Why Won't My Customers Just...

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:    

  1. Identify the objection
  2. Overcome the objection
  3. 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.