Early Renewal is a tool for renewing a subscription before its due date or extending it. It's a strategy that will allow you to offer your subscribers the possibility to make a payment before the renewal date of the plan, and in exchange, you may optionally offer a discount, having the autonomy to define the number of recurrences in each action.
Early Renewal offers several advantages, both for you and your customer. For the customer, it can mean discounts, uninterrupted service continuity, and convenience. For you, it can lead to guaranteed revenue and customer loyalty.
❯ How can this tool boost my revenue?
- Customer Retention: Offering discounts for Early Renewal can increase subscriber loyalty, reducing the subscription cancellation rate.
- Investment Capacity: With guaranteed early revenue, you can invest in product improvements or create new content and features to offer to subscribers.
- Acquisition Cost Reduction: Keeping existing subscribers is more economical than acquiring new customers. The Early Renewal strategy helps keep subscribers longer, reducing acquisition costs.
- Relationship Building: Early Renewal can be seen as an opportunity to build a closer relationship with subscribers, showing that you value their loyalty.
- Competitiveness: By offering this option to subscribers, creators can stand out from the competition and create a competitive advantage in the market.
General business rules (click here to expand the general tool usage rules)
- Upon receiving payment for an Early Renewal, the entire renewal amount will be made available to you, considering the business rules made with Hotmart.
- If a plan has a defined billing limit (maximum billing cycle) and the customer makes an Early Renewal purchase that exceeds this limit, we will extend the subscription time.
- If the creator offers a monthly plan renewal proposal, and the anticipation amount is greater than 1, we will allow installment payments according to the number of recurrences. Ex: 2 recurrences (up to 2x), 3 recurrences (up to 3x), etc.
- The installment limits will obey the existing rules: Minimum amount per installment, maximum number of installments.
- There is no limit on the payment method, and the buyer can use any payment method currently active in subscriptions (Card, Cash Payment, etc).
- During the anticipated cycle, the subscriber will not be able to change plans. A plan change will only be possible after the end of the prepaid period.
- In the case of an affiliate, the commission payment will respect the Early Renewal, i.e., if the creator anticipates the payment for 2 recurrences, the affiliate will also receive this period at once. Thus, there will be 2 recurrences without receiving.
- Just like a normal renewal, the Early Renewal can't be refunded by the buyer.
- It is not possible to apply discount coupons in conjunction with Early Renewal.
- The offer for which you want to offer Early Renewal needs to be active and valid for the Early Renewal to work.
The Retention Strategy tool is available in 3 formats
❯ Retention Strategy - Renewal by Invitation
This tool will allow you to create Early Renewal proposals and send them directly to your subscribers' emails. In it, you can define the offer, the target audience, the number of early recurrences, and the discount to be applied (optional).
The subscriber will receive an Early Renewal proposal in the email and can make the payment using our HotPay checkout with the available payment methods in your setup.
In the Retention Strategy tool, it will be possible to follow conversion numbers, the total revenue generated by anticipation, in addition to having the list of which subscribers paid or did not pay the proposal.
Where to set up? Go to Tools > Retention Strategies.
Early Renewal by Invitation Rules (click here to expand the general tool usage rules)
- Customers will receive the proposal by email, and it is unique, i.e., each customer will have their Early Renewal link, and if the customer shares it with someone not on the list, they will not be able to make the payment. The email is the field we evaluate to ensure if the customer is eligible.
- Early Renewal by invitation will be done on the Hotmart payment page, having available all the payment methods configured for the offer.
- It will be possible to configure a name and deadline for each configured proposal. After the expiration period of the proposal, the subscriber will not be able to make the payment.
- The deadline of each proposal can be configured by the creator at the time of configuration. If not configured, it will last until the creator cancels the proposal.
- It will be allowed to send an Early Renewal proposal only to Subscriptions that are Active or Overdue. If a subscription is overdue and the subscriber pays the early renewal, we will reactivate the customer's subscription, and they will be up to date.
- Subscriptions in a trial period will not be eligible to receive an Early Renewal proposal.
❯ Early Renewal on a Custom Checkout Page
The Early Renewal feature on the Custom Checkout page works similarly to the Order Bump feature.
This means that you will be able to offer new buyers the opportunity to acquire, during the purchase process, Early Renewals with a discount (optional), while they are subscribing to a product.
Where to set up? Go to Tools > Checkout Builder.
Renewal on Order Bump Rules (click here to expand the general tool usage rules)
- The Custom Checkout Page with Early Renewal created will always be for an exclusive offer, and the Early Renewal will be for this offer. It is not possible to select a subscription product and enable Early Renewal for another product.
- After creating the Custom Checkout Page (checkout builder) with Early Renewal, it will not be possible to edit Early Renewal data. If you want to change any information, you will have to delete the Custom Checkout Page and configure again.
- If an Early Renewal purchase is made with asynchronous payments and the payment occurs before the subscription payment, after the expiration period of the payment method, we will automatically refund.
- If the % commission of the subscription is different from the recurrences, the early renewed periods will be paid with the subscription commission. At the end of this period, the affiliate begins to receive the commission amount according to the recurrence.
- When selling via Order Bump, a main subscription + an Early Renewal of this same subscription, it will not be possible to apply a discount coupon on the payment page.
❯ Early Renewal in Sales Funnel (one-click buy)
The feature of Early Renewal in the Sales Funnel (one-click buy) allows the user to set up an Early Renewal step in the funnel. As long as the selected product is a Subscription product.
Where to set up? Go to Tools > Sales Funnel.
Renewal in Sales Funnel Rules (click here to expand the general tool usage rules)
- To set up a Sales Funnel step with Early Renewal, this funnel must necessarily be related to a subscription product.
- You can only set up one Early Renewal offer per decision line. For example, on the Yes decision line you can set up an Early Renewal and, if you do this, you can set up another Early Renewal on the No decision line.
- It will not be possible to apply a discount coupon on the payment page. This is because the Early Renewal discount is already considered a coupon, and it will be applied in this situation.
- If the % commission of the subscription is different from the recurrences, the early renewed periods will be paid with the subscription commission. At the end of this period, the affiliate begins to receive.
❯ How to track the results of my sales?
For Early Renewals by invitation, the user will be able to consult performance data through the main dash in Tools > Retention Strategies.
For an overview, click on Sales > My Sales. Go to the Export > Detailed Template (choose the template that suits you).
In the column, you will be able to identify if that sale was related to an Early Renewal in each of the formats available in the system.
Comments
0 comments
Article is closed for comments.