How to Create an Account Closure Audience

Objective:

In this article we will be talking about how to create an audience around the closure of an account for use in an automated schedule. We will explore the following topics:

  • What data needs to be sent to Core iQ in order to achieve this audience's outcome
  • How to create an account closure audience that works for all account types in Core iQ

What data feeds do I need in order to make this Account Closure audience work?

This schedule is fairly simple to create, and only keys off of two pieces of data: Current Balance and Close Date. Both of these pieces of data are standard for us to import on your behalf, but it is important to note that this schedule will not work without them. If you are curious as to whether these items are coming through to Core iQ, you can always pull an Account Listing with a Close Date of Jan 1st of the current year to today. If you are giving us a valid Close Date in your data, you should see closed accounts as the results for this report. If, for some reason, you do not see any closed accounts returned as a part of this report, you might need to check with the person who is responsible for your data feed to see if you are giving us account Close Dates.

How do I create an audience for the closure of an account?

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For this audience, we will be using the above criteria in the Who would you like to be a part of this audience? area. The first part of this statement will evaluate whether the customer/member formerly had an account in this Service Group, and the second part will allow you to input multiple Service Groups that could qualify for this audience. With only these criteria, Core iQ will generate your automated communications every time a customer closes an account. If you would like to add some additional criteria to the SQL area of this audience, the following might be helpful:

  • Account Current Balance EQUALS 0 - This will exclude any accounts that have a Close Date that qualifies for this audience, but still have positive balances left in them for some reason. We mostly see this when our customers have a process for marking accounts as Dormant after a period of time. This typically is sent over to Core iQ as a CLOSED account, which can cause issues in this audience. This balance check can help mitigate some of those issues.
  • Customer Type EQUALS Business/Nonbusiness - If you are looking to create a different process or 'feel' for account closures on the business side, segmenting this audience might be extremely helpful.

What trigger events can I use to send Account Closure communications?

The trigger event for this schedule that accompanies this audience should most likely be only Close Date, as we are triggering off the timeframe for when this account was closed. We recommend using surveys, emails, and phone calls for a period following the closure of any account. These are all great tools for gathering more information about why a customer/member might have left, and what you could do to win them back.

One note for this sort of schedules is that, based on our experience, it is important to ensure that your communications are clearly discussing an account closure and not an 'end of relationship'. Many of our customers find that with these sorts of schedules, if they are too vague about the closure of the account (e.g. saying 'Sorry to see you go'), their customers/members get confused. These people assume that ALL of their accounts have been closed, which leads to phone calls and branch visits that you do not want. When crafting wording for your call scripts, emails, and surveys in Core iQ, pay special attention to spelling out the fact that this is for a single account closure, rather than an 'end of relationship'. The use of merge fields can help with this as [Service_Name] and [Account_Number_Last_Four] will allow you to merge in data relating to the recently closed product/service that Core iQ is triggering off of.

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