Most customers are suppressing their printed bills and statements in favor of digital. True or false?
If you answered true, you are incorrect – and you aren’t alone.
At our recent webinar “The Results are In! Transactional Communications Market Survey 2015” with Matt Swain, Director at InfoTrends, and Jeff Musgrove, Senior Vice President of Product Strategy and Execution, we examined how survey respondents – both companies and consumers – felt about electronic delivery and going paperless.
“Consumers may not want to move to digital as much as you think they do,” stated Matt. “Even in younger demographics, we see a lot of paper retention.”
Historically, businesses have greater expectations for their paperless delivery rates for bills and statements than they actually achieve. In fact, when you look at the bar chart from the 2015 Transactional Communications Market Survey, businesses continue to have lofty paperless adoption expectations even when they’re only seeing slight year-over-year growth.
Listen to Matt’s 2018 forecast for paper versus digital communications in this video.
It’s not a case of paper is good and digital is bad; it requires a holistic look. “For those customers that you can transition to digital communications, by all means do it, but just make sure that the rest of your customers are properly served.” To better align expectations, it may help if companies understood why their paper-loving customers just won’t let go.
Why do consumers embrace paper bills and statements? According to the survey, consumers want the hardcopy for their records (53%), it is their reminder to pay (45%), it is a security precaution (24%), providers don’t offer the option of suppressing paper (21%) and some communications are hard to review online (17%).
Matt summarizes: “It’s important to think about how you optimize print communications while also trying to drive some of your digital adoption strategies.”
While there is certainly going to be growth in digital, print is not going away – and some customers will want both. If your focus is improving the customer experience, it comes down to how to best serve your customers; and, in some cases, that may mean sending multiple versions of the same communication.