It’s official. The New England Patriots and the Seattle Seahawks are in the Super Bowl. After a weekend of amazing (and sort of boring) playoff action, it reminds me of statements. “Why is that?” you ask. Well, I’m going to tell you:
The National Football League started as the premier Football league in America in the 1920s; it wasn’t challenged until the early 60s, when the AFL emerged as legit contenders. Rather than fighting for their own share of the audience, the leagues merged in 1967 into the modern day NFL (sounds a lot like the banking world, huh?) and the first Super Bowl Championship.
Fast-forward to today and the Super Bowl is one of the most watched television events every year. This has led to commercial space being coveted and expenses in the millions for a 30-second spot. The ads have taken on a life of their own - with many people tuning in to see just the commercials. Companies now engage their customers in creating the ads (think Doritos, Pepsi, Budweiser…) and bringing a sense of ownership, using crowdsourcing and voting.
In 1967 there were three TV channels. Today most people have access to over 1,000 channels through cable with many more at their fingertips online. Yet, last year over 110 million people tuned into the Super Bowl and were exposed to these commercials.
How does that relate to statements? Over time, the value of ad space changes. Over time, people have become accustomed to large amounts of mail and manage it in certain ways. One thing is certain, those who elect to receive paper bank statements tend to take the time to open and review those documents. How is the bank changing as the value of that ad space changes? Are they adapting? Are they engaging their customers?
The Super Bowl is the epitome of a captive audience, as is the printed and electronic statement. For customers wishing to get a paper statement, transpromotional marketing allows for related marketing messaging to be displayed on the statement - leading to higher engagement from the customers. One avenue many banks are missing out on is the possibility of integrating relevant messaging on the eStatement, as well. Your captive audience sees the ads, every month. Whether for an affinity play, or a cross-sell opportunity, you know your audience is tuning in. Additionally, with click-tracking in place, you can know exactly what your audience is most interested in, and make the statementhave much more impactl in the future.
So as you watch the Super Bowl in a couple weeks, look for all of the transpromotional messaging – The “Pepsi Halftime Show,” the variable green screen banners on the sidelines, and more than likely, that Aflac duck doing the Heisman pose. Your statement can become the Super Bowl of your document output!