It means you are able to create an Easy, Simple, and Lucrative online business that works even when you're not around. You can create useful, actionable products, and leverage your 24/7 web presence to help more people than ever before. All helping you escape the “time for money” trap and allowing you to live the life of your dreams.
However, with all of this technology come new challenges. You need to be aware of the possibilities for hiccups, so you can have your business working the way you want it to, while maximizing your profits.
One of the more surprising problems is dealing with customers who wish to buy your product, but have technical issues with payment processing. Perhaps their credit card is declined, or there's another error.
It may sound like a non-important issue… However, imagine logging into your CRM system and discovering you've lost 300 sales over the past few months due to this problem. All because these willing customers couldn't pay, and had no course of action to solve the problem.
Suddenly this “trivial issue” becomes a great problem.
This month, I will be showcasing essential marketing campaigns for your successful Expertpreneur® business. And today, I'm sharing one of the most overlooked campaigns of all – the “Credit Card Decline” action process.
You'll discover the simple steps to helping your frustrated client…
How to make sure they are never frustrated again…
And just how much you stand to recover with a simple system in place…
Leaving Money on the Table
After all, you're putting all of your time and energy into achieving your dream – doing what you love, and being handsomely rewarded for it. In order to make this a reality, you need to bring in as much income as possible.
The last thing you want is to lose money from a circumstance that is completely avoidable. You've put a lot of passion into creating your products, and if people want to buy them, they should be able to without a hitch!
This is where the true power of CRM software comes into play.
You see, when you set up your communications, you have the power to segment your market based on their actions. Actions encompass everything they do – opening emails, clicking through links, purchasing products. They also can include times when something goes wrong.
So, if you have a new client who is trying to buy a product and can't for whatever reason, you want to be able to reach them right away. Otherwise you risk losing their business.
One option would be to hire a full-time support staff who monitors everything that is going on. However, that is a very expensive proposition… especially early on in your journey.
The easiest way to deal with this is to set up a system in your CRM software that triggers when something goes wrong, particularly if a credit card is declined.
And it can be set up in four simple steps:
1) Segment the Client – Let's say you are selling Product A, the potential client is trying to buy it, but their credit card won't go through. You can set up your CRM system so it tags that customer as “credit card declined for product A.” So they are identified as having a payment processing issue.
2) Contact the Client – Then you can create an email that is sent automatically to that client by your CRM system. All it needs to say is…
“Dear John, We noticed your order for our Product A did not process successfully. We're here to help you solve the problem so your order can be completed. Please reply to this email or contact us at this phone number and we'll be glad to help you out. Sincerely, Sheryl Wolowyk.”
3) Make Customer Support Aware – Next, you want your CRM system to send an email to your Support or Customer Service team right away. All it needs to say is…
“This customer with the contact details below tried to place an order. Their credit card was declined. Please contact them and help them complete their order.”
This way, the client is getting immediate attention from your automated email, as well as a real person who can get to the bottom of the problem right away.
If you don't have a Support or Customer Service team, there's no need for you to hire a full time support staff. There are plenty of virtual services that offer support, assistants, or customer service for a low price, that can meet your needs.
4) Offer Solutions – Typically, all it takes is running the credit card one more time and it will process. However, when the customer is all alone facing this problem, they may be so embarrassed or frustrated they give up.
So, as a solution, send them an alternate order link and have them try again. If that doesn't work, come up with a different payment method (perhaps using a new card, using PayPal, or taking their details over the phone) and try completing their order that way.
No matter which you choose, they'll be thrilled you're helping them out, and they'll be excited to get their hands on your product.
Plus, it will boost your image in their minds, because you're not just a faceless entity selling products – you are a real person running a real business who cares.
The True Value of Customer Service
Now, while losing a sale for an info product is unfortunate and costly, imagine what it would be like if your business relied on memberships for income.
Think about it: let's say your main product is a subscription newsletter and you're receiving $29.99 from your clients each and every month. It's a high value product filled with actionable tips and strategies for improving your clients' lives.
This requires your credit card service to process a charge every single month. This is all done automatically through your CRM or shopping cart, so there's no way of knowing for sure if it's gone through or not, if you don't have a Credit Card Decline process in place.
What if one day they're expecting to receive their newsletter and they don't. They think that's kind of odd, but quickly forget about it and move on. They ultimately don't hear anything from you and are okay with not spending that money, so they don't bother saying anything.
Without a process in place to complete failed orders, you just lost a very valuable monthly customer and didn't even know it.
Having a system in place monitoring and addressing credit card transactions can prevent this from ever happening. An error can happen for any number of reasons and it has nothing to do with clients being bad people or having a maxed-out card.
So, if your CRM software takes note of that error and sends out the appropriate messages, you can easily handle it. You will be helping the client by ensuring their service isn't interrupted and they'll happily continue spending their money with you.
Don't Lose Money if You Don't Have To
That may be the most obvious statement ever written. However, I can't tell you how many smart Expertpreneurs® let sales slip through their fingers due to simple oversights like this.
With all of the time and energy and passion you put into your business, this is the last thing that should take away your hard-earned income.
So, if you are selling an info product, service, or membership… do yourself a favor. Set up a failsafe process in your CRM system, and make sure your clients are making purchases without a hitch.
You'll earn more money, sleep better at night, help your clients, and be that much closer to achieving your dreams.