When EMOB Falls Short: Strategies To Boost New Customer Onboarding

/ 20 November 2023

Early Month On Book (EMOB) is a topic that’s pressing for many credit card issuers. No doubt, you’ve crafted your initial onboarding strategy with great care, aiming for an immediate and lasting impact. But what happens when those carefully laid plans fall short?

You’re not alone. EMOB is a critical phase fraught with challenges that can lead to customer churn before the ink on the contract has even dried. The good news? There are proven ways to revitalise your EMOB strategy.

In this blog, you’ll discover several impactful strategies to make EMOB work for you. And here’s a little spoiler: one of the most potent tools you can use is gamification. 

Read on to learn how you can turn your EMOB from a challenge into an opportunity for long-term customer engagement.👇

Why Early Month On Book (EMOB) matters

EMOB is more than just an introductory phase. It’s the foundation for the relationship you’re about to build with new cardholders. Get it wrong, and you’re climbing an uphill battle to regain trust and commitment.

But the stakes go beyond customer satisfaction. 

A poor EMOB strategy directly impacts revenue. High churn rates and low engagement levels during the early stages can set a concerning trajectory for customer lifetime value. 

Not to mention the costs associated with acquiring those customers. If there isn’t good card use behaviour within a few months, that’s money gone to waste.

So, when we talk about EMOB, we’re talking big numbers and long-term impact. That’s why mastering this phase is non-negotiable for any credit card issuer serious about success.

What usually goes wrong: Common EMOB mistakes  

Now that we’ve underlined the stakes, let’s delve into the pitfalls that trip up even the most seasoned credit card issuers. 

One recurring issue? A lack of clear communication. Customers, especially new ones, crave clarity. They want to know what to expect and when to expect it.

Another stumbling block is engagement, or rather, the lack thereof. You might have a robust EMOB strategy on paper, but if it doesn’t capture your customer’s attention, it’s nearly as good as having no plan at all.

Simply put, ineffective EMOB strategies can leave your customers confused, disengaged, and questioning their decision to sign up in the first place. The result? You’re teetering dangerously close to increasing churn rates and diminishing the value of your customer portfolio.

Strategies to boost EMOB 

If you’ve identified with any of the issues we’ve discussed so far, it’s time to course-correct. Here, we’ll explore some tried-and-tested strategies that promise to boost your EMOB success rate.

Strategy 1: Data-driven personalisation

What works for one customer may fall flat for another. Enter data-driven personalisation. By harnessing the power of customer data, you can tailor onboarding experiences to individual needs and preferences.

Imagine sending customised communications that address specific spending habits or rewards interests. Not only does this approach make customers feel valued, but it can also drive significant engagement right off the bat.

Strategy 2: Seamless digital experience

Customers expect smooth, easy-to-navigate interfaces when interacting with your service. So, invest in creating a digital experience that’s not just functional, but intuitive.

Streamlining the application process, offering quick customer service response options, or providing digital wallets are just some ways to make your customer’s life easier. And a happy customer is far less likely to churn.

Strategy 3: Gamification 

But here it is—the showstopper of EMOB strategies: gamification. When applied right, gamification turns mundane tasks into engaging activities, making new customers more likely to interact with your service.

We’re talking about rewards systems, points collection, or exclusive digital badges. These elements serve as incentives, prompting customers to engage more deeply during the onboarding process. The end result? An EMOB strategy that’s not just effective, but enjoyable.

📙Read more: When does gamification make sense for card issuers?

So, it’s time to think beyond the conventional playbook. By integrating these strategies into your EMOB approach, you’re not just avoiding the pitfalls; you’re setting the stage for a rewarding, long-term relationship with your customers.

How to get started with gamification for EMOB

Feeling inspired? Now let’s talk about how you can put these ideas into action. The good news is, incorporating gamification into your EMOB strategy doesn’t require an overhaul.

Here’s some of the key steps:

Step 1: Identify key onboarding milestones

The first step is to pinpoint the crucial stages in your onboarding process. These could range from account activation to setting up recurring payments. Knowing these milestones helps you decide where gamification can make the most impact.

Step 2: Choose your gamification elements

Next, decide what type of gamification features and mechanics you want to introduce. Will it be a points system, digital badges, or maybe even a leaderboard? The choice should align with your brand and what you know appeals to your customer base.

Step 3: Develop and test

Once you’ve settled on your gamification elements, it’s time for development and testing. Work closely with your technical team to ensure that these features are implemented seamlessly into the existing EMOB process.

Step 4: Monitor and adjust

After the rollout, keep a close eye on metrics like engagement levels and completion rates. These KPIs will give you valuable insights into how well the gamification elements are performing. Be prepared to make adjustments as you go along.

So there you have it: a roadmap to infusing your EMOB strategy with gamification. While it might require some initial investment, the returns in terms of customer engagement and loyalty are well worth the effort.

Transforming EMOB to a springboard for success

We’ve looked at the nuances of Early Month On Book, identified common pitfalls, and discovered actionable strategies to boost customer onboarding. And we’ve honed in on the power of gamification as a tool that not only captures attention but sustains it, setting the stage for a sustainable customer relationship.

With the right approach, you’re not just averting the risks of poor EMOB performance; you’re actively laying the groundwork for higher engagement and long-lasting customer loyalty.

So, take the leap. Infuse your EMOB strategy with gamification and elevate the onboarding experience from a procedural necessity to an engaging journey. 

The results will speak for themselves: reduced churn, increased engagement, and a portfolio of customers who are as committed to you as you are to their success.

📲Talk to us to find out more. Or if you’re looking for more insights for card issuers, you might enjoy these too:

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