According to industry research firm, Gartner, it costs 6 to 7 times more to gain a new customer than it does to maintain a current one. What’s more, around 80% of your company’s future revenue comes from existing customers. Why, then, do so many organizations exhaust countless resources chasing white whales, when there is value right in front of them?
Effectively nurturing the marketing relationship with willing, eager, and committed constituents costs less, generates a higher rate of return, and bolsters future business – and can be accomplished with relative ease. One of the most powerful means to market to existing customers is through the communications you already send. This is an important avenue for two reasons:
- There is an expectation that comes with the invoices, statements, letters, and other materials you send out; these documents contain pertinent information that is valuable to the recipient.
- For many organizations, this is the primary means of communication between them and their customers - for some it is the only means of communication.
Your customers are already familiar with this means of communication, and they value the information you provide. How, then, do you leverage these benefits to get the most out of these communications from a marketing perspective?
By going beyond traditional means of carpet bombing customers with generic inserts in communications, and instead focusing on messaging they actually care about. Marketing to specific segments isn’t new or even that challenging. And we know it’s effective! So why is there a disconnect, when it comes to the approach we take with the documents we produce?
Bridging the gap
Organizations have access to all the components required to effectively deploy highly targeted marketing with their customer communications. What they often lack is a productive environment that makes it easy to manage all the content, tracking, analysis, and distribution activities that are used to effectively run and evaluate these efforts. The customer data may live in one database, while sales information resides elsewhere - and document production itself is completely segregated into the operations side of the business along with other cost center activities.
Organizations serious about maximizing relationships with current customers to foster continued growth can’t afford the debilitation that fragmented systems can have on targeted marketing efforts. These organizations turn to smart applications that can easily integrate highly specified messages directly into the outbound communications they create, and do so dynamically, intelligently, and in an automated fashion – all while providing a centralized environment from which to manage all the involved processes.
Putting it together
You’ve already spent money to develop the customer relationships you have, and a substantial portion of your future revenue lies in these relationships. By deploying transpromotional functionality within the communications you already produce, you have an opportunity to foster more productive conversations that in turn lead to higher returns and more satisfied customers. These people already do business with you, which means the hardest part is over. Now all you need to do is use the information at your disposal to put the products and offerings your customers want in front of them. Each document you send to your customer is a conversation. Are you both getting the most out of it?