Gravy Returns Record $1 Million In Lost Revenue To Businesses Amid Economic Crisis
As the COVID-19 pandemic casts a dark cloud over the U.S. economy and consumers dump subscriptions, an Atlanta customer retention company is serving as a bright light during these scary financial times for online businesses.
Gravy specializes in providing personalized customer retention and failed payment recovery at scale, and it has found itself serving as a “revenue relief organization” during this crisis.
“Online business owners are scared right now. They’re bleeding customers and revenue by the day,” said Casey Graham, Co-Founder and CEO of Gravy. “Whether it is due to voluntary or involuntary churn, companies with subscriptions and memberships are fighting for a lifeline in these uncharted economic waters,” he added.
The company has already been contacted by hundreds of E-Learning, Software as a Service (SaaS), Subscription Box and Health & Wellness companies during the past few weeks to help with revenue retention, and it plans to have a record month in revenue returned to clients ($1,050,000 in March alone).
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“I started this organization as a way to give back to small businesses and empower them to put more money back into their company,” Graham said. “My grandfather took his life because of stress from owning a small business, and I want business owners around the nation to know that when everyone else walks out, Gravy walks in,” he continued.
Although it offices in Atlanta, Gravy’s headquarters is on Slack. The company established a virtual hub from the beginning, and is in a position of strength to help its clients retain customers as leaders recommend remote work.
Gravy’s full-time, virtual, Retention Specialists, are experts at recovering failed credit card payments and returning revenue to business owners. In a space previously dominated by dunning software and cut-throat collections tactics, their warm and personalized communication approach cuts through the noise, which is needed now more than ever. Their mission is to save payments — and serve people.
“When your flight is messed up, you don’t want automation; you want a human. When you’re let go from your job, you don’t want artificial intelligence; you want a human. When you have a payment issue with your favorite company, you don’t want a canned offer; you want a human,” Graham said.
“Humans are undefeated. Humans prevail. Humans comfort. Humans provide hope. This is why we are powered by people.”
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As COVID-19 emails crowd already flooded inboxes, Gravy is also a breath of fresh air for consumers wanting a human at the other end of the communication. And the best part? It works. The returned revenue speaks for itself.
Gravy’s “secret sauce” — its customized, human-based approach — produces results and customer retention rates previously unheard of in the payment recovery industry. The agency averages a 55% recovery rate, and has already returned more than $77M back to businesses.
“The greatest mistake subscription-based business owners can make during this time,” Graham says, “is to think they can do this alone. As the experts in payment recovery and customer retention, we are here to be their revenue solution in a world faced with problems.”
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