Electronic Payments Are The Right Call For Telecommunications Companies
Prepaid cards are fast becoming the preferred choice for consumer incentive initiatives across a broad range of industries including automotive, market research/clinical trials, government, and telecommunications. The telecom industry is highly competitive, and most customer offerings are boring, repetitive, and unenticing. Prepaid cards allow telecommunication companies to replace traditional–and outdated–payment methods like cheques or vouchers. TruCash programs offer unparalleled insight into customer behaviours and provide a unique experience. Prepaid is a fast, cost-effective, paperless, and more efficient payment solution that helps attract new customers and retain existing customers.
See below for all the ways that prepaid can help improve the bottom line of a telecommunications company.
Custom Branding = Premium Product = Marketing Made Easy
Customized cards create an invaluable marketing opportunity, allowing companies to showcase their brand/message, and offering a customized experience. Customers want to feel valued, and a discount coupon or telephone/email offer isn’t going to cut it. A prepaid card is cash on a safe and securecard, and it can be spent almost anywhere, immediately, on anything. When the customer makes a purchase with the card, they will see your custom-branded card and associate the transaction with your company. It is free marketing for you, since the cardholders essentially become brand ambassadors for your company.
A special cardholder website, which allows the user to check account balances and transaction history, also creates a personal relationship with the customer, driving more sales back to the company and increasing revenue opportunities. As a result, prepaid cards can leave a long-lasting impression with customers, increasing and promoting customer loyalty.
Communication Is Key, And Engagement Is Essential
One of the biggest mistakes a company can make is to neglect a customer once a purchase has been made. Attracting a new customer costs five times as much as keeping an existing one, and increasing customer retention rates by just 5 percent increases profits by 25 to 95 percent! Existing customers are 3 to 10x more likely to buy your services than a cold lead (MarTech). They are also 50 percent more likely to buy new products and spend 33 percent more than new customers.
Keep in contact with your customers and increase your bottom line by offering them a prepaid incentive. Customers that you retain provide valuable feedback, and it’s important that you listen, as 97 percent of consumers said they are somewhat likely to become more loyal to a company that implements their feedback (Apptentive). So how do you get customers to respond to surveys, sign up for email updates, enter into contests, and take part in phone questionnaires? A prepaid incentive program!
Retention, Renewals, & Rewards
Ensure that your company has happy and loyal customers by offering an incentive program that actually offers useful rewards, like cash on a card that can be used anywhere.
In the telecommunications industry, upgrades and renewals are a big part of the bottom line, and a prepaid card might be exactly what you need to help these customers decide on a purchase. Customers that are gifted with a prepaid card during a contract renewal are twice as likely to remain customers, and 60 percent of customers prefer prepaid over any kind of rewards program. By offering your customers a reward that they value, it tells them that you value their business, and that you are committed to keeping them on as customers.
Prepaid cards are supported by Mastercard® and Visa® networks, which means they can be used virtually anywhere in the world, and offer zero liability protection. This is a real reward.
Execution Is Easy, And So Is Tracking Customer Behaviour
With prepaid programs, you can receive customized reports that offer insight and valuable details about customer behaviour. As a result, companies can learn from programs and measure results in order to create future promotions/deals and maximize customer satisfaction. All funding and purchases are tracked, which makes it a breeze to see which cardholders are active, the funds being spent per card, and the general spending habits of your target audience. The best part? Setting up a prepaid program and integrating it into your previously existing marketing/sales programs is easy.
Employee Rewards That Are Actually Rewarding
Organizations with higher than average levels of employee retention and engagement realized 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above-average productivity. So offer your sales reps a reward for working hard, bringing in new customers, and keeping existing customers happy! A recent payments study found that sales reps sell 36 percent more when given a prepaid reward, and sell 20 percent more than those given other incentives.
Want to learn how to set up a prepaid program for your business? Feel free to contact us by visiting our contact page. DCR offers you years of experience and expertise in prepaid card programs — from the launching stage all the way through fulfillment and program management.