How to read the Chargebee Retention Benchmark Widget on Dashboard?
How to opt-in for benchmark calculations?
Chargebee Retention at its core is a performance optimization tool and it is often a question to understand your company's retention vs other similar companies using Retentions.
The Chargebee Retention Benchmark widget on the Chargebee Retention Dashboard is our first in-product view of the proprietary churn and deflection benchmarking we have been building over the last several years. This dashboard widget allows you to see how your rates relate compare to the low, medium, and high for each of the following four metrics.
- Deflect rate
- Save rate
- Active deflect rate
- Passive deflect rate
The Active deflect rate is an aggregate of all your modal and loss aversion Offer Accepts. When you opt-in to participate in Chargebee Retention Benchmarks, you are joining a community of the leading subscription business in the world who are all committed to improving and growing their subscriber retention and are willing to contribute their aggregate deflection data to the cause of improving the overall community. We hope you will join them in the mission to create a better subscription industry by opting in to contribute your data towards our benchmarks.
When you log into your Chargebee Retention Dashboard, you will see the Benchmark Widget with a message prompting you to "Enable."
If you hit "Enable", you will be taken to a form where you need to provide your Subscription Business Model and Vertical. This information helps us classify your data for the purposes of benchmarking, so it is important that you select the options that most represent your type of subscription business.
For Subscription Business Models, we provide the following options:
- B2B SaaS
We then further classify these by Vertical to understand the type of product you are selling a subscription for.
For Verticals we provide the following classification today:
- Apparel & Beauty
- Consumer Services
- Fintech & Insurance
- Food Delivery
- Health & Wellness
- News & Publishing
- Streaming Media & Services
Finally, you will need to 'opt in' to include your data in our Benchmarking calculations going forward.
When you opt in, you are including your aggregate rates for each of the metrics we benchmark in our overall calculation. We will not share any of your sensitive customer information or any specific rates from your app with any other customers. You simply will be contributing your data to our calculations for Benchmarks in return for getting access to said Benchmarks. The Benchmark data will be recalculated and updated periodically (~weekly) as relevant changes to the metrics occur.
If you have a specific request for additional Benchmarks, please reach out to email@example.com.