It’s Time for a Fresh Look at Your Statements

April 15, 2014 Ed Worsfold

The time has come for marketers to take a fresh look at customer statements as more vital and invaluable marketing tools. The days of boring, black and white customer statements are over. Advances in digital printing and innovations in data-driven personalization have changed the playing field by unlocking new tools and integrated approaches that can transform plain old statements into a vital marketing tools that reach and relate to customers in new and more profitable ways.

Advancements in Digital Color

Advancements in digital printing have made full color statements both affordable and efficient. Marketers have long recognized the positive impact of color to boost customer engagement and brand recognition. Now you can put those same proven principles to work in statements that connect more powerfully and sustain more lasting customer relationships. The time has come: studies clearly show the beneficial impact of color.

  • Color in documents increases comprehension by 78%
  • Statements printed in color get paid 30% faster
  • Full color mail pieces are 55% more likely to get read
  • Color boosts brand recognition by up to 80%
  • Repeat orders rise by 48% when using color

(Sources: InfoTrend, Pantone, Kodak, Loyola University)

Personalized and Targeted Content

With personalized content and targeted messaging companies are now extending the marketing value of statements in ways that were simply not possible or recognized in the past. Statements that are personalized with relevant content and targeted messaging become powerful marketing tools to organizations and marketers that employ the latest data-driven techniques. Studies show that the relevance of the information provided is profoundly persuasive to readers and can ultimately be secret weapon to marketing success.

Personalization…

  • Improves response rate by 36% •
  • Boosts average order value by 24.5%
  • Jumps repetitive orders by 47.6 %
  • Cuts response time by 33.9%
  • Increases revenue and profit by 31.6%

(Sources: CAP Ventures, Adobe, DMA)

Competitive Customer Experience

In today’s multi-channel, media-intense world, it doesn’t make much sense to send out thousands or even millions of statements every month that don’t look much different from those produced 30 years ago. Old-school statements do very little to reinforce the customer experience or build brand loyalty. Indeed, ugly and outdated statements continually erode brand perception

  • 70% of buying experience is based on how the customer feels after they are a customer.
  • A 5% reduction in the customer defection rate can increase profits by 5 – 95%
  • Price is not the main reason customers leave, it is actually due to poor customer experience
  • Customers are 4x more likely to defect to a competitor because of poor service than because of price.

(Sources: McKinsey, Bain & Company, Accenture)

A Fresh Look

If you look at customer statements as only a cost to be maintained or some sort of back office problem, it’s time to take a fresh look. In all the digital clutter of today’s info-intense world, customer statements stand out as vital and valuable marketing tools. At Prinova, we help companies unlock the promotional power of statement design and delivery. Our award-winning designs and cutting-edge consulting services have been used by some of North America’s most successful brands. Now you can benefit from those same elite services.

Steps to Move Forward

Check out our Whitepaper “Make a Statement With Your Statements”

 

The post It’s Time for a Fresh Look at Your Statements appeared first on Messagepoint.

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