Are you reaching your eAdoption goals? Are you successfully converting your paper lovers to digital? If you are missing your targets, you aren’t alone.
At our recent webinar, “How Effective is Your eAdoption Strategy?”, guest speaker Tammie Calys from Transformation Management Consulting and Jeff Musgrove from Broadridge shared