After working with several leading ecommerce companies running their PPC campaigns across multiple engines
I had the opportunity to dig around inside those company's raw databases.
With the help of a few egg head work collegues and excel spreadsheets we discovered some good insights, which
maybe helpful for those of you who are heavy into the ecommerce product selling.
1. Pull the sales data from your database inclusive with the payment methods your customers use to purchase your
products.
2. Inclusive with the payment method try to also obtain the payment card brand names.
For instance, people who use Debit cards, Diners Club, American Express, Capital One, MasterCard, Visa, PayPal, Bitcoin,
Revolut cards and more.
You will be excited at what you can find most of the time.
From my experience it tended to be the average order value (AOV) with certain card brands were way higher than normal.
You should utilise these insights to put your marketing efforts on a magic roundabout.
Unfortunately I cannot share specific data as I don't want to end up in legal razor blade hell with any previous
employer who may come across this post.
So firstly if you have costumers who pay with American Express, these customers are high octane for you, that's all I
can say.They tend to be a small percentage of your database however they spend way more than your average order value
(AOV) customer that is displayed in your analytics.
This can suggesst these customers are not too bothered about discounts rather more about quality and paying top money
for the best items, ease of use or paying for convenience.
You can capitalise by creating different payment funnels depending on the customer payment method or card brand they
select.
This can then give you a chance to offer these people premium products without them being fazed by price thus increasing
your profit and average order value (AOV) even further.
On the opposite side of the spectrum, this method can also be applied towards the discount hunter/ cheapskate customers
who have a lower AOV with certain card brands, giving you the chance to frame specific neccessity, fearmongering or
complimenting producting in a price cutting manor.
The other discovery I found was certain card brands had higher refund rates and fraud done with them.
What this means is if your customer selects a card brand or payment method that is associated with high refund or high
fraud percentages, you can contact the bank or your payment processor before processing the payment to do your security
checks lowering the risk of chargebacks to your business and complaints department and your payment processor flagging
you as high risk.
Sometimes this process can be manually done, or you might be able to work some kind of deal out with your payment
processor who has the muscle of a call center leaving you to focus on your business, allowing them to filter out the melon
heads trying to rip you off causing you chargebacks and trying to give you a dodgy name with your processor.
Hope this assists those who want to be battleworn or who are already battleworn.
Enjoy
P.S.
After digging through and pulling up this data for these companies and presenting these insights to management
displaying the opportunity to increase profits, do you think anyone took action?
Hell no, they were too content with the status quo and could not be bothered to test.
I recall one manager saying I cannot see how we can benefit as he thought the gains were small, which meant
I don't want to have to do any extra work.
Then 2 weeks ago I had the opportunity to meet Matt Bacak at a conference, he trained people like Russell Brunson
and worked with Perry Belcher and other marketing made people. The first thing he said, "Your American Express card
paying customer are the best, no questions asked".
I laughed as he said more or less the same thing I mentioned to the multiple companies and managers I used to work
for with the stuff I just wrote above.