Optimizing your business critical communications doesn’t have to be difficult or expensive. A best practice is to implement standardized document templates that can help your business improve brand consistency, eliminate unnecessary costs, reduce errors, and incorporate personalized marketing messages into designated areas of the documents.
Utilizing templates for all your customer-facing communications can improve your ROI by:
1. Eliminating Unnecessary Costs
The impact of poorly designed documents on your print operations is much larger than you may think. Increased postage on heavy envelopes or documents that take up many pages, excessive paper consumption, and redundant postage costs accumulating by sending numerous documents to a single household, frequently arise as a result.
To combat this postage increase, you can create standardized workflow templates that allow you to utilize duplex printing to decrease page counts, use re-pagination to increase lines per page and control line spacing, eliminate wasted white space, and practice householding, which is the consolidation of numerous documents meant for one residency into a single envelope. All of these practices will lower production and postage costs and increase efficiency.
2. Reducing Errors
Before a template is released to the production process, it goes through several tests in different platforms and conditions in order to eliminate programming bugs. By utilizing standardized templates, for all customer communications, the potential for errors is significantly decreased.
3. Improving Readability
Without the use of standardized templates, unexpected collateral damage can occur. From unnecessary customer service calls and low electronic adoption rates to customer frustration and poor corporate image, the repercussions can trickle down to almost every element of your business.
Standardized templates can provide documents with a consistent user-friendly design. By formatting your documents with tables, shading, summaries and bolded headers, you make documents easier to read and understand, increase customer satisfaction, and improve the overall impact of your documents.
Templates make the entire document lifecycles easier and faster, and will significantly improve the ROI on your document processing operations. Contact us today to find out about our document creation templates and how Lanvera can help you optimize your documents for production, readability and marketing.
Dynamic brand management can be challenging, specifically as it relates to customer communications and documents. Uniformity across all documents cultivates your brand identity and how your overarching brand is perceived by current and future customers.
However, most parent-child organizations are faced with the need to individualize each brand while maintaining a consistent global message. Take a look at your various branded statements and documents. Are you struggling with creating an overarching brand identity while simultaneously crafting individually branded messaging? Creating unique brand identities that are still consistently connected with a parent brand is not an easy undertaking, especially with a brand that prints and delivers high volumes of documents and needs each document to convey that similarity, yet uniqueness.
Below are our top 3 strategies that can help your business manage individual brand identities and create customer documents that keep your overarching brand image consistent.
1. Use Standardized Templates
Ensure brand consistency and increase document efficiency by utilizing templates that are customizable through the ability to change graphics and specific information. Templates significantly reduce the time it takes to develop and optimize individual statements and invoices while simplifying the process of creating new documents.
Automated business rules enhance this process by replacing the manual steps involved in the changing of individual brand logos within templates, offering huge benefits for parent companies that manage multiple brands. Simply set rules and requirements for changes, and automated software will render the correct logo and contact information while maintaining the overarching brand’s information.
2. Implement a User-Friendly Change Management Process
A platform that allows for quick and easy change management is beneficial to any company, particularly ones that manage multiple brands. Whether processing a statement, notice, invoice or letter, self-service change management that provides the ability to change specific elements within a document is critical.
3. Streamline Operations
To achieve the lowest production and delivery costs and create a highly reliable production environment, total automation is essential. Automated processes eliminate human touch points and dramatically reduce chances of error.
An intelligent processing operation allows for consolidation of files into one large database that are then parsed, segmented and produced in one print process. This system is perfect for parent-child organizations because it significantly lowers costs, reduces production time and eliminates the need for individual print facilities for each brand.
These 3 strategies will help your business differentiate statements across multiple brands and better optimize operations while keeping your brand consistent with your overarching identity. If you’re not sure how to bring these techniques to life, we’re more than happy to help! Contact us today to learn more about how Lanvera’s capabilities can help you better manage separate brand identities.
Auto loan servicers are well aware that delinquencies in subprime auto loans have been increasing this year. According to Fitch Ratings, auto loan delinquencies of at least 60 days for subprime loans were up 13% month over month for July of this year (this rate is 17% higher from the same period a year ago). Additionally, July 2016 saw 21% more prime auto loan delinquencies than it did July 2015.
"Increased losses are emanating from weaker collateral pools in the 2013-2015 transactions, which have weaker credit quality including lower FICO scores, higher amounts of extended term loans (over 60 months) and higher LTVs [loan to value ratios]," wrote a Fitch Ratings Analyst.
Add the number of increasing delinquent auto loans to the cost of ever-changing regulatory standards and operational expenses, and it's no wonder auto loan servicers are concerned about their profit margins. However, there are ways to offset these costs through carefully placed and delivered messaging on all borrower-facing communications. Here are some small changes you can implement that can make a big impact:
1. Add color to your documents. We don't just mean a colored logo! A well-placed call-to-action in bright colors can do wonders in getting your borrowers' attention and influencing them to make their auto loan payments a top priority.
