Did anyone forget how to run a healthy tax season program with the last 24 months of unpredictable refunds and stimulus checks?
Let’s talk about key decisions as part of any tax season discount campaign.
Manage Costs Â
If given a set budget, know what outreach options are available (e.g., texts, calls, letters, emails, etc.), what percentage of inventory each would cover, and what costs are involved. The game isn’t just generating revenue. The game focuses on generating maximum revenue at the lowest cost.
Target the right accounts Â
If using a consumer score, consider targeting the mid-range scored inventory that traditionally has paid with a greater nudge. Your highest scored inventory has the greatest chance of paying without a discount, so why offer one?
Age is also a great driver to consider. Liquidation falls over time. Selecting accounts by age can help encourage older inventory to make a payment.
Regardless of what you use to drive the campaign, use data elements to identify accounts that will only pay with an extra effort. Know what is working
An increase in portal visits, payments, inbound calls, or overall revenue are examples of common goals associated to tax season efforts. Determine what you expect and how you will know if you reach, or exceed, that goal. Whether you use unique inbound numbers to track calls from specific campaigns or custom landing pages to track portal activities, it is critical to know what worked so you can justify and replicate what’s learned to other strategies.
While we may see a more normal tax season, the economy is more challenging for consumers. Make the most of what you know in order to maximize success in whatever circumstances unfold.