Churnkey, a tech firm that creates custom offboarding experiences, joins TinySeed accelerator to help businesses grow and learn why their customers leave.
Churnkey, a software firm that offers subscription businesses personalized offboarding experiences for their departing customers, announced today it raised $220,000 from the TinySeed accelerator program.
Read More: NAMUTECH Introduces Digital Transformation Vision At ‘CES 2022.’
The capital, paired with access to TinySeed’s collaborative network, will fuel Churnkey’s mission to help subscription companies build bigger businesses by retaining more customers.
“It’s only been a month, and our approach to running Churnkey has been fundamentally rethought because of TinySeed’s advice,” said Churnkey co-founder Scott Hurff. “With Churnkey, we’re bringing craftsmanship and humanity into an area that’s typically been rife with dark patterns, annoying call centers, and upsells that leave you feeling dirty. TinySeed’s investment was a declaration of faith — but the knowledge their mentorship continuously unlocks is what has us excited for the future.”
Churnkey’s philosophy is that every cancellation is an opportunity to craft a better relationship with customers. Instead of making it more difficult to cancel subscriptions, Churnkey aims to make the cancellation process a positive experience for the departing customer as well as the business that wants to learn from their departure.
Churnkey offers businesses a customizable cancellation experience that can adjust based on a customer’s history and the other parameters they set. For example, users could offer a discounted rate for a long-time customer or extend a free trial for a new customer. customers can also record cancellation sessions, track reduced churn, see customers that have come back, understand what promotions have performed best, and why customers leave.
Read More: SalesTechStar Interview with Paige Arnof-Fenn, Marketing and Business Growth Head at SavvySME
“The Churnkey team is solving a deep pain point for subscription businesses, and their focus on solving this problem the right way is an advantage that will continue to fuel their growth,” said Rob Walling, General Partner at TinySeed.
Why a customer cancels a subscription has proven to be valuable data for Churnkey users. On average, Churnkey users’ voluntary churn — which is the rate at which customers initiate the cancellation of a service — drops by 32 percent when they use the platform. Churnkey also increases customer lifetime value by 26 percent on average.
