As we say goodbye to 2017 and move into 2018, could now be the perfect time to consider how you can increase Direct Debit sign-up rates?
The benefits of switching customers to Direct Debit are well known, including cheaper and more efficient payment collection, increased retention rates, and more certainty over cash flow. For consumers Direct Debit is easy, quick and convenient, ensuring that important payments aren’t missed, or forgotten.
However, we know that time and resource restraints can make launching a Direct Debit marketing campaign a daunting task for some. So, to help you get started, here are some top tips to consider
when promoting Direct Debit:
- Consider offering a choice of payment date: offering ‘any day’ payment with Direct Debit has been shown to have a positive impact on uptake, as it gives the customer choice, flexibility and control
- Adopt a multi-channel approach: an integrated marketing approach, using a consistent message across a range of channels, can often give your message a better chance of being heard
- Think about timing: timing can be an important factor in influencing a customer’s decision to switch to Direct Debit. Consider communicating the benefits of paying this way when managing finances is front of a customer’s mind –perhaps the New Year, following the summer holidays, or when fits with your billing cycle
- Include Direct Debit messaging in wider campaigns: why not wrap in key Direct Debit messages to other campaigns you are running?
- Offer an incentive to boost conversion: you can give your Direct Debit campaign a real boost by offering a simple incentive to sign up
- Make it easy for customers to sign up: give people a choice of how to sign up to pay by Direct Debit, i.e paperless, by post, over the phone.
And, to make things even easier for organisations to promote Direct Debit as the payment method of choice, we launched our free-to- use marketing toolkit earlier this year. Over 130 organisations from across a range of sectors have already registered to take advantage of the resources and, as we get ready to welcome in a new year, you could save time, effort and money by doing likewise.
The toolkit provides a range of customisable leaflets, images, and other templates which promote the benefits and ease of Direct Debit to customers, while organisations can also take advantage of a
marketing best-practice guide which offers even more useful tips and strategies to get the most out of any promotional activity.
You can find out more, including all the details on how to access the toolkit, here: www.bacs.co.uk/marketingtoolkit.