Putting the Wow in any offer requires understanding and delivering value. If you want to understand the value of TransPromo, you need to look at it from a few different perspectives:
- What does marketing (your customer) value?
- What creates value for the organization producing the document?
- What does the end-recipient of the document (your customer’s customer) value?
- If you can understand and deliver value for all three of those groups, Wow! What an offer!
TransPromo, which involves leveraging transaction data to deliver relevant, personalized customer communications, provides this opportunity. The capability to add relevant marketing content to transaction documents, such as statements, invoices, and electronic payment notifications, is tremendously valuable to marketing because it allows the marketing budget to be used more efficiently and, in many cases, more effectively. For example, TransPromo can:
- Replace direct mailings to customers by leveraging campaign content on the transaction document
- Reinforce and promote campaigns delivered via other channels (see our new ad on MTV! Visit our website for the latest discounts!
- Generate improved response rates and develop stronger customer relationships by making offers that are relevant to each reader and delivering “point-of-need” content triggered by customer data
Relevant offers have been shown to increase response rates by 300% over those that are simply personalized, according to research conducted by PODi. Similar studies conducted by the Rochester Institute of Technology (RIT) indicated that personalization alone can boost response rates by 44% over static communications, while personalization plus color can take response rates up 135%. When campaigns are personal and relevant (defined as one-to-one content) and produced in color, response rates increased by 500% over static — meaning that relevance provides a bump of 365% over personalization and color alone. Transaction documents provide the customer data that enables relevant campaigns — and relevance delivers stronger response rates.
While TransPromo is usually positioned as a solution for the marketing folks because of its proven ability to increase response rates, decrease campaign costs and shorten campaign cycle times, it has tremendous value for print production operations as well. Print service providers and in-plant printers maximize profits by streamlining document processing to the nth degree (or to the sixth sigma if you prefer.) This means maximizing the “up time” of all equipment and simplifying warehouse operations. TransPromo enables many of these benefits in a black and white environment — and offers even more Wow when you add color. With TransPromo:
- Inserts can be turned into “onserts.” This avoids batching mail to fit selective inserter limits and can allow mail to be manifested, potentially reducing postal spend and bypassing physical presorting machines
- Inventory management of physical inserts and setup of inserts on intelligent inserting equipment can be eliminated, increasing up-time for inserters and reducing storage and handling costs
- The relevant messages will also be delivered online for your e-presentment clients (which is not usually the case with inserts)
Printers are also happy to add another profitable service area to their bag of tricks with the ability to manage and report on campaign messages. While marketing departments have many tools for managing campaigns on other channels, few have extended their technology to support TransPromo. Providing the ability for your customers to leverage their existing campaigns and digital assets on the transaction documents you produce for them has the added value of deepening ties with marketing and making your services more “sticky.”
The final bonus in the TransPromo value chain goes to the end-customer, who receives a document tailored to their requirements with valuable offers based on an understanding of their buying habits. They will also be less likely to receive additional annoying and irrelevant offers from the sender, perhaps slightly diminishing the clutter in their mailbox (or inbox). Well-executed TransPromo initiatives have been proven to improve customer loyalty and reduce customer attrition.
A solution that saves money and generates better response rates while making operations more efficient and keeping customers more satisfied? It sounds like TransPromo is a winning proposition.
Visit OceWowFactor to download the InfoTrends white paper entitled Electronic Use of Transaction Data, a Catalyst for TransPromo Across ALL Chanels.