Making a statement with data through statement marketing

What is the marketing statement? It is sometimes called TransPromo or Integrated Customer Communications, and other names too numerous to list, but what it refers to is the practice of placing messages, usually marketing-related, in transactional documents. It’s not rocket science, but it’s effective and cheap. This article will investigate how advances in data technology give this proven communication strategy even more bang for your buck.

It should be noted that this practice is not new. It has been around for decades. However, with the advancement of technology, this tool has become even more economical, effective and versatile. For example, technology now allows even the smallest businesses to capture, use, and segment data. These technological advances provide a wide range of marketing opportunities that were not available when statement messages were limited to a few lines of black text on a printed document.

Data is critical in our information age, so we’ll take a closer look at how advances in data technology can be used to create an effective statement marketing campaign. Databases are no longer relegated to Fortune 500 companies. Almost every company has some sort of electronic database filled with valuable customer data. This data can (and should) be used to create targeted and relevant messages that speak directly to the recipient of the message. There is a local restaurant chain that I go to that presents a good example of data collection. They have a loyalty program that gives members discounts after purchasing a certain amount. Every time I go there, I hand them my card with the check. They swipe the card and they know how often I visit, what location I visit, what I order and how much I spend. They have a wealth of information about my eating habits.

So how could they make use of that data? There are many ways, but since we’re discussing statements, let’s examine how the data collected by my local restaurant might be used in their loyalty club statements (this is hypothetical, by the way, as this business does not send out loyalty club statements). loyalty – a big mistake in my opinion). So, hypothetically, they could send me my loyalty club statement with information about specials on food similar to what I’ve ordered in the past (Buffalo Wings). Could you send me my statement for a time that I have not historically eaten at your establishment. They could add a coupon for a higher margin item that I don’t normally order. All of these things have the potential to drive me (and my money) to your restaurant at a time when I don’t normally eat there to buy food I don’t normally buy. Using the information (data) I provide them, they can tailor the message on my statement in a way that benefits both the company and me.

If you think about it, there are many opportunities for them to personalize their communications with me. I get email updates from them frequently that could be customized just like the statements. They could create a referral program if I get my friends to sign up for the loyalty club. That would give them even more data to use in their customer communications.

With data now easier to capture and use, messages can be personalized and encourage specific behavior. That’s just one example of how statement marketing can affect a company’s bottom line. Can you think of others? Please share your ideas in the comment section.