Most marketers define the success of a print marketing campaign in terms of what they gain — responses, conversions, or dollars flowing into the cash register. But you can also define success by the money you save. Let’s look at three ways 1:1 printing can improve the bottom line through cost savings, not just boosting responses and revenues.
1. Lower cost of attrition. If your goal is to prevent customer attrition, you can evaluate the success of your campaign based on what sales stay rather than what sales merely come in. One marketer of high-end vacations saved millions, for example, by sending vacationers 100% personalized booklets that reinforce their vacation choices. Its cancellation rates plummeted, and it kept customer sales where they belonged — in its pockets.
2. Less handholding. What if you could use 1:1 printing to reduce calls to your customer service team? Questions about invoicing and payment cost real money. By personalizing its tax letters, for example, one state government’s tax bureau made these letters easier to read. The result was a noticeable drop in calls to its call centers, and the state saved hundreds of thousands of dollars.
3. Faster response times. The faster customers pay, the better your cash flow. Take the example above. By using personalized printing to make its statements easier to read, this state government not only reduced the number of taxpayer calls, but it started receiving its revenues days earlier. As a result, it significantly boosted its earnings from interest.
Not included in this case study but very real to most marketers is the fact that more on-time payments also mean less time and money spent on duplicate invoicing and follow-up calls for non-payment.
Reducing customer attrition and making their invoices and customer statements easier to read and understand are not the “sexy” benefits of 1:1 printing we hear about the most, but they are real, bottom-line benefits that do not get talked about enough!