Track the Right Billing Performance Metrics
Performance visibility is usually missing from any in-house build.
And for those with dashboards provided, poorly attributed metrics can create a misleading picture of where value is being created.
Note: for services charging fees based on performance, you should understand how performance attribution works.
For visibility to mean anything at all, it’s important to know what you are looking at. And beyond performance stats, it’s important simply to know what’s going on with your customers experiencing payment issues.
Here are some good payment metrics to track:
- Who is currently past due? (failed a payment and has not been resolved or considered churned) aka What’s your current opportunity for recovery?
- Where is each person in your “funnel?” (i.e. emailed 3/5 times, next email on Friday)
- When a funnel ends in a “win,” what was the cause? Did they update their card? Was that before or after you emailed them? Was it reattempted successfully? When did it happen during the funnel timeline? Should you add another email to the end of the process?
- Are emails getting delivered/opened?
- Are your card update pages loading reliably?
- Are people converting after clicking the link in your emails?
These metrics won’t always be immediately actionable. But over time you’ll get to know your business better and that’s always a good thing.
For example, if you see a gradual drop in card reattempt successes, you may want to drill down to a root cause. Are more customers signing up with pre-paid debit cards? Are banks flagging your charges as high-risk for some reason?
Or if your emails aren’t being opened. Have you set up DKIM/SPF records to authenticate the emails? Are your subject lines too aggressive, or too passive? Are emails being flagged as spam?
In addition to understanding your business better, and having the ability to drill down into potential issues, you’ll be able to trust that the system is working as expected without relying on blind faith. When you’re emailing thousands of people about billing issues — you‘ll enjoy knowing that things are working as expected.