payment industry, today released key findings. of 2023 Subscription business status Report it. This report, which collected survey feedback from 200 subscription companies, provides the first overview of the subscription industry.
The report provides unique insights into key trends and best practices that are important to understand for all companies with recurring billing models. As many companies experience declining new customer growth, actionable tips are identified that subscription companies can implement to improve operational efficiency, customer retention, and accelerate revenue growth, which has never been more important.
The sentiment of the recording industry in the next 12 months
of The state of the subscription business: best practices and drivers of business performance It highlights the main challenges that subscription businesses will face in the next 12 months, with 59 per cent citing the economic downturn, growing challenges in attracting and retaining customers and, finally, rising inflation.
Best practices of high-performing subscription companies
The report also identified key findings related to top-performing subscription companies, including:
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High-quality subscription companies use it to organize work groups and improve financial results
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The importance of measuring and managing lifetime value (LTV) to improve profitability and why this important metric is not widely used
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The problems of payment systems that cause customer churn and the strategies that companies can use to overcome them
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The organizational structure associated with high-performing subscription businesses
according to Steve ArentzoffSenior Vice President of Marketing at FlexPay, “The subscription industry lacks a comprehensive view of the state of the industry. This report is a valuable resource for subscription companies to learn about best practices that each company can implement, which can improve operational efficiency and lead to accelerated revenue growth and higher profitability.”
The report can be found here.
Survey method
The state of the subscription business: best practices and drivers of business performance The report is based on anonymized data collected from two hundred executive decision makers at companies that offer subscription-based services and products. The businesses generated 40% or more of their revenue from affiliate marketing and reported their annual revenue. 100 million dollars And above. The report, including the insights and analysis contained therein, was prepared by PYMNTS with support from FlexPay.
About FlexPay
FlexPay is a leading payments and technology company that provides machine learning and AI-powered solutions to detect and resolve fraudulent credit card declines, preventing hundreds of millions of dollars in legitimate transactions between merchants and customers each year. The platform has been trained on billions of transactions, enabling unmatched performance in the payments industry. The company is committed to creating greater efficiency, trust and transparency in the payments process, helping merchants and their customers settle more legitimate transactions. Visit flexpay.io to learn more.
© 2023 FlexPay, Inc. all rights reserved. FlexPay®The FlexPay logo and names and symbols associated with FlexPay products are trademarks of FlexPay.
About PYMNTS
PYMNTS is where the best minds and best content on the web meet to learn about “what’s next” in payments and commerce. Our interactive platform is reinventing the way companies in payments share relevant information as they make news and shape the future of this dynamic sector. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and measure innovation at the cutting edge of this new world.
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Source FlexPay
For multimedia downloads, see original content: http://www.newswire.ca/en/releases/archive/January2023/10/c5707.html
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