Best Strategies to Reduce Churn in Subscription Businesses Beyond Blanket Discount Offers

Hi, Quick question for those who have subscription based business. What do you actually do when someone goes to cancel or you know when someone is going to cancel? Do you offer discount or is there any smarter way to retain user? I keep noticing the default is a blanket discount at the cancel screen, which feels like it just pays off the people who'd have stayed anyway. Trying to learn what actually reduces churn vs what's a waste of time. (Engineer here, poking at the retention problem, genuinely trying to learn, not selling anything.)