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7 key insights to drive consumer payments: Webinar recap

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7 key insights to drive consumer payments: Webinar recap

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7 key insights to drive consumer payments: Webinar recap

What drives consumers to actually make a payment? 

If you knew exactly what caused them to act, you could repeat that technique again in hopes of seeing similar success.

But in a world of multi-channel communications and frequent outreach, sourcing attribution is tricky.

We teamed up with AccountsRecovery.net and assembled a panel of experts: Michael Cowguill from Hollis Cobb, Leeann Elmore from Frost-Arnett, and Thomas Kersting from InvestiNet to discuss what you should track and how to maximize payments.

The top 7 expert tips for attributing and increasing payments

1. Track it all - To gain a comprehensive understanding of what motivates consumers to pay, capture data on every interaction across all channels, from email opens and clicks to portal activities and inbound calls. The more data points you have, the richer your insights will be.

2. Timing is key - When consumers engage with your communications can be just as important as how they engage. By analyzing the cadence and timing of interactions, you can identify the most effective outreach schedule for your target audience.

3. Connect the dots - Attributing payments to specific touchpoints can be challenging, but analyzing data from the early stages of outreach before deploying all channels can help you connect the dots and identify the most influential factors in driving payments.

4. Don't wait for perfection - While it's tempting to hold out for 100% accurate attribution, the reality is that you can still make informed decisions based on the data you have. Embrace the insights you can glean today, and refine your approach as your data and capabilities evolve.

5. Crawl, walk, run - If you're just starting out with consumer engagement analytics, focus on tracking basic digital metrics like email opens and clicks. As your resources and expertise grow, you can gradually layer on more advanced techniques to further optimize your outreach strategy.

6. Lean on experts - Capturing, integrating, and analyzing consumer engagement data can be complex. If you need help getting started or taking your analytics to the next level, consider partnering with a vendor that specializes in driving payments through data-driven insights.

7. Adapt and evolve - Consumer preferences and communication channels are constantly changing, so it's essential to continually assess and adjust your outreach strategy based on the latest data. By staying agile and adaptable, you can ensure that your approach remains effective over time.

By putting these insights into action, you can gain a deeper understanding of your consumers, optimize your outreach strategy, and ultimately drive better results for your organization.

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