As a marketing automation company, we spend a lot of time looking at data from consumer interactions, leads, and sales. One of the most powerful things we do is also remarkably simple: we ask people why they declined an offer we made. This seems like a pretty obvious action but, not something you can do with a banner ad or email so -- essentially, it just isn't done by other marketing firms. Here's an example...
One of our clients ran a campaign to promote a free and really terrific app that enables clients to freeze & unfreeze their credit card accounts if the card is ever lost, found, or stolen. Seems like a no-brainer, right? Well, it was for about 2,000 customers who accepted the offer but, not so for the 6,600 customers who declined the offer.
The typical marketing approach would be to try 2-3 different versions of the same offer to the decliners and hope one of them works. This approach gets you the famed 0.1% click-through rates. Why? Because if you don't know why someone declined, how can you expect to address their concerns with another offer? It's kind of like offering someone a bottle of soda and when they decline, offer it to them again in a glass. Not smart.
The smarter approach is to ask each customer why s/he declined, then address each objection individually. This is sales 101:
- Identify the objection
- Overcome the objection
- Make the sale
Not very complicated, right? But completely lost to the digital marketing world - they would never ask a consumer a question because if they did -- they would have to admit that the don't know why the consumer didn't accept the offer; and that wouldn't look good.
For us, driving cross-sales and deeper relationships isn't about looking good -- it's about producing measurable sales so, we do ask questions because sometimes, even our best predictive models can't explain declines.
So, why did those 6,600 customer decline the offer?
- Don't understand the value
- Too many apps already
- Looks complicated
- Not available for my device
It wouldn't make much sense explaining the value to someone who thinks it looks too complicated -- let's talk about ease of use!
So, if you too want to stop guessing why your customers won't... [fill-in-the-blank], try asking them, they will tell you! And if you don't know how to interview thousands of digitally engaged banking customers - contact us, we'll show you how.