By implementing transpromotional marketing or “transpromo”, which is the effective combination of invoices and targeted marketing material, you can significantly increase your revenue stream and build your customer relationships. A five percent increase in current customer business can translate into as much as a 50 percent increase in bottom-line profits, according to Jack Schmid and Alan Weber, authors of Desktop Database Marketing. Invoices and statements provide an excellent opportunity to communicate directly and regularly with your current customers.
Make a Statement
Utilizing transpromo messaging directly on the invoice can help ease collection efforts by educating your customers about other payment options such as auto-pay and electronic fund transfer. Incentivizing customers to use these payment methods could lead to a DSO of just one day. The invoice is also an excellent tool to aid in revenue generation through cross- and up-selling existing
Steering customers towards electronic bill payment and presentment (EBPP) will lead to a reduction in the number of invoices that have to be produced, saving you money on printing and postage. In today’s environmentally-friendly atmosphere use messaging that highlights the benefits of using less paper.
Considering the high cost of fielding incoming calls to call centers, answering questions for customers and reducing call center activity is invaluable. Alerting customers to changes in their accounts, in their service, or to your overall industry directly on their invoice will help lessen incoming calls.
What sets transpromotional marketing apart from standard marketing methods, is the ability to target customers using specific criteria and reach them with one-to-one marketing messages. Utilizing existing data about customers, such as transactional information, products and services they currently use, payment history, demographic data or location, significantly increases the power of the message being sent.
Transpromo marketing allows you to run special promotions for customers that don’t yet subscribe to certain services. Conversely, it would be a waste of marketing dollars to include marketing information for services certain customers already use or who are not the demographic for using such a service. Utilizing envelope messaging and inserts in the invoice package help to reinforce this message and offer several touch points to get the message across.
Cultivating Customer Relationships
Perhaps most importantly, transpromo messaging allows companies to create deeper, more meaningful relationships with their customers. With such a rapidly changing market and customers who are wary of their service providers, open lines of communication can significantly increase the level of customer satisfaction.