Driving Better Digital Customer Experience in 2021: Broadbridge Study Offers Fresh Insights

essidsolutions

How can companies meet the CX needs of their customers better? Broadbridge study has the answer.

The third annual study by Broadbridge on CX trends for 2021 reveals that 56% of consumers believe that the COVID-19 pandemic has fundamentally changed how they communicate and engage with companies — for good. The pandemic challenged consumers and businesses to do things differently. Companies found themselves reinventing their business models, launching new solutions, and offering more options. Consumers changed how they work, transact and interact. Many temporary measures have become new norms.

There are no silver bullets. Demand for physical bills and statements did not disappear overnight. Instead, the shift to digital-only continued at a gradual pace. The study found that while 75% of consumers switched at least one bill to paperless in the last year, only a small percentage shifted entirely to digital bills and statements.

Also read: Making the Most of Your Data To Optimize Customer Experience

Changing Consumer Expectations in a Post Pandemic World

Consumers make decisions on the quality of their experiences. Given the customer experience (CX) advances made in recent years, they have a better understanding of what is possible. The result: Their attitudes and actions have shifted dramatically, and companies must take notice.

In 2021, 51% of consumers are of the opinion that the companies they do business with have room to improve. The study also suggests that there has been a big jump in consumers’ willingness to change providers if their CX expectations are not met.

Data around digital experience from the study indicates that consumers no longer “want” companies to deliver a seamless CX; they “expect” it. 84% of consumers expect to interact across physical and digital channels easily.

The good news is there is revenue in getting it right. Most consumers say they are likely to spend more with companies that offer a good CX. This is particularly true for Millennials and Gen Xers. The majority of consumers also say they are more likely to purchase a new product or service after seeing a message in a bill or statement.

Why Accurate Information Over Appropriate Channels Is Key To Winning the War for CX

The study found that across print and digital, consumers rate three factors of the highest importance: plain language, channel choice, and a quick read. To accelerate digital adoption, organizations must understand, convey, and deliver what consumers value most about digital communications.

Also read: Transforming Digital Customer Experiences With DataOpens a new window

Many consumers still prefer to receive bills and statements by physical mail. Sometimes they want just paper. Sometimes they want both. To convince this segment to switch, firms must align digital CX with the values consumers find in paper.

It is easy to engage every customer the same way. Delivering a personalized experience is not as simple — and that is what separates the good from the great. Personalization is not just about calling people by name; it is ensuring that content is pertinent, relevant, and has value. It is also about engaging customers as they wish to be engaged.

Broadbridge identifies three capabilities that are essential to delivering a seamless channel experience:

  • Review and update your customer personas: Effective segmentation and personalization is key to improving CX. Drill down into the specifics of your customer base.
  • Understand and optimize preferred channels: Channel preferences can vary by industry, age, and even communication type. Seamless channel and preference management.
  • Consider the weakest link: Every channel is your firm’s opportunity to put its best foot forward — and bad experiences cast long shadows. Consider every channel, how it integrates with others, and how the overall CX reflects upon your organization.

Conclusion

To accelerate digital migration, companies must entice consumers to try digital and provide experiences that will keep them coming back. Often, this means introducing more digital options.

The Broadbridge study highlights four specific technologies and practices now becoming mainstream contributors to a winning CX:

  1. QR codes
  2. Informational videos
  3. Mobile apps
  4. Cloud storage

Also read: 4 Voice of Customer (VoC) programs to improve Customer Experience (CX) Innovation

Consumers want different things from different companies, but they consistently expect better CX. Their wants and expectations continue to evolve — and they are willing to switch providers if they are not satisfied. All of this points to a more holistic, agile communications strategy. When you see the world through your customers’ eyes, you recognize that every touchpoint — from mandatory regulatory disclosures to billing and statements to educational and promotional communications — impacts the overall CX.

Over the last year, the pandemic challenged traditional approaches — notably boosting digital experimentation. Even so, entrenched communications preferences have made one thing clear: Creating engaging experiences that facilitate omnichannel interaction will be paramount to guiding behavior and establishing credibility as a communications and CX leader.