The compliance road has been full of twists and turns this year. Hopefully, most of us can now shift our focus to all the things we’ve left on the back burner for months. For the majority of us, that’s driving revenue. I know I’ve written a lot about compliance this year, and for many, it’s been a companywide effort to cross that finish line. With just four months left in 2024, we are all looking ahead to ways to increase volume during this last quarter of the year. This month, we wanted to highlight ways to make the most of what we’ve got as we shift gears and focus on boosting sales.
Optimize Your Performance
The best and easiest place to increase volume is with your active member base. With just a little bit of effort, you can make an impact on your bottom line. Here are a few ideas to think about. First, have you optimized the rebill retry processing/dunning management process? This is the process of managing your declined or failed rebills. There are several ways you can do this. Implement smart rules and a retry process on rebills that had specific failed responses, like insufficient funds or just a general decline. By just using smart rules, you can help pick up an additional 20 to 30 percent of declined rebills. Another way is to remarket to consumers who experienced a declined refund. Some merchants already track declined consumers, but if you’re not tracking yet, you can easily gather this data from your payment service provider. Then, reach out to those declines and offer them a special promotion or present them with an alternative payment method. You can also just send a simple alert to consumers who experienced a problem with their last payment and provide them with a new link to sign back up. Lastly, scan your database for card expiration dates. Then send those customers an easy way to update their card information. This is a great option to keep rebills going.
Cancel Keep Offers
Cancel-keep offers can be implemented on your own or with your payment service provider. Here’s how it works. When a consumer goes to cancel, present an offer at a discounted price. You can also offer a different website that might be of interest to the consumer. Processors like Segpay offer this feature and can often make it more customizable to your needs. We’ve seen merchants who take advantage of this tool save nine percent of the consumers who were presented with the offer and 60 percent of the original value. We even encourage our call center representatives to present a cancellation offer and compensate them for the savings. Everyone likes a little incentive for a job well done!
Get Reactive
Another useful feature is the ability to reactivate a consumer who has previously cancelled their membership or access. This feature can be built on your own, or you can reach out to your payment service provider for help. With reactivation, you can build a marketing campaign for cancelled members. By using a simple one-click activation link, consumers can easily sign up again. You can also implement a loyalty discount. For those consumers that are either repeat purchasers or have high engagement on your website, present them with special offers or discounts for new programs to help drive up additional revenue.
Add More Options, Boost Revenue
Don’t forget to add upsells or cross-sells to help bolster your revenue. There are many white-label CAM programs and gaming programs that you can implement in your member area. Let your members use one click. options so you can earn affiliate revenue and increase the engagement of your member base. You can also add member area upsells of your own programs or from your content partners for your members to take advantage of. These are easy to implement and a good source of additional income.
Our favorite option is adding a cross-sale or upsell on the payment page. There is nothing wrong with presenting an additional offer at the time of check-out, as long as the terms are properly disclosed. This allows the consumer to take action and hopefully opt in to that offer. They can even receive a receipt for it. Merchants are always looking for upsell partners. Check with your payment service provider for help in this area. Merchants with a compliant upsell can typically pick up an additional 20 percent or more of revenue. That’s a nice bit of extra income!
If you need more help or want to learn more about retention tools and upsells, ask us at [email protected].
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