Receipt Bank is a paperless bookkeeping platform for accountants, bookkeeping firms, and businesses. Their application helps to digitize and manage receipts. Receipt Bank has recently introduced a new price proposition for their customers. The Marketing team offered discount coupons with Voucherify to move legacy customers to the new pricing system and to improve customer retention.
"If we weren’t able to offer these discounts, we might have seen an increase in churn. Voucherify really helped us to convince customers with legacy pricing to migrate on to the new prices."
Receipt Bank has recently introduced a new price proposition for their customers. Before the roll-out, their Marketing team wanted to run experiments to see how customers would respond to the new prices. They used discounts and promotions to test the new pricing scheme.
Once the new pricing was decided upon, they faced another challenge – there were thousands of customers in the old pricing system. Having customers in two different pricing systems at the same time made Receipt Bank work more complex. The company’s goal was to migrate these customers to the new price points by offering specific discounts and minimizing the churn rate originating from the new price proposition. The objective was to improve customer retention by offering personalized discounts for price-sensitive customers.
“We wanted to run different experiments with discounts and promotions to see what the response to our new pricing was, and to see how we could boost our acquisition numbers depending on what kinds of promotions we offered.”
Additionally, the company wanted to answer the question: How to boost acquisition numbers depending on the promotions offered?
Receipt Bank looked into different promotion engine solutions and finally signed up for Voucherify as the functionalities met their needs directly. Their IT department has integrated Voucherify fast and without any difficulties, thanks to Voucherify flexible, API-first infrastructure.
In the first place, the company launched a big project to identify pricing gaps where discounts were necessary to move customers to the new pricing scheme. They used the Voucherify platform to run the project and to offer discounts where appropriate. The Marketing team managed to double the number of customers migrated to the new pricing scheme per month.
One month after the implementation of Voucherify, Receipt Bank ran a promotional campaign featuring discount coupons. The promotional campaign accounted for 13% of the new customer acquisition that month.
Using Voucherify, the company found a solution to increase customer retention. Whenever Receipt Bank faces a threat of churn due to pricing, they can offer personalized discounts to retain the customer.
Receipt Bank has also run an experiment with a referral program with Voucherify. The company sent out unique coupon codes to their customers and offered a 10% discount for both the referee and the referrer if a new subscription was bought. The experiment has proved to be successful and in the future, Receipt Bank is considering scaling up the referral campaign.