• Home
  • About Mike
    • About Mike
    • Bucket List
    • Now
    • Work
    • Volunteer
  • Helpful Stuff
    • Podcasts
    • Books
    • Courses
  • Blog
  • Contact Form

Call me, beep me; if you wanna reach me 646 883 5499

[email protected]
Mike Smith
  • Home
  • About Mike
    • About Mike
    • Bucket List
    • Now
    • Work
    • Volunteer
  • Helpful Stuff
    • Podcasts
    • Books
    • Courses
  • Blog
  • Contact Form
Expiring Credit Cards Are A Marketing Opportunity

Expiring Credit Cards Are A Marketing Opportunity

My business credit card is expiring in a few weeks. Soon enough I’ll have to go through the banal exercise of updating the card on file with companies I buy from.

After checking my credit card statements I noticed that seventeen vendors have this card on file for more than one-off transactions. These vendors are either a) SaaS providers that bill monthly or annually or b) marketplaces where I make repeat purchases (Amazon, AppSumo etc).

Of these seventeen vendors, only three reached out PROACTIVELY to nudge me to update my credit card.

Companies that did reach out: Squarespace, Namecheap and Upwork.

Here’s the email from Upwork:

While it may seem trivial I think this is a “blue ocean” for marketers.

I’d bet that most customers don’t keep track of which vendors have their cards on file and on top of that which cards are expiring. Sending proactive card update emails helps lessen the possibility that a customer will inadvertently have their service turned off.

What’s the old saying: “An ounce of prevention is worth a pound of cure”

Thinking about worst-case scenarios it’s easy to see how someone could forget to update their card and the service gets shut off. Bad moment for the brand and the customer.

Best practices I’ve noticed:

  • give timeline: Notice how Upwork gives specific dates of when the credit card expires and when the update needs to happen.
  • explain consequences: It’s obvious to most that without a credit card services will stop. This email is a gentle reminder that fixing the issue now will eliminate problems down the road.

Opportunities:

  • incentivize credit card update: a credit card on file is one of the most valuable assets a business can hold. The downstream effects of an outdated credit card are well worth investing against. Perhaps a percentage discount or special offer would make it a priority for the customer to update their credit card.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Tags: underutilized marketing
Share

You also might be interested in

Inanimate Endorsements Cost Nothing and Show Gravitas

Inanimate Endorsements Cost Nothing and Show Gravitas

Feb 21, 2018

Securing a notable celebrity endorsement can cost tens of millions[...]

Usage Reports Remind Customers That You/Your Service Is Valuable

Usage Reports Remind Customers That You/Your Service Is Valuable

Dec 4, 2017

I'm consistently amazed how marketing efforts and sometimes customer communication[...]

Geofencing is a free way to find customers

Geofencing is a free way to find customers

Nov 30, 2017

If there is one marketing strategy I’ve been obsessed with[...]

About me

Hi I'm Mike Smith. I love listening to podcasts, reading and volunteering with Defy Ventures and The Make A Wish Foundation.

Most Recent Blog Posts

  • Hustle: The Power to Charge your Life with Money, Meaning and Momentum [Kindle Highlights] In a world of boundless abundance, the only thing standing...
    Read More
  • Everything Is Bullshit: The greatest scams on Earth revealed [Kindle Highlights] The philosophy of this book is that the best defense...
    Read More

Top Posts

  • The Importance of the FrieNDA “Anyone who I tell my specific idea to has to...
    Read More
  • The Case for Founder Liquidity Unless you are living under a rock you probably heard...
    Read More
  • How to deal with impossible people I will be the first to admit that I can...
    Read More

Tag Cloud

2018 2019 art bitcoin Book Highlights coaching economics entrepreneurship Everything Is Bullshit geofence goals legal management marketing operations photography review snapcash snapchat Social square startups systems twitter underutilized marketing VC venture capital volunteering ycombinator

Twitter

Instagram

This error message is only visible to WordPress admins

Error: No connected account.

Please go to the Instagram Feed settings page to connect an account.

Experience something completely different. The most powerful theme ever. Button Example
Logo

Thanks for stopping by my website

Check out my mini courses

Contact Info

  • Venture Fuel
  • 646-883-5499
  • Mike@mikesmith.me

Fresh from blog

  • 2019 Q4 Goals
  • 2019 Q3 Goals + Recap
  • I visited a prison and so should you
  • 2019 Q2 Goals + Recap
  • Redundancy: what my business and life was missing and yours might be too
  • 2019 Q1 Goals + Recap

Recent

  • Books
  • Podcasts
  • Courses

.

  • Home
  • Contact
  • Buy Highend
Prev Next