A good color scheme will have a significant impact on your digital and print document marketing response rates. This is proven to be true by a recent study conducted by the secretariat of the Seoul International Color Expo, which determined that 92.6% of those surveyed stressed the importance of visuals when purchasing products and 84.7% believe that color accounts for more than half of the various factors important to consumers when choosing which products they purchase. If you want to effectively engage with your borrowers, make sure your documents are in full color.
2. Go digital. Create a unique and memorable borrower experience by providing applications that allow for easy online and mobile payments, as well as offering opt-in push notifications and SMS alerts. According to Creditcards.com, 19% of Americans use online bill pay, and 3% pay by text message. As time marches on, these numbers will only go up! Offering these services gives borrowers multiple ways to engage and make payments.
3. Utilize dynamic messaging. Dynamic Messaging allows you to present strategic messaging to all borrowers or a specific target group and use consumer-facing marketing space by targeting borrowers with products and services that best fit their needs. There are many ways to incorporate dynamic communications on specific customer criteria, including account balance, zip code, gender, or marital status, to name a few. You don’t have to reinvent the wheel in compiling data because you already have it. Why not use it to increase your bottom line?
4. Capitalize on affiliate marketing. Form partnerships with outside businesses to provide advertising space right inside your transactional documents. This is an appealing opportunity to prospective advertisers because personalized borrower communications tend to have much higher open, view and read rates than most mail and emails.
Wrapping it Up
Borrower-facing documents are the perfect delivery method for your auto loan portfolio initiatives. By adding color, going digital, utilizing dynamic messaging, and capitalizing on affiliate marketing, you will experience overall profit margin improvements.
Interested in learning more about how Lanvera's solutions can help you net more profit per loan? Click here to contact us today!
In 2014, ninety percent of companies said that outsourcing is an important part of their overall business strategy, according to the author of The Outsourcing Revolution, Michael Corbett. When the right document services provider is chosen as an outsourcing partner, a company can benefit from improved efficiency, reduced costs and streamlined operations, allowing them to focus on their core competencies. Outsourcing document production and delivery to a vendor that does not just duplicate current efforts, but instead understands the importance of process improvements and staying ahead of the technological curve, is vital to an organization’s success.
Click here to access our latest White paper, Successful Document Outsourcing: Pitfalls to Avoid and Questions to Ask in Choosing a Document Services Vendor, and gain insight into the following:
-Vendor Due Diligence and Red Flags
-Cost vs. Price
-Pitfalls with In-house Solutions
-Steps to Outsourcing Success
In the United States, the beginning of the school year signals a two-and-a-half month sprint to the beginning of the holiday season. Over these next couple of months, you and your team will most likely be reviewing annual budgets, identifying strategic goals and building process improvements.
This time of year should also shift focus to your marketing plan and identifying ways to effectively reach your customer segments during the holidays. According to the National Retail Federation, Americans spent $626.1 billion on holiday gifts in 2015. This solidifies the importance of using your business-critical documents to cross-sell and upsell your services, as well as tap into affiliate advertising. Your customers receive their statements, invoices and bills from you on a regular basis (in most cases, monthly) and using these documents to market to your customer base is an easy way to drive customer action.
Cross-Sell/Upsell: Parents of a young child who receive monetary gifts for Christmas could be persuaded to open a 529 Plan account for college funds. Customers wanting to purchase a car for a child or spouse will be searching for the best auto loan rates. Do you see where we are going with this? Customers will be on the lookout for products and services that best suit their needs and wants. This is a great opportunity for you to reach your customer segments with personalized, dynamic messaging that will drive them to contact you and request additional services.
Affiliate Advertising: The holiday season is a goldmine for B2C businesses. Did you know those businesses are willing to pay you for advertising space in your business-critical documents? Tapping into affiliate advertising will drive customer behavior and put more money in your pocket. It’s a win-win!
How to Cross-Sell/Upsell and Utilize Affiliate Advertising on Customer Documents
Historically, businesses have utilized transpromo marketing and statement stuffers to send blanket messages to their entire customer base, but today’s capabilities will reap benefits and results far greater than these generalized marketing messages of the past.
By outsourcing to the right document services partner, you can help improve your document marketing by making it:
1. Personalized: Face-to -face interaction continues to decline as customers are now able to do everything from transferring money to opening new accounts remotely via mobile apps and home banking. Statements, letters and notices are becoming a primary platform for businesses to engage with and cross-sell/upsell to their customers, but it is important that those messages be personalized and targeted to the individual rather than your entire customer base.
A good document outsourcing partner will implement business rules to target specific customers with personalized marketing messages, increasing the quality of marketing content and driving customer engagement.
2. Dynamic: The key to dynamic messaging is having the ability to change and update document marketing content at your own discretion and designate which customer segments will receive them. With this capability, you can create and change dynamic marketing messages when necessary and at no additional cost.
3. Multi-Channel: In order to effectively market to your customer segments, multi-channel delivery is of utmost importance. Digital delivery such as SMS, email and ePresentment allows your customers to view their statements, notices, etc. in a timely manner, meaning your marketing messages are being seen more quickly than traditional mail. Additionally, digital delivery gives you the option to enable clickable advertisements that drive immediate customer interaction.
When you couple digital delivery with print and mail, the marketing opportunities are limitless. You can either implement the same messaging to one customer segment across all document delivery platforms, or you can vary messaging so each customer sees different communications on their electronic documents versus what they see on their print documents. This can especially come in handy when you come across customers who fall under multiple segments.
Get back to school and have some fun with your document marketing so you can put more money in your pocket while making your customers happy! Contact us today for a comprehensive consultation on how you can maximize the potential of your business-critical documents.
Michael Phelps is nothing short of a household name. As the most decorated Olympian ever (he raked in eight gold medals in his first games alone), he has yet again surpassed the public’s expectations by qualifying for his 5th round of Olympic Games hosted in Rio, Brazil over the next two weeks. Although Phelps is not a corporation, he is certainly a brand. His tenacity, hard work and perseverance yield many lessons the business world can glean from. That said, here are three ways Michael Phelps can teach you to strengthen your brand through business-critical communications:
Side Note: Speaking of #PhelpsFace memes, here is one that was recently posted by the CUNA Advocacy Group on Twitter:
Like presidential candidates, statements are often viewed as a necessary evil. As a result, many financial institutions dump data straight from their cores onto paper without much regard for the layout, and then mail them to the intended recipients. Yes, by doing this, you have checked the compliance box. But consider this: You may be throwing away valuable engagement opportunities, spending extended time with members who don’t understand their statements and in turn, BURNING TIME AND MONEY.
According to a recent creditcards.com survey, 62% of respondents say they review their monthly statements via mail, online or both. I think this warrants a large flashing neon sign saying “OPPORTUNITY” with an arrow pointing to print mail and electronic design and delivery of statements.
Before we get into what can be done to MAKE MEMBER STATEMENTS GREAT AGAIN, let’s talk about what’s holding them back from greatness. You may need to re-evaluate your statement design and delivery if your statements are:
1. Stagnant with no clear calls to action
2. Only black and white
3. Filled with unnecessary white space
4. Not giving members the option to receive digital delivery
5. Occupied with pre-printed inserts
6. Lacking personalized messaging
Now that we’ve established the signs of needing a statement face lift, let’s address some of the remedies... Click here to read the rest of Lanvera's article on CUInsight
In the late 1660’s, Sir Isaac Newton discovered how the color spectrum is organized and composed. However, the psychology of color dates back thousands of years to Egyptians who studied their effects on mood and used them to accomplish holistic benefits. Fast forward to the early 1900's when a Swiss psychiatrist, Carl Jung, studied color and developed art therapy, which connected our cultural perceptions with the idea that we have a universal, bodily response to color stimulus. According to Jung, “colors are the mother tongue of the subconscious.”
In the past, color was considered a luxury because the ability to mimic it was challenging. Those who could afford it used favorite hues to decorate their surroundings. Today, not so long since the beginning of the Digital Revolution, we have free access to any color we can possibly think of, and more.
Where the use of color in all customer communications once was considered a novelty, it is now considered the standard and an expectation. According to CCICOLOR - Institute for Color Research, the average person makes a subconscious judgement about a product, another person, or the environment within 90 seconds. Between 62% and 90% of that judgement is based on color alone. Based on those statistics, it’s fair to say color is a key factor in marketing. However, there are many organizations that still do not leverage color in all branded materials- namely business-critical documents.
Why is color so important for your customer documents?
1.Color has a significant impact on your print document marketing
A study conducted by the secretariat of the Seoul International Color Expo determined that 92.6% of those surveyed stressed the importance of visuals when purchasing products, and 84.7% believe that color accounts for more than half of the various factors important to consumers when choosing which products they purchase.
Given these statistics, you can imagine the impact a color banner advertisement or statement stuffer would have, as opposed to black and white, when trying to cross-sell products to your customers. Technology today allows you to easily incorporate color into your document advertisements, and marketers can and should utilize that capability to their advantage.
2.Color impacts brand perception
Poor corporate image is an issue facing many organizations today. It isn’t necessarily because people’s perceptions of these companies are bad, but rather because people don’t have any perception of the company at all. This can happen as a result of inconsistent branding, changing customer expectations and target markets, or new executive management leading to a change in the overarching vision for the company. Whatever the cause may be, color can be a great way to counter and combat the issue. Studies have shown that leveraging the colors in your brand’s logo and imagery can increase brand recognition by up to 80%. By incorporating color into even just the logo on your customer documents, you can increase brand recognition and, when combined with full color marketing, increase the impact of your print documents as a whole.
3.Color affects customer retention and engagement
Adding color to marketing messages can increase engagement rates by up to 42%. And not only that, the addition of color can actually aid in improving your customers’ memory.
Studies have proven that color can help people process and store images more efficiently than black and white, so by adding color to marketing, customers are far more likely to not only read, but retain your messaging. This is important to note because, as with all marketing, the ultimate goal is either awareness or conversions. Color is proven to help you reach those goals.
4. Color is a mood changer
Many studies have shown that color can impact the moods of potential customers. If your organization improves a customer’s state of mind, their relationship with your brand will deepen and the probability of a return will increase. Finding the right choice of colors is an art because everyone interprets colors differently. Therefore, the trick is about an entire selection. No color scheme is ideal or universal, and there is no best palette for a specific social or cultural group. We have to understand the meaning of colors so that they can support our message.
Tips to remember when utilizing color in transactional documents:
1. The stronger the color contrast, the more powerful your message
2. Your choice of colors should reflect your brand mission with strength and clarity
3. Select three key colors and your message will sustain easier and longer in the minds of your audience
4. Warm colors impact users to take action
The results of incorporating color are demonstrated over and over throughout history, and guaranteed to increase the impact of your print communications. Furthermore, a consistent set of colors expresses thoughts without words and influences audiences. If you want to up the ante on your brand’s marketing and watch your ROI increase, start incorporating more color into your transactional documents.
To learn more best practices on color in business-critical documents, send an email to firstname.lastname@example.org.
According to the Direct Marketing Association, mail can offer a strong return on marketing investment, with returns similar to those of social media (15-17%). With those percentages as a benchmark, it’s safe to say the marketing and communications opportunities within print transactional documents are endless and can yield a high ROI if executed properly. However, we have seen many organizations throw away unnecessary time and money through the utilization of an outdated method: pre-printed stock “statement stuffers.” These stuffers typically range from letters and notices to coupons and other offerings, which are all great things to provide to your customers, right? So why exactly does inserting pre-printed stock into business-critical documents work against you?
Pre-printed stock statement stuffers are:
The key in maximizing your transactional document marketing ROI is to capitalize on every customer touch point through dynamic communications, allowing you to educate, sell and retain customers. On printed documents the best vehicle for this plan of action is inline inserts.
The future of document marketing: Inline Inserts
Inline inserts are statement stuffers which are printed in-line, in full color with the rest of your documents. While this may not seem groundbreaking, it can save you a tremendous amount of time and money.
Inline Inserts are:
And they provide these additional benefits:
Inline inserts are the future of document marketing, and the remedy to all of your current issues with statement stuffers. If you want to stay ahead of the curve and improve your marketing with inline inserts, contact us today at email@example.com.
#GetToKnowYourCustomersDay is a nationally observed day on the third Thursday of every quarter. The premise behind this day is exactly what it sounds like- reach out and get to know your customers! While this is a great reminder for organizations to step out of their bubbles and into their customers’ shoes, we think the customers’ needs should always be top-of-mind. After all, it’s no secret that buy-in and referrals increase significantly whenever customers feel their business needs are being met.
At the core, Lanvera helps clients communicate to their customers through transactional documents. We will share with you some quick tips on optimizing transactional documents that will help you get to know your customers better:
1. Learn customer profiles
We have discussed in past blog posts that data can be segmented to target customers on a more personal level. Why is it important to identify customer’s needs and behavior and communicate with them accordingly? Because they are more likely to interact with your brand if their specific transactional documents are personalized. Although this may seem obvious, here are some statistics to solidify the importance of obtaining a 360◦ customer profile view:
2. Maximize document real estate
Statements, notices, letters, etc., are necessary to any financial organization, so why not capitalize on the digital and print documents you are sending and “fill the entire bus with passengers?” By maximizing document space, you can designate certain fields with a call-to-action that provides your customers with the option to give constructive feedback.
3. Implement digital onserts and inline inserts
4. Integrate multi-channel expanded hyperlinks with digital delivery
Include links to webpages and offers from directly within eDocuments that are viewable from any device. The interactive links provide your electronic customers easy and instant access to promotional content. The benefits of personalized marketing in electronic documents are enormous to both customers, and your business. Maximize the capabilities of your document marketing on your electronic platformand you’ll start seeing significantly higher eAdoption rates.
If you would like to learn more about transactional document solutions that aid in customer engagement, click here.