Through Statement Repurposing, Statements and Bills Become One-to-One Marketing Opportunities
November 14, 2011
November 15, 2011
One-to-one marketing statistics show that people want personalized information in their bills and statements. Moreover, they don’t want to read through small print about issues that don’t apply to their personal situations. No wonder member service departments want features and alternate formats that can forestall queries from callers.
Unfortunately, many turnkey billing systems cause confusion. They simply aren’t designed to create unique documents for each member. That’s because turnkey systems may have been purchased for their all-encompassing integration of member records and billable services but still cannot answer the needs of the member services department or one-to-one marketing. The solution is a personalized customer communication strategy. In developing this strategy, what should be your goals?
- Increase member satisfaction. Create letters and statements that the majority of the population understands and that answer the most commonly asked customer questions on the form.
- Create relationships. Customizing bills by type of service creates a one-to-one relationship.
- Reduce calls made to the billing inquiry department. Clear explanation of costs will reduce member calls. Institutions that implement custom systems report up to 45 percent fewer calls. Also, those members who do call don’t have to wait as long.
- Improve cash flow. Help members understand, and they will pay sooner.
- Enhance business office operations. Reduce costs in the billing department, shift staff to other critical activities, and slash postage and handling costs.
- Turn statements into marketing opportunities. Your billing system is often a missed opportunity to talk directly with members. Advertising can be integrated with the bill or statement to increase awareness of available services to educate members.
By merging codes and strings of text you have identified in the existing bills, new software can work to recreate the document. What was initially a single page of billing detail may now become a letter requesting that the recipient furnish data on a form of your design.
This scenario eliminates the traditional format of having line after line of text interspersed with meaningless codes and difficult-to-read payment schedules. In short, a customized system can do the following:
Inject order into statements and bills by highlighting payment amounts and putting company information in a consolidated location.
Expand a code you use on the billing document into a “Request for Information Form” by inserting forms and letters into the print stream and mailing in the normal billing cycle.
Merge electronic data received from vendors into the billing document.
Update meaningless codes into consumer-friendly descriptions of services.
As a credit union, where do you turn to upgrade your current statement and billing application, creating a significant marketing tool for your organization? Kaye-Smith, your outsourcing partner.
Kaye-Smith specializes in the complete redesign and data repurposing for financial communication applications. We then provide an end-to-end solution to the entire process, including data programming, personalized variable imaging and mail processing. The result is the recapturing of an incredible marketing device whose framework is already in place—direct one-to-one communication with your existing members. Outsourcing also provides the benefits of guaranteed performance, continuous utilization of the most modern hardware and software available, built-in disaster recovery systems, documented data security and the opportunity to redirect internal resources to core business functions.
Revitalize, update, correct known issues, and expand functionality. These are your goals. To meet your objectives, look carefully into new methods to use the information already at your fingertips. Repurpose your billing forms for one-to-one marketing, and you will make it easy for members to understand their statements and pay their bills.
Kaye-Smith is an industry-leading provider of bills, statements, notices, eStatements, direct mail and other financial communications. Please contact Dick Ehrig at 425.291.3113 or firstname.lastname@example.org.
Questions? Contact Sales & Marketing Associate Craig Reed: 206.340.4789, email@example.com.
Posted in Marketing & Communications.