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What Are Your Customers Thinking?!?

The first in a series of three posts analyzing the results of Broadridge’s recent consumer survey on CX and communications.

What Are Your Customers Thinking?!?

What are your customers thinking?!? We wanted to find out, too. That’s what inspired us to survey 3,004 consumers across the U.S. and Canada. This original research covers all things communication and customer experience (CX): digital and paperless adoption, payments, customer preferences and more.

Drawing upon his extensive research and analysis background, Matt Swain, managing director and practice lead for Broadridge Communications Consulting, led the development of our survey and shared key findings at our recent webinar, Customer Experience and Communications Trends for 2019. Here’s a recap of what we discussed.

Key finding #1: Digital CX matters.

Until you offer a better digital experience, you’re not going to be satisfied with your paperless adoption rates. According to our survey, 69 percent of consumers said they are likely to digitize their remaining paper communications if providers make the digital experience more engaging. This goes beyond paper suppression; it shows that consumers value engagement.

Key finding #2: Print is important, but its value will weaken.

Our survey validated the importance of creating an omni-channel experience that accommodates various customer preferences and stages of the customer journey. We discovered that half of consumers consider printed bills and statements as important or vital today. When asked how they will feel in three years, the number falls to 38 percent – a 12 percent decrease. Looking ahead five years, it falls even further to 34 percent. That means, in five years, one in three of your customers will still want transactional communications in print. It also means the appetite for digital will increase. Therefore, your strategy will need to include both.

Ready for more survey results? Download the new report, CX and Communications Trends for 2019.

Key finding #3: Tremendous upsell opportunities await.

Transactional communications, like bills and statements, provide upsell opportunities: 20 percent of consumers say that they've purchased a new product or service after seeing a message on a bill or statement. That’s a pretty surprising — and encouraging — statistic! After working with many companies across industries, I’ve seen an increase in using required communications to provide value to customers. This can extend beyond creating upsell and cross-sell opportunities to improving KPIs, like customer service benefits and positive brand affiliation.

Key finding #4: Tracking the paperless migration.

We asked consumers about going digital and found that in the last year 62 percent converted at least one bill and 12 percent converted five or more bills. What motivated these consumers to invest time and effort to go digital? We asked that, too.

What Are Your Customers Thinking?!?

As illustrated above, consumers cited various reasons for making and not making the switch to digital. The 29 percent that said there was “no incentive to change” may just need an improved digital experience (per key finding #1).

To gain more insight into consumer attitudes toward CX and communications, download the report or view our on-demand webinar.

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