As an advertiser, whether you’re using a straight sale, straight sale with continuity or trial model to sell your products, it’s difficult to be profitable if you’re not utilizing your customer data. This is really the key to making or losing money. Here are the main ways you should be monetizing this valuable asset.
There’s one group of customers I can almost guarantee you’re not utilizing: issuer declines. This is free money, seriously. Here’s the scenario; the customer has been provided their product, they agreed to pay for it if they didn’t cancel their subscription but, they didn’t hold up their end of the bargain and pay for the product they received. Why? Their card was declined.
So what can you do? At this point you’ve paid for the product, shipping, and a hefty CPA. You’re out a lot of money. It’s an industry standard to send the transaction to “decline salvage” within your CRM where the charge is attempted again at a later date but this is often futile with only some minuscule percentage being recovered. Good news, there’s more you can do. Simply, talk to the customer. That’s the Customer Service Collective (CSC) secret sauce.
You run a clean campaign, your terms and conditions are clearly stated and the customer willingly opted in to receive your product under those terms. Often when a customer is reminded of what they agreed to, they take responsibility and want to pay what they owe. Some of the customers CSC deals with don’t even know the transaction was declined and their subscription was subsequently cancelled. These customers will often pay what is owed and many even want to continue their subscription. This means that not only do you receive what is due but, you have an additional subscription! They’ve also found that these customers who choose to stay on the subscription have an on average longer customer lifetime value, likely because the consumer feels they have more of a connection with your company after speaking to one of their agents. To make the deal even sweeter, you can save a lot of money by putting these new sales on a straight sale MID since the customer is providing a new payment method and a new transaction is being created!
Monetizing partials is definitely a more common way to monetize customer data but how you use them is important. One is to simply sell your data to a third party. The upsides to this are that it’s easy and you generally know what you’re getting. The downside is that you’re likely not realizing the full profit of your data. If you want to take advantage of the full value of this information you need to be employing email flows, SMS texts, and outbound calls.
With email and SMS, the best way is to send the customer an email and/or SMS message shortly after they have left your landing page. This flow sends the customer to a new LP offering them your product at a discounted price and they’re information is already populated. This provides the customer with more value and gives you another chance to make that sale. If after this service has been utilized, the customer can be called and offered the deal. The agents at CSC are trained in the art of sales and are highly effective.
In a time when margins are getting smaller and smaller and it’s more difficult than ever to turn a profit – Every cent counts. The team at CSC are the only ones that have found a way to utilize issuer declines and our solution for partials is one of the most simple and effective systems out there.
CSC will be in NYC for Affiliate Summit East!
Contact CSC via Skype at live: Lynnette_160 or email them at Lynnette@customerservicecollective.com to set up a meeting.
Let’s make some money!