We're debating adding a "win-back" campaign for churned subs. What's an offer that works without just attracting people who will cancel again immediately?

We’re considering a win-back campaign for some users who left.

It’s tricky though, as we don’t want to create a situation where they just cancel for discounts.

What types of offers have succeeded for you in bringing back valuable subscribers?

Skip discounts. Add features they actually wanted instead.