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