Reducing the cost of client communication is one of the strongest motivations for the increased use of alternative communication channels. Because the core, paper-based communications of the financial industry are not likely to be eliminated, additional attention needs to be focused on improving the efficiency of document production.
Most medium to large organizations already have the basic ingredients of TransPromo, but need support to turn their statements and invoices into marketing vehicles. Once an organization understands that it is technically possible to extend their customer communication strategy to their documents, they can use TransPromo techniques to build relationships and up-sell and cross-sell to current customers.
Here are some of the benefits of using statements as marketing tools:
1. Increase Profits, Cross-Sell: Make additional revenues by allowing corporate customers/ partners to use white space on your statements for advertising.
2. Increase Customer Satisfaction and Improve Loyalty: Proactive Marketing is not just about increasing sales of a product or service, it can also be used to spread information, increase loyalty and provide value to the consumers by delivering relevant offers and messages.
3. Greater Returns: Because companies are already mailing statements, this is one of the most cost-efficient communication channels. Also, because the target audience is current customers, there is a greater potential to increase profits, as compared to targeting new customers. A five percent increase in current customer business can translate into as much as a 50 percent increase in bottom-line profits.
4. Cost Saving: By combining direct mail efforts with regularly schedule transaction mailings, organizations can realize significant cost savings.