The Financial Services industry has much to be gained from improving the quality of their business and customer communications. After all, if you really analyse your customer relationship what is likely the most regular touch point between your organisation and your customers?
That’s right, in the majority of cases, it is going to be the regular documents that you send out to clients – Statements, Policy Documents, Tax Statements and promotional materials.
In an earlier post, I mentioned the length of time that people spend reading their statements, likely it’s working on an average of between 1 and 3 minutes. Now, think about how much time someone would spend reading your ad in that National Newspaper? What is the cost to serve that ad?
Think a little bit deeper and look at the statementing process. You already do it right? Now look at your statement. What it is telling your customer about your company? My guess is that unless you’ve already done this, not much. It probably gives your branch address, a phone number and not a lot more.
Now take a look at that statement and think about how effectively that space is used. What would you pay for that White Space in an advertising outlet over to the left of the page, or the one between the address and the statement line items?
Look at the bill again, just look at the data that you hold on that customer, not only on the bill itself but across the enterprise. Now think. If we can harness that data to better understand the customer, with the latest in Customer Communications Management technology, we can create messages that are relevant to that customer. This relevance can be driven by any number of factors.
Share of Wallet, Percentage of Portfolio are all critical measures to banking and other financial services organisations. The costs to acquire a customer are high. Once acquired, any bank should be seeking to maximise the opportunity to extend their relationship to improve the profitability of the individual customer.
Thus it is possible to promote targeted messages to the customer, messages that the customer is likely to respond to. This is not a catch-all approach to advertising, it is specifically about building a unique relationship with a customer.
For example, life stage can affect the financial products that we as consumers are interested in. We can promote financial products directly suited to a persons life stage.
The statement is one of the single biggest opportunities for you to improve the end customer relationship and to increase the profitability of your customers. Transpromo as can be delivered by Customer Communications Management technology is a proven approach, with examples demonstrating astonishing results for clients.
Next time, I’ll take a look at some of the elements of Transpromo as we work towards shaping how to best approach establishing a project in your organisation.