How savvy investments in communications can boost customer retention

In this, the second in a three-part series sponsored by FIS®, we’ll examine how savvy investments in communications outsourcing can help businesses better control costs while empowering them to make the most of every customer touchpoint. Any effort to maximize these engagements must confront the fact that while consumers under the age of 40 are the most likely to embrace digital adoption, many have not been pleased with these interactions.

Why?

For many businesses, digitization means transforming a static print document into a PDF and password-protecting it behind an email link without considering how it might look on a mobile device or the hassle consumers must undertake to access it.

Others might redesign a document in HTML but fail to take advantage of many of the medium’s capabilities, like deep linking or interactive displays and charts. In short, digital communications are often designed to merely mimic print because businesses are trying to achieve transformation using legacy platforms that were not built for this purpose. Many are unwilling or unable to invest in modern solutions, so they try to get by with communications that can’t provide the genuine interaction consumers expect or that digital platforms make possible.

However, a desire for personalized interaction and a seamless experience is the root of consumer dissatisfaction.

Millennial and Gen Z users value relevance and personalization, and they want a consistent experience across their chosen channels. Our research shows that the most savvy consumers – and those who live in the wealthiest households – also demand seamless interaction and an ongoing conversation. Each group has demonstrated a history of switching providers after a negative communications experience and has reported an increased willingness to pay a premium for superior interactions. These demographics – vital to the future of any business – will do what it takes to secure better interactions.

Forward-looking organizations have no choice but to double down on communications investments to meet these expectations. By effectively leveraging technology and consumer data, businesses can better control costs and turn every touchpoint into an opportunity to improve customer experience, boost retention and, ultimately, drive better customer lifetime value.

About one-third of enterprises worldwide reported that they plan to shift transactional print production – and all the operations around it – from in-house facilities to outsourcing within the next 12-24 months. All told, between 50% and 60% of businesses are outsourcing or plan to outsource by 2024. These organizations will reduce costs by alleviating the growing burden of managing print facilities. They will also free up employees to focus on more lucrative operations related to their core competencies and give themselves the opportunity to redirect these savings so that they can send more communications and improve customer experience by investing in their digital future.

Outsourcing these operations will also shift the business’ internal focus to digital, leading to a change in culture. With the right technology, companies can transform what would be a simple cost-cutting measure into an opportunity to leverage superior interactions to attract and retain customers.

It’s important to remember that the journey to digital requires more than technological investment. That investment must be coupled with a commitment to reforming the process and guided by the belief that better communications can deliver a richer customer experience and ultimately drive more loyalty and profitability. Aspire’s research shows that when businesses share data across their organization and develop a cohesive and seamless conversation with customers regardless of channel, they grow revenue 41% faster than those who continue to send disjointed static messages. Organizations with the highest Net Promotor Scores were more likely to shift customers to digital channels, prioritize data analytics that improve customer journeys, combine all communication types into a cohesive conversation and focus on digital native experiences.

In the next installment, we’ll discuss how businesses are approaching communications to better engage their customers and offer concrete insights to help you find the ideal partner.

Read more from this three-part series:

Part 1 - Doubling down on the customer communications market: A vital investment in uncertain times

Part 3 - How to choose the right communications partner for your business