￼Are you planning a redesign of your marketing collateral in the near future? How about your statements and invoices? If so, this is a perfect opportunity to incorporate new elements, such as customization, segmentation and 1:1 personalization to increase the effectiveness of these documents. You’ll also gain other bottom-line benefits, such as increasing customer loyalty, reducing calls to calls centers and speeding up payments.
Take the example of First Market Bank. This Virginia-based bank decided to redesign its customer loyalty notifications to make better use of its white space. It decided to add personalized messaging and fill this space with 1:1 cross-sells and upsells based on customers’ purchase history. The impact was immediate. First Market Bank Market Share members averaged one more store visit per week than regular loyalty program customers and spent 11% to 17% more per week than those in the regular program.
In addition to adding cross-selling and upselling opportunities, redesigns are also a good time to eliminate redundant or irrelevant material. Why spend money printing big bulky packages that your customers just throw in the trash because they can’t read or understand them?
This was the motivation behind Ameriprise Financial’s financial statement redesign. It eliminated its bulky, static mailers and replaced them with streamlined, personalized statements that contain only information relevant to each recipient. Although Ameriprise chose not to release its results, it did report that the slimmer, personalized statements did the trick—customers had a much easier time understanding them. Ameriprise incorporated additional cross-sell and upsell messaging as well.
Another successful redesign came from the State of California Franchise Tax Board (FTB). Like Ameriprise, the FTB wanted to make its tax statements easier to understand, but it took a different approach. Its format remained pretty much the same, but it added highlight color and personalized messaging to explain to individual taxpayers why they were receiving the notice, how late their payments were and the due date. Within the first month of the redesign, the FTB saw a tenfold improvement in response time. Payments came in about three days earlier, resulting in $5 million in additional interest income. Clearer information also reduced the number of inquiries to the FTB’s call center, resulting in $100,000 in savings. And that was just the first month.
Ask Yourself These Questions
So what could a redesign do for you? Even if you are not already considering a redesign, you might ask yourself the following questions:
- How much of the document or package is irrelevant to the recipient? How much money could you save by replacing large, bulky packages with streamlined, personalized documents?
- Do you have lots of unused white space? How could you make more effective use of this space?
- Are there areas that could be used for targeted messaging? How could you use the space to cross-sell or upsell products?
- Do you have marketing partners who could share the cross-sell opportunities and the cost?
- Are there areas of the document that are confusing? Where could you use highlight color to clarify the request and motivate recipients to action?
Redesigns are a perfect time to take stock of your marketing effectiveness and evaluate new techniques. Sure, a redesign might not be high on the priority list right now, but after taking a closer look, that just might change.