decline defense: how Science of Skill used Smart Dunning to overcome payment declines
challenges:
Before Smart Dunning, Science of Skill faced declined transactions affecting financial stability and subscriber satisfaction. Their struggle extended beyond numbers, emphasizing the resilience needed to maintain stability.
solutions:
The activation of Smart Dunning catalyzed Science of Skill’s decline recovery:
enhanced decline recovery
In the six months following Smart Dunning activation, Science of Skill achieved a 28.7% success rate by revenue, indicating a substantial 40.7% increase in decline recovery compared to their previous performance.
increased salvaged revenue
With Smart Dunning in place, Science of Skill enjoyed a remarkable 36.8% increase in salvaged revenue in the six months post-activation.
improved success rate on initial retry
The success rate on the first retry showed substantial growth, rising to 15.6% after Smart Dunning activation. This 51% increase in initial retry success indicated that more declined transactions were resolved on the first attempt, enhancing customer satisfaction and retention.
Results
Science of Skill's transition from another provider to sticky.io’s Smart Dunning yielded remarkable outcomes, showcasing the solution's significant impact on their decline recovery and subscriber retention.
They observed a substantial 27.4% increase in dollars recovered per attempt. This significant financial benefit highlighted the solution's effectiveness in maximizing revenue recovery.
Smart Dunning enabled Science of Skill to elevate their success rate by revenue from 20.4% to 28.7%, reflecting a remarkable 40.7% increase in revenue recovery.
The success rate by order count also exhibited substantial growth, rising from 20.5% to 26.8%, marking a 30.7% increase in overall order processing efficiency.
The adoption of Smart Dunning not only bolstered their financial stability but also contributed to a more reliable and efficient subscription billing system, reinforcing their leadership in the online learning industry.
