Ways to make more from the relationship
Did you know that your best customers are your existing customers? Experts tell us that it costs six to seven times more to sell to a new customer than it does to sell to an existing one. Indeed, the probability of selling to an existing customer is somewhere between 60 – 70% whereas the probability of selling to a new prospect is only about 5%. So it just makes good business sense to look for ways to sell to your best customers…the ones you already have.
Extend Customer Value
One way to do that is by using routine customer documents that you already send to up-sell, cross-sell and boost brand loyalty. Many companies invest heavily in marketing campaigns and sales strategies designed to acquire a new customer, while at the same time doing very little to extend the value of that customer once they are on board.
Make the Most of Messaging
For years routine customer correspondence has been issued with relatively little thought to the strategic intelligence behind their design and messaging. Things like monthly customer statements or account summaries are rarely considered key marketing assets, but they should be. One recent study by research firm InfoTrends found that transactional documents are opened and read by 90% of recipients. What other form of marketing communication can claim that kind of customer-open rate?
Increase Customer Retention
CMOs are waking up to the value provided by routine customer-facing transactional documents, because they can be utilized as powerful tools to boost customer experience as well. Studies show that a 5% reduction in the customer defection rate can increase profits by as much as 95%. CFOs are jumping on board too, since a 2% increase in customer retention has the same effect as decreasing costs by 10%.
A New Routine
At Eclipse, we pioneered the use of routine customer documents like bills, statements and notices to sell more and improve customer experience. Our flagship product DocOrigin has a number of advanced tools and capabilities to make it happen, like the ability to use open white space and dynamic messaging to present targeted campaigns and relevant content that will make a difference. Contact us today to learn more.