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TransPromo Opportunities in a Digital World
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The concept of TransPromo — adding relevant, promotional messages to transactional mail — has taken a leading role in marketing today. When you add personalized marketing content to statements, invoices and notifications, you reduce costs and increase value.
TransPromo is not just a paper phenomenon. The idea of using transactional events for promotional purposes can be applied whenever a business communicates with their customers, even online.
The Start of the e-TransPromo Movement
In the 1990s, business efforts to reduce operational costs by shifting customers from paper to online statements and invoices brought about the introduction of web-based self-care portal solutions. Today, these portals provide anytime, anywhere access to an array of transactional and promotional communications ranging from web-based customer self-service and electronic bill payment and presentment, to interactive messaging, cross-sell and up-sell.
Online Banking Limits TransPromo Opportunities
Surveys indicate that consumers want to pay their bills from one place, and that place is typically their bank. Thus, when banks started to offer free online bill-pay in the early 2000s, many of the customers who were pre-disposed to pay their bills online began to do so through their banks rather than through a slew of independent self-serve sites. This created a significant issue for marketers: customers who paid online through their banks experienced none of the online TransPromo messaging available through the billers’ sites. In addition, customers paying online often gave their paper invoices a more cursory glance, since they no longer needed to separate out payment stubs and envelopes.
Self-Service Sites are Revived
In 2005, realizing the true value of online banking with bill-pay, the banks shifted their home-banking focus to customer retention and cross-sell. They introduced new features and functions to entice customers to use presentment and payment along with other home-banking services. This brought about a new option — e-billing. e-billing was an important addition for banks, billers and their customers, as it brought TransPromo opportunities back to bill-pay. This migration enabled customers to access payer invoices — and websites — directly from online banking sites.
Another TransPromo Channel is Created
Email bill delivery had been a “hot application” in the early 2000s. However, security issues, lack of an open technology and the introduction of free bill-pay through the banks put email billing on the back burner. Only now are there versions of secure email that are truly as secure as the safest bank site, driving growth in acceptance of secure email as a viable banking alternative.
New Cell Phone Applications
Perhaps the most promising initiative in the home banking world today revolves around the use of cell phones for banking. Cell phones provide 24-hour access from anywhere, and they enable immediate response to marketing campaigns. Cell phone messages can be sent for potential immediate response, and the customer use of cell phone technology for functions other then voice is rapidly expanding.
Capturing e-TransPromo Opportunities
The TransPromo marketing approach provides an opportunity to embed and blend marketing messages with must-read transaction statements, invoices, confirmations, benefits explanations and other notifications. As the “e”-world options continue to evolve, so too will the TransPromo marketing opportunities.
To learn more, register below to download the complete white paper, or contact sales or call 1-888-413-6763 today.
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