The U.S. White House Office of Consumer Affairs say 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%. As such, it just makes good business sense to look for ways to sell to your best customers…the ones you already have.
Extend the Value of Customers
One way to do that is by using routine customer documents to up-sell, cross-sell, and boost brand loyalty. It is ironic that companies invest heavily in marketing campaigns and sales strategies designed to acquire a new customer, while at the same time often very little is done to extend the value of that customer once they are on board.
Consider Your Assets
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?
Boost Customer Experience
CMO’s are waking up to the value routine customer-facing transactional documents as powerful tools to boost customer experience as well. Studies show that a 5% reduction in customer defection rate can increase profits by as much as 95%. CFO’s are jumping on board too, since a 2% increase in customer retention has the same effect as decreasing costs by 10%.
Break the Routine
At Crawford Technologies, we’re experts in using customer documents like bills, statements, and notices to sell more and improve customer experience. Our suite of advanced enterprise solutions has a number of advanced tools and capabilities to make it happen, like the ability to use routine customer correspondence to present targeted campaigns and relevant content that will make a difference. Contact us today to learn more or download our Output Management Infographic.