Seems a contradiction in terms. Surely the number on the bottom line of the invoice is exactly what the invoice is worth, isn't it?
Well, no - it doesn't have to be that way. The interesting thing about invoices is that these are the one form of communication that customers always pay attention to. At the very least, they'll be reading the bottom line as they make their payment. They can't help but notice the rest of the document too. Which means that you have an opportunity to draw their attention to something that will be of interest to them - and increase their value to you!
If you're in sales or marketing, you'll be familiar with the concept. It really is easier (and cheaper) to sell more to an existing customer than it is to find and convert a new prospect. Up-sell and cross-sell have become essential goals as marketers are constantly pressurized to do more with less. And yet, so many marketers overlook the one channel of communication guaranteed to reach their existing customer base.
We're not just talking about slapping an ad onto every invoice. Or even including an expensive marketing insert for that matter. It's unlikely that one size will fit all. But, since these are after all your existing customers, you likely know enough about them to do some pretty clever segmentation. Your accounting system should know what products they already own and their buying behaviour. Your CRM likely knows more about their demographics, psychographics and preferences. All of which should enable you to create a truly personal offer they'll simply be unable to resist.
Sound intriguing? There's an interactive invoice simulator to help you visualize just how this can work.
All sounds good in theory. Does it work in practice? Well, mostly yes. We ran a small survey on our OpenText StreamServe customer base, together with independent researcher, TechValidate. Of those who apply StreamServe to their marketing efforts, most are seeing revenue increase. Over 80% have seen at least 5% increase in marketing revenues attributable to their usage of the solution. And as you can see from the chart below, many of our customers are seeing substantially higher increases!
You can guess where this is going. This month's invoice + irresistible offer = a far higher value to you than the number on the bottom line.
1+1 really can = 3!
