When I talk to customers in initial meetings, I often ask, “What is the biggest cost of producing your statements?” Invariably the answer is “postage.” Well, I’ve got news for you – you are paying more than you need to (unless you already work with us). We’ve always seen postage as a pass-through, not a profit center. Here are 5 EASY ways you could be saving thousands on postage:
- Reformat your statement and/or notices – Are you sending out your notices in an envelope? Try a double postcard! This easy step can save up to $0.12 per piece on postage, and often even more in production costs. You may also consider a full statement redesign. A redesign can save you money on print, customer service, postage costs AND, a redesign effort with on-statement messaging can lead to savings in the next category…
- Focus on transitioning your customers to eStatements – Your biggest postal savings can come from eliminating some of your postage entirely! Customers want eStatements, and most banks are on an eStatement platform, but do you have a strategic plan in place to convert your prospects to eStatements? Do you have an eStatement solution that is comprehensive and differentiates your bank from the community bank down the street? Start there, or work with a partner to implement a coordinated conversion plan, and watch the savings roll in.
- Limit your returned mail and the headaches that go with it – Any good mailing is enhanced by a proactive address hygiene process and managing return mail. The average person moves 11.7 times in their life, and being ahead of that move before the customer reaches out to you, or you have to deal with returned mail, can save you greatly and recurrently on postage. Also, working with a partner that receives Full-Service automation discounts, you can get additional discounts (and the mail will get into the mail stream quicker) with Seamless Acceptance and eInduction. Also, intelligent mail barcodes can provide the information to drive the next area of cost-savings…
- Tracking your mail – Tracking your mail can also bring great cost savings, as you can save on postage by not sending out a late notice if you see that a return piece is coming back in the mail. The presumption is the payment is in the envelope. Mail tracking can also be used to get your mail forwarded and also receive the new address. If you use an endorsement on the envelope, you have to pay a fee to get the new address.
- Mail smarter! One great way to save is consolidating your mailing cycles, where appropriate. Combined mailings can benefit from bulk discounts, and “householding” (mailing to multiple accounts at the same address) can save on the multiple statements you would likely be sending to the same address. Granted, you will need to have an opt-in process for householding, but when someone has multiple accounts and can be consolidated into a single statement, the process can quickly pay for itself.
Start saving today! Why pay too much in postage when you could be spending it on so many other things!