Specifically what is statement marketing? It is sometimes called TransPromo or integrated customer communications, and other titles too numerous to list, but what it recognizes is the practice of putting messages, usually related to marketing, on transactional documents. It is not rocket science, but it is effective and inexpensive. This article will research how advances in data technology give this proven communication strategy even more bang for the marketing buck. fusionex founder
It is worthy of noting this practice is not new. It has been around for years. Nevertheless , as technology has advanced, this tool has become even cheaper, effective and versatile. For example, technology now allows even the smallest of businesses to capture, use, and segment data. These improvements in technology provide a variety of marketing opportunities that were unavailable when messaging on statements was limited to a few lines of black text on a printed document.
Data is critical in our information age, so we will take a better look at how advances in data technology can be used to create a powerful statement marketing campaign. Sources are no longer no relegated to Fortune five-hundred companies. Nearly every business has some type of digital database populated with valuable customer data. This data can (and should) be taken to create targeted, relevant messaging that speaks straight to the recipient of the message. There exists a local restaurant chain that I actually go to that shows a good example of data collection. They have a loyalty program that provides members with discount rates after a certain amount is purchased. Every time I go there, We hand them my credit card with the check. That they swipe the card and understand how often I visit, which location I visit, the things i order and how much I actually spend. They own an useful information about my dining habits.
So how could they employ that data? There are plenty of ways, but because we could discussing assertions, let us examine how the data collected by my local restaurant could be applied on their dedication club statements (by the way, this is a hypothetical, as this business does not send devotion club statements – a major mistake in my opinion). So hypothetically, they could throw me my dedication club statement with information about specials on food similar to the things i have ordered in the past (Buffalo Wings). They could throw me personally my statement during a time that I have historically not eaten at their establishment. They could add a coupon for a higher margin item I do not typically order. All of these things have the potential to get me (and my money) into their restaurant each time I usually do not eat there to buy food I actually usually do not buy. By using the information (data) I give them, they can tailor the messaging on my assertion in such a way as to benefit the business and me.
In the event that you consider this, there are many such opportunities for them to modify their communications to myself. I receive email improvements from them frequently that could be personal just like the statements. That they could create an affiliate program if I get my local freinds to sign up for the loyalty golf club. That would give them even more data to use in their customer communications.
With data, which is now much easier to get and use, messaging can be individualized and specific behavior encouraged. That is merely one example of how statement marketing can impact a business’ bottom series. Can you think of any others? Please reveal your ideas in the comment section.
If you are looking to take your business’ marketing to the next level, contact us. Perhaps we can help to make the process easier and start putting that additional earnings with your cash register even faster.