Posted by Tiffany Taylor and Peggy Olson on 01 Jun 2022
Autopay offers tangible business benefits that include improving the number of reliable on-time payments, decreasing costs associated with checks and other customer service-supported payments, and boosting customer satisfaction. But after the pool of early adopters is exhausted, what can billers do to increase autopay adoption rates?
The Marketing Rule of Seven is a powerful principle that is often overlooked. Based on the simple idea of repetition, the Rule of Seven stipulates that to elicit the desired action, such as promoting autopay enrollment, people must be reached and positively impacted at least seven times in a variety of ways.
Why Repetition Matters
Repetition is important in promoting autopay enrollment because most people don't take action the first few times they're exposed to your company's enrollment efforts. The reasons for inaction are many:
How to Make it Work
Create a campaign that maps out the who, what, where, when, and how related to marketing communications.
Once your campaign strategy is solid, begin executing and be persistent in your efforts. Remember, most customers don't take action the first few times they're exposed to your company's message. Repetition ensures that the autopay enrollment information you're trying to convey imprints on your customers’ minds.
Don't rely on just one type of method, even if you are getting stellar results. Using a variety of mediums in an integrated, multichannel approach increases the likelihood of catching your customers’ attention. Put the Rule of Seven to work and enjoy the benefits of increased autopay enrollment.
Read more about billing in Paper or Electronic Billing: What’s Your Preference?
Updated from a blog originally published February 13, 2020.
Today’s legacy and siloed banking technology infrastructure limit financial institutions’ ability to rapidly innovate. It’s time to look at money movement in a new way. Alacriti’s Orbipay Unified Money Movement Services does just that. Whether it’s real-time payments, digital disbursements, or bill pay, our cloud-based platform enables banks and credit unions to quickly and seamlessly deliver modern digital payments and money movement experiences. To speak to an Alacriti payments expert, please call us at (908) 791-2916 or email info@alacriti.com.
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