"Try, test and measure” is a classic marketing mantra; and today, banks of every size may try Transpromo applications on a small scale, according to Pitney Bowes (Booth 3601) marketing director Ronaldva Hees. Trial results guide marketers as to how best to extend Transpromo activities.
The major obstacle to widespread industry implementation of Transpromo is no longer technology. The stumbling block is attitudinal—an upsetting of the status quo that demands true integration from departments that have become used to operating in blissful isolation. At one end sits IT and finance, at the other, marketing—departments not necessarily used to working in harmony. It is precisely this integration challenge that makes the “try, test and measure” approach so valuable. What better way of convincing peers of the success of this new approach than by demonstrating and measuring it?
The cyclical nature of transactional documents provides the ideal ‘sticky’ vehicle for marketing messages. Pitney Bowes research reveals that European consumers spend an average of just over three-and-a-half minutes reading their monthly printed bank statement, compared to just under two minutes reading a piece of direct mail that is targeted towards them. Additionally, printed statements are retained for longer periods of time than direct mail, meaning that any marketing message added to a statement has the dual advantage of gaining more immediate attention and of being reinforced again when the statement is reviewed.
Traditionally, the statement production cycle has been viewed as a necessary cost burden, but Transpromo turns this outlook on its head. Adding marketing messages to transactional documents that are already being sent transforms the statement into a communication with the potential to generate significant revenue over the lifetime of a satisfied customer. In the past, focus was on the cost per mail piece. Today, managers are seeking to measure cost per response as well as customer loyalty and retention. Transpromo can deliver marketing messages that are just as personal and relevant as the transaction information enclosed. As relevance increases, profits can, too.
Today’s software tools are bringing truly exciting capabilities to the humble statement. This vast potential sometimes leads suppliers to run too fast—to wow customers with the possibilities when they should be simply looking to move into first gear. Equally, if marketers are to make a compelling case for Transpromo, a vision of the potential roadmap is essential.
Transpromo leverages data integration for personalization. In the world of data integration, there is particular excitement around the subject of location intelligence. For Transpromo, the potential is clear. Statements can carry marketing messages that are finely tuned to appeal to a particular group within a particular location. For example, a bank might identify a segment of its customers living in rented accommodation and target them with messaging around first-time mortgages. Now, the potential of the monthly statement as a core revenue generator truly comes to life.
While the potential of Transpromo is exciting, some are understandably wary of what such a solution might cost. However, any enterprise producing regular statement runs is already in position to take the next step. The best solution providers will work with existing systems to slowly build Transpromo capabilities layer by layer. Testing the technique with a small group of customers provides the necessary ROI evidence to convince stakeholder peers to scale the solution upwards. For these powerful applications to really take hold, we must think of it less as ‘Transpromo’ and more as money in the bank.