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With "Reimagining Communications” in mind, Matt Swain sat down with Jeff Musgrove, Senior Vice President of Broadridge, to get the inside scoop on Broadridge’s acquisition of the North American customer communications business of DST Systems in 2016; the most powerful customer touchpoint; how to balance digital adoption goals with customer preferences; and how brands can make every communication count and prepare for what’s next.
On Broadridge's acquisition of DST Systems North American communications segment: “The driver in the transaction was to try to make sure that whatever decision was made, was made in the best interest of the clients, the associates, and the shareholders. So that really drove a lot of our process…. What was interesting is when we went out to the market, there was a tremendous amount of interest in this business, which told us that it was a strong communications business, and that really led us to a focus on finding the right partner.”
On the most powerful customer touchpoint: “I think one of the things that is probably underestimated is the value of transactional communications. I think many times they are viewed as a necessary evil, but when you dig in, you realize that these communications are actually the most-read communications. It actually becomes the best touchpoint that exists between the brand and their consumer… It really comes back to the ability to change these communications to be more than just a moment in time report to a consumer.”
On balancing digital adoption goals with customer preferences: “For brands, the focus has been, ‘How do I get more customers to digital only?’ I think that the challenge in that storyline is it's not just about, ‘How do I convince them to turn off paper?’ It becomes more about, ‘How do I provide a superior experience in a digital environment?’… You have to be really careful…because ultimately, what's more important? A little postage savings, customer retention, your customer satisfaction scores, or the overall experience?”
On how to make every communication count and prepare for what’s next: “As the consumer evolves, as our brands and our clients evolve, it's forcing service providers to evolve… Success is going to come from a combined effort of solutions, as well as the consultative services that allow our clients to take advantage of the best.”
To dive into these topics and more, check out our podcast, Reimagining Communications.