Companies are constantly looking for new ways to market to their customers, build customer loyalty, and increase revenue. Anyone who works in marketing knows how challenging this can be. For organizations that are required to mail customers account statements or related documentation, transpromotional marketing is an excellent and cost effective way to incorporate new marketing messages into existing printed documentation. More importantly, studies show it works.
In an effort to provide customers with greater value, New Jersey-based Financial Services, Inc. saw an opportunity to leverage transpromotional marketing to help its community banks transform their transactional documents, such as invoices and statements, into marketing tools. As a leader in back-end processing services for the community banking industry, FSI launched a new service called DocX that incorporates personalized color text or images on traditionally monochrome bank statements to up-sell or cross-sell third party products for its clients. To do this, FSI combined variable data printing (VDP) with customer relationship management (CRM) and data mining technologies.
Color printing for the same price as monochrome
Working with Integrated Document Technologies (IDT), a local Konica Minolta (Booth 518) dealer, FSI installed one Konica Minolta bizhub PRO C6500 Color Production Printer to begin testing the DocX offering. During the initial trial run, FSI averaged 50,000 color impressions per month. Most importantly, FSI was able to print the highly-personalized full-color documents for approximately the same cost as traditional monochrome statements. The initial customer response was extremely positive, with FSI’s banking clients wanting to add more color to their statements.
FSI now has six Konica Minolta bizhub PRESS C8000 Color Digital Presses and two bizhub PRO C6500s that handle over 1.5 million color impressions monthly. Having eight digital presses enables FSI to easily manage and split print jobs between multiple devices, allowing the company to work more efficiently and quickly to meet statement delivery deadlines. The bizhub PRESS C8000s are configured for large capacity storage with a vacuum paper feed unit which ensures that all paper moves smoothly for optimal speed and minimal downtime.
Creo Print Controllers for the bizhub PRESS C8000s provide FSI with professional-grade color management and prepress features, including greater automation and operator control. Creo technology also helps optimize throughput with fast and powerful processing of VDP jobs.
Creating new revenue
Over a 24 month period, FSI saw its DocX offering increase 10 fold as 75% of its customer base moved to color. This resulted in a 40% increase in revenues for FSI.
According to Ed Van Hee, Managing Director and Vice President of Item Processing at Financial Services, Inc, “the exceptional quality and reliability of the Konica Minolta bizhub PRESS C8000 has been a competitive differentiator, helping to establish FSI as a leader in transpromotional marketing for financial services companies.”
Today, FSI uses all Konica Minolta print production equipment, including a bizhub PRO 1250 black-and-white production print system for its monochrome statements. FSI now works with one vendor from one exceptional reseller (IDT) for all its support, service, and supplies needs. This has helped lower costs and has greatly simplified operations.