On this episode, we talk with Scott Hurff), Founder and CPO at Churnkey), about a hot topic in the world of subscriptions — churn. Churnkey is a subscription company that provides data and analytics to other subscription companies to minimize churn and increase customer retention.
Scott spent over a decade in VC-backed subscription startups, the most famous being Tinder. After helping a friend create a simple prototype that brought churn down from double to single digits for his company, he knew he was on to something and founded Churnkey.
He talks about different types of churn: involuntary (20-40% of all churn) and voluntary. Involuntary categorizes things like non-payment due to an expired card or error code.
Scott points out that their most successful customers have a team in place to look at critical feedback from Churnkey and then act on it quickly. Their best customers are second-time founders because they’ve already been around the block and they’re willing to act swiftly.
He also looks at the trend of moving away from app stores and taking it in-house.
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