Steve Jobs unveiled the Apple iPad on January 27, 2010
On this day in 2010, Apple’s late Co-founder, Chairman and CEO, Steve Jobs, went on stage at the Yerba Buena Center in San Francisco to debut the first ever Apple iPad. In an article the day after the device was unveiled, CNN described it as the “missing link” between smartphones and laptops.
Fast forward to March 2, 2011, where the iPad 2 made its way to the marketplace with a nicer design that introduced the magnetic Smart Cover and front and rear cameras. The following March, the 3rd generation iPad was announced. This time, the change was a high-resolution “Retina” display, which was a widely requested feature among consumers. Since then, we have seen the iPad mini 1, 2, 3 & 4, 4th generation iPad, and iPad Air 1 & 2 and iPad Pro (I think I have covered them all!).
As a tribute to the 6th anniversary of the iPad, we want to share with you some lessons from the evolution of this multi-million dollar generating device:
1. Listen to Your Customers
One of the main goals of gathering customer feedback is to enable communications between your organization and the customer. Opening that line of communications allows customers to express their thoughts and/or ideas while giving you the opportunity to identify ways to improve the customer experience. Apple accomplishes this with an iPad product feedback webpage, where customers are directed to submit their comments. Financial institutions have the opportunity to promote customer feedback on all business critical documents, whether print or online.
2. Implement Changes Based on Customer Feedback
Executives at Apple made adjustments and created different versions of the iPad based on customer feedback. The result? More units sold each time a new version was released. Many financial institutions ask for customer feedback, but implementing changes in response is a whole different ballgame . According to Help Scout, if a company resolves a complaint in the customer's favor, they will do business with that company again 70% of the time. So rather than allowing customer feedback to disappear into a “black hole,” take time to strategize and create ways to improve the customer experience- and watch your revenue grow.
3. Brand Consistency is Critical
This goes without saying, but we are going to say it anyway: everyone knows that Apple is the creator of the iPad. Furthermore, all of the iPad product line is labeled as such. While there are other tablet brands on the market, no one mistakes an iPad for a Samsung product. Financial institutions that implement brand consistency across the entire organization offer customers consistency in exploring all products and services offered.
4. Quality is Key
Quality in products, services and all business-critical communications goes hand-in-hand with customer feedback and brand consistency. The iPad product line was the brainchild of Steve Jobs, who was very adamant about putting quality products and services on the market. “When you’re a carpenter making a beautiful chest of drawers, you’re not going to use a piece of plywood on the back, even though it faces the wall and nobody will see it. You’ll know it’s there, so you’re going to use a beautiful piece of wood on the back. For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.” –Steve Jobs.
Financial institutions that keep this ideal top of mind rather than implementing “quick fixes” will more likely see better retention rates and increased revenue in years to come.
Happy Anniversary, Apple iPad!
Mortgage industry professionals are increasingly experiencing regulatory changes while trying to balance portfolios. The “do more with less” mentality in the industry has sent loan servicers on the search for ways to increase their profit per loan. At Lanvera, we understand the importance of revenue growth per loan and would like to share some steps you can take to expand the value of your portfolio.
In Segment Marketing, a borrower base is divided into groups of individuals that are similar in specific ways relevant to customer attributes such as age, gender, interests, spending habits, etc. According to MailChimp, segmented email campaigns receive 14.72% more opens and 62.84% more clicks than non-segmented campaigns. What does this mean for your portfolio? Borrowers are more receptive to information that is specific to them.
Lanvera helps increase revenues by providing the ability for our clients to sell affiliate marketing space to businesses that offer services similar to borrowers’ needs. Segment affiliate marketing in borrower-critical document delivery can be applied multiple ways:
· Present a marketing page to borrowers as they sign on to access their statements. Information such as marketing promotions or inserts can be utilized for maximum exposure and increased calls to action.
· Utilize digital onserts to optimize workflows and segment borrowers groups with particular offers most beneficial to the individual. Digital onserts are clickable, providing instant access to landing page promotions and a faster way to drive intended borrower behavior.
· Capitalize on multichannel expanded hyperlinks by including links to webpages and offers from directly within individual electronic documents. Interactive links provide borrowers easy and instant access promotional content.
The benefits of personalized marketing are enormous to both borrowers and servicers and can impact profit per loan significantly. As a partner, Lanvera helps to maximize borrower communications through segment marketing, resulting in improved ROI and higher e-Adoption rates. Click here to learn more on how you can net more profit per loan.
Today, there are an estimated 95 million millennials in the United States and roughly 53 million of them in the labor force. As time marches on, this number will continue to increase, and your customers in this segment will advance to mid and c-level roles. In other words: It is wise to continually search for new ways to reach this generation. That being said, below are some key facts about millennials (and how they can impact customer-facing documents):
Millennials are Digital Natives
Millennials are characterized as a knowledgeable group in digital media trends and applications. They are accustomed to accessing data at any given point from any mobile device or computer. What does this mean for your customer-facing documents? You cannot survive on mail and email alone! Mobile delivery and ePresentment will help you achieve a desired response with this particular group.
Millennials Appreciate Receiving Mail
Before you make a goal of completely eliminating snail mail in lieu of web, email and mobile delivery, remember that millennials still value tangible items. Mail is no exception. Yes, this is shocking- but valid due to digital oversaturation in the marketplace. A study of response rates by the USPS in 1987, 2011 and 2012 reveals that people 18-21 would read mail immediately 65% of the time, while people 21-24 would read immediately 45% of the time. The best way to capitalize on these statistics on your customer-facing documents is, of course, to keep sending mail. However, keep in mind that consumers make subconscious choices about people and products within 90 seconds of contact or interaction, and between 62 and 90% of that initial assessment is based on color alone. Utilize color marketing and customer-specific messaging because it will help your documents stand out and encourage customers to open and respond favorably to snail mail.
Millennials Like to Support a Cause
Research shows that almost 50% of millennials would be more willing purchase from a company if they know their purchase will support a cause, while 37% say they are willing to purchase a product or service to support a cause they believe in- regardless of the cost. This is where segment marketing comes into play while building your customer documents. If your organization, for example, supports a certain charity foundation or sustainability initiative, there is nothing wrong with communicating that to your customer base. This will give you more credibility in the eyes of your millennial customers and increase brand loyalty.
For more helpful statistics about millennials, you can visit goldmansachs.com and leadscon.com (an expanded aggregation of stats). With millennials and other generations, it is always a best practice to keep an eye out for trends and statistics that can impact customer communications.
Tax form processing season is here; and if your business is still searching for the best outsourcing solution, we have two potential pitfalls to avoid:
1. Abandoning Complete Control over the Production Cycle
If you’ve used outsourcers in the past who have essentially taken your files into a “black hole”, not allowed you the capability to make quick changes, you may want to rethink your partner of choice. At Lanvera, we provide clients with the resources and ability to oversee the entire production cycle all the way up until the tax files have been approved for print and electronic delivery.
2. Working with a Vendor that Cannot Custom Program Tax Files
To avoid limiting your business on what it can provide to customers, it is crucial to work with a partner that can custom program tax files. Lanvera is not only an expert in this service, but is also able to file Mag Media files with the IRS on behalf of our clients.
As a leader in delivering customer-critical data through end-to-end multi-channeled solutions that satisfy each client’s objectives, Lanvera possesses the knowledge and expertise to deliver a customized solution for your business. From W2s to 1099s and beyond, Lanvera is the partner that takes care of all your tax data delivery needs. Rest easy knowing Lanvera will manage your tax form processing and delivery by clicking here.