Bank to save $3.60 per customer by improving client communications
For this bank that works out at around a half million dollars a year in savings, and that is just the start. The interesting thing is that the new statements that will be delivered to the customers are more colourful, personal, easily understood and contain more financial information yet contain more marketing & branding messaging than the previous statements.
Most people think that improving equates to cost – but in reality moving to more intelligent client communications delivers costs savings in paper, power, carbon footprint (to count against your sustainable and green ambitions) but also in time by sweeping away the detritus that has built up over the years in processes and how teams & departments interact.
Whilst saving money is nice – generating profit is far more exciting. The costs savings we identified for our client resulted in them moving to a more finely grained marketing programme with an ability to react to the marketplace in hours and days rather than weeks and months. Their messaging is now targeted to individuals and thanks to their incredible IT team and a little help in creative solution design from ourselves – the people in business and marketing can take control of all this power with minimal technical involvement.
Over the next 18 months they will move the 90% of their client base to e-statements and then introduce charging for paper statements. The envelopes will be marked with the carbon cost including all production and delivery footprints. The individual savings for this organisation will be small – but the increased flexibility means they can introduce new products to specific individuals at launch and generate repeat exposure to the offerings across all of the communication channels providing a coherent message to each individual client.
I will share more about this client and their experiences as they launch and move through the initial phases of their project – we hope to share some of the designs they will be using on their statements with you after their main launch early next year.
How do companies organise transpromo campaigns?
I came across an interesting question regarding Transpromo in a LinkedIn group – Susan Needham from NZ Post was particularly interested in how different sized clients organise their transpromo campaigns and whether it is usual for external consultancies get involved in this process.
This got me thinking about some of our experiences so I thought to share my response. (more…)
e-statements part 2 – mining the possibilities
So your e-statement project is complete! You have gone to market with the ultimate in transpromo statements including:
- high quality imagery that is precisely matched to each client
- integrated messaging that links back to your core website marketing metrics
- near real-time response rate monitoring
- the ability to minutely tweak offerings to ensure they are performing at their absolute peak
- is that a yes I hear? (more…)
e-statements part 1 – getting customers to give up paper!
We want to share some of our observations from our client engagements that focus on e-statements. The topics we will cover over the next few posts are based on our experiences of areas where our clients had been missing golden opportunities to improve their results or reduce their costs.
We hope our observations help you find areas where you can make improvements, extract additional savings or simply increase your results! (more…)
Bank Communication Bounty Hunting
We are in the process of updating our library of examples of client communication received from banks from across the EMEA region.
If you have a statement that you would like to share with us – we are offering a bounty for each example that is significantly different from the existing examples in our collection. If you find one we are missing and are based in the UK you will be invited along to one of our evening events in London for drinks and nibbles.
If you are elsewhere in the UK or the world and can not make it then we will arrange for vouchers or specialist chocolate to be delivered to you.