13 Replies Latest reply on Apr 6, 2017 12:30 PM by Pierce Ujjainwalla

    Nurture Track for Credit Card Expirations

      Hey everyone!

      Would love to hear your feedback on a program we're coming up with. We have a product similar to Netflix as we provide online media and streaming to our customers internationally.

       

      We are trying to figure out the best way to build a program around credit cards that are about to expire (7 days before expiration, 3 days before expiration, day of, etc.). We'd have to initially pull a smart list since expirations can happen at anytime (we have millions of subscribers across the globe). Then after we so do, if the subscriber does not further to take action update their expired credit card, what are some general tips in building out the nurture track/s?

        • Re: Nurture Track for Credit Card Expirations
          Joey Forcelli

          Hey Kristina,

           

          Do you already have the CC expiration date setup as a date field in Marketo?  If yes, create a scheduled daily batch smart campaign with "CC Expiration Date" in future 7 days to add leads to communication flow. 

           

          You can setup a triggered smart campaign to remove leads from the aforementioned flow.  Smart list would look like this:  "Data Value Changed" = "CC Expiration Date" + "Member of smart campaign" = XYZ campaign (if you also have CC # in Marketo I would add CC # changed as criteria too).  The flow would be "remove from flow" of XYZ campaign.

           

          Hope this helps.

           

          J

          1 of 1 people found this helpful
          • Re: Nurture Track for Credit Card Expirations
            Pierce Ujjainwalla

            Do you happen to use Stripe? If so, Baremetrics has an amazing Dunning tool to help with this kind of thing.

            2 of 2 people found this helpful
            • Re: Nurture Track for Credit Card Expirations
              Jamie Maynard

              Hi Kristina!

              What sort of feedback are you looking for? It feels like you're looking more for content suggestions and messaging vs. actually building the campaign, so that's what I'll go with.

               

              I love your idea to send an email 7 days before expiration. Then three days before and the day-of are good emails to send, too. You literally won't be able to watch if you don't update your credit card! If you have information on what shows the subscriber watches most, you could do something clever with the subject line...something like "Update your credit card or you won't find out what is happening on XYZ show." (obviously it needs some work, but you get the point!)

               

              Then after the user still doesn't update their credit card info, you should send a cancellation email and then drop them into a "win back" nurture. 

               

              As for the content in the win back nurture, there are a ton of options depending on the data you have available. If you have viewing data, send emails when new seasons of their favorite shows are available. You could go with a more traditional offer like a free month if they come back. I'm happy to chat with you about a few ideas and how I would set this up if you'd like! My email is jamie@leadmd.com.

              1 of 1 people found this helpful
                • Re: Nurture Track for Credit Card Expirations

                  Hi Jamie,

                  Nice to meet you and thanks for your reply! This is super helpful because eventually we would need help with the messaging/comms part. For now we need help with actually building out the campaign. Joe helped a ton with the logic (see the first response to my question) but since we haven't built this nurture program out fully yet (we're still undergoing integration), I am welcoming other helpful scenarios for us. Would love to hear what you thoughts on this may be as we still have time to think this through.

                   

                  Historically, we have had a bad reputation with email marketing in general so now we are beefing up our internal teams and revamping/improving all processes for best practice (which is why we purchased Marketo ).

                    • Re: Nurture Track for Credit Card Expirations
                      Jamie Maynard

                      Hi Kristina!

                       

                      Joe's logic is definitely the place to start. It gives you the foundation for how to add and remove people from nurture. There may be other peripheral fields that you're working with that we'd want to add as well. For example, do you have different subscription levels? Often when people have to update their billing information it makes them reconsider their subscription. The messaging for people who change their CC AND their subscription could be different from those that stay the same.

                       

                      There are lots of other  best practices around nurture that I would encourage you to consider as well. You'll want to make sure that you're entering costs into your nurture and that you are tracking success so that you can report on revenue for this program. Since you're integrated with Netsuite and not SFDC, there will be some nuances to that setup but the concepts should be applied nonetheless. For this particular nurture, getting them to update their credit card info is a success. You might consider building out a specific channel around this with unique program statuses if it's a main business challenge that you're solving (that may be too in the weeds - we don't want to over-create channels, but something to consider).

                       

                      Also, what happens to leads after they update their CC information? To Joe's point, you'll want to make sure they don't get any more emails about updating their info. But you'll also want to drop them into another communication series so that they don't get lost in the abyss! I like to map out an entire buyer journey to know how my leads are flowing through my system so no lead gets left behind.

                       

                      I'm glad you hear you are beefing up your internal teams! You have a fun journey ahead of you. :-)

                        • Re: Nurture Track for Credit Card Expirations

                          Hi Jamie,

                          This is all great! Hopefully you read my email response I sent this morning- per every line of business we have, early on in implementation, we set up channels and tags with success steps that are critical for each product line. Before we go live, I will definitely conduct some sort of a re-review to ensure that all tags and success steps are set up correctly. This might be something we can pow-wow about later

                           

                          To answer your question, yes, we do have different subscription models and as a result we have different segmentations built out in addition to streams a lead or customer would fall into depending on the goal of how we are trying to get them to convert. This is yet to be built out.

                           

                          After our lead updates their CC information OR if they do not take that action, I plan to build out a different program (Payment Method Update Nurture) to capture all leads from the CC expiration program. I've already started building this out but it needs to be QAed and further refined.

                           

                          Hope this makes sense and do let me know if you see a gap where leads are falling through the crack. Thanks for all your help so far. I can't wait to meet you at Summit!

                           

                          KL