I’m a big fan of “if it’s not broken, don’t fix it.” But sometimes doing the same thing as a force of habit is short sighted.
Take your statements, for example. They do their thing each month. There are no issues. They are moving in the background, no attention needed. Awesome. One less thing to focus on.
But, if you are still producing the old black and white, courier typewriter font with no real marketing messaging, you need to re-focus. Here’s why:
Your competition has pretty statements. There, I said it. They are full color. There are marketing messages, photos, and offers that make consumers go ahhhh. Chances are your customers have an account with them, too. Don’t be surprised when they compare the statements. Who looks more professional?
If your customers are actually getting printed statements, there is a reason. They are reading them! They should look like something that was produced with today’s technology. Not something from 1964.
Adding color and graphics is not cost prohibitive. You can spruce up your statement appearance for pennies.
Use your statements to create cross sales. Put marketing messages and special offers on the statement with marketing flair. The current one-centimeter box with a 20 character limit that you have been using is not effective. Create marketing graphics that will be seen, read and encourage customers to act!
Use smart inserting. Segment your customer base and use customized inserts for each segment. For example, only home owners who are 35-54 and don’t have a home equity with you, get an insert for a home equity loan with a special offer. Targeted marketing is more cost effective.
Many statement vendors will redesign your statement at no cost with a new contract. This can be up to a $25,000 savings. Take advantage of these special offers.
Core processors are not statement experts. Just because they manage your core platform does not mean that they must print your statements. Many times they are limited to what they offer for statement production. Check other options.
Don’t forget about your envelopes! Put your marketing messaging on them. Order in bulk? No problem. Print enough envelopes for the entire year with a generic message like “Open Your Home Equity Loan Here Today.”
And I’ll throw in a bonus tip…
These days your customers expect to have options with the format and delivery of their statements. You might think sending electronic statements isn’t an option for your company due to your legacy systems, but that isn’t the case. Take for example; this 150 year old banking company who assumed sending electronic statements wasn’t available to them, and now with our Customer Engagement Platform, which complements their system, they are sending electronic statements and SMS alerts. I can assure you, your competitors are providing their customers with paper and electronic options. Isn’t it time you do the same?
So, while it’s easy to just let the statements simmer on the back burner, don’t forget that all the other cool kids are designing full color, customized, graphically appealing, easy-to-read statements, by mail, online or both, that encourage customers to purchase more from them. And it’s working.