Over the last few weeks, we’ve been discussing how to get the most out of your business statements by changing them from boring transactional documents to easy to read, attractive statements that enhance branding and increase customer satisfaction. If you missed the previous parts of this series, here’s where you can find Part One of the series, “Maximize Statement Effectiveness with Great Branding and Copy”, and Part Two, “Improve Your Business Statements by Optimizing Layout and Flow”. This week we conclude our three part series on statements by discussing how statement-based marketing can help you increase cross sell and upsell rates and recoup statement costs while informing customers about products and services personally selected for them.
Business statements are considered a cost center by many organizations – an unavoidable monthly operational expense. Indeed, they can be expensive to produce and mail to customers. But business statements also represent a unique marketing opportunity. Over the last few weeks, we’ve discussed how to make your business statements more attractive and easier to understand, thus reducing inquiry calls and increasing customer satisfaction and brand awareness. But statements can also be used to deliver highly effective marketing messages. Here’s why they are ideally suited for this sort of messaging.
Advertising clutter is everywhere, and your customers are exposed to hundreds of marketing messages a day. To cut through this clutter, you need a targeted message that matters to your customer, and you need to deliver it in a way that ensures it will get read and absorbed. The great news here is that statements help you cut through the noise – customers get fewer than a dozen statements a month, 95% % of people open them, and 85% of customers will read them a second time. So, you know you have your customer’s attention if you are adding marketing messages directly to your statements.
Once you have your customer’s attention, you need a marketing message that will drive results. Segmented, personalized marketing drives much better results than generic marketing, so it is worth taking the time to segment your audience and really understand the needs of each segment. When working with a multi-page statement, you should also consider how the marketing messages on the statement work together. Offering value-added info up front and keeping the ads to the end of the statement can help clients trust your offers when they get to them, so consider using earlier marketing areas on the statement to offer clients access to free resources and events, or to provide information about activities or hours at their local branch or office. By the time they reach your targeted ads, you’ve already provided them with lots of useful information and reminded them of why they like doing business with you.
Finally, remember that ads need a very clear call to action, and that when you are working with statements, you’ll need two variants of each ad, one for print, one for email, because what the recipient has to do is different in each case, so the call to action will be different in each case. Want to know which version of an ad works better? A/B testing can help you ascertain which ads are resonating with your audience, so marketing analytics should be part of any statement marketing campaign.
For a deeper dive into the topic of statement based marketing, you might want to consult our eBook “Statements 2.0 – Integrated Statement Marketing in the Digital Era” which is full of useful tips and tricks. And if you are looking for statement solutions that make it easy to include targeted, personalized messages on your statements both online and in print, we’ve got you covered. After all, you are always going to have to provide statements to your customers, so why wouldn’t you use the opportunity to boost your wallet share and increase customer engagement with on-statement marketing campaigns?