What is this buzzword that seems to be popping up more and more these days? You may have heard it, read about it, and probably may have seen it but really didn’t understand it. The word TransPromo is a combination of two words; Transactional and Promotional. TransPromo is the combination of personalized promotional messages with transactional informational documents such as statements, invoices, notifications, or other customer-facing documents. While the basic concept of TransPromo isn’t new, as it has been around for decades, it hasn’t been until recently that it has received a great deal of attention. New technologies combined with marketing priorities have made it an ideal investment for businesses that are looking to increase the “share of wallet” of existing customers and enhance customer relationships.
According a recent survey, nearly two-thirds of executives view transactional documents as a utility vs. only a third seeing it as strategic. The survey further suggests that many organizations are missing significant opportunities for building customer relationships, reducing costs, accelerating cash flows, and generating new revenues in the process. When businesses look at statements and invoices as a strategic document, they can begin to develop communications that increase customer value and long-term profitability.
So why consider using TransPromo? Look at the facts….
√ 95% of transaction documents get opened and read each month. More than any other direct mail or response effort. Statements and invoices are expected—they contain important financial information that usually requires action.
√ Transaction documents command more attention (The average customer invests 2-3 minutes per transaction document; 20% spend five minutes or more)
√ Test have shown that highly personalized trigger mailings… can produce upwards of 5-15% response rates compared to the traditional direct mail channel where 1-3% is considered a good return.
√ It’s a “Trusted Media”. Customers expect and trust these documents as opposed to the potential fraud related to email or telephone solicitations.
√ It’s one of the most cost-effective communications channels available. Since you are already mailing these documents it’s more effective because your current customers are your target audience.
Businesses today are seeing that transaction documents are critical to achieving overall corporate objectives. In fact, over 64% of businesses have, or are about to, leverage their transaction documents for marketing. Business leaders are taking steps to make the messages personal, timely, and relevant. By including color, graphics and customer relationship management (CRM) data, TransPromo is providing business with the opportunity to influence customer behavior and increase revenue. Technology has enabled statements or invoice to go from
While color is not required for TransPromo, it can create a stronger impact. Studies show that the effective use of color and personalization outsells traditional black and white messaging by up to 80% or more. Color increases brand recognition by up to 80%. It improves readership by 40%, learning up to 78% and comprehension by 73%. And the costs of color variable print are coming down rapidly.
With a more competitive and complex business environment, businesses today need to look to leverage every customer interaction. Instead of plain statements and messages, you can create personalized, customer-centric communications that can help you drive business results. Cost to implement TransPromo are initially higher than traditional transactional documents but the real value is the dollar value of the customer over the lifetime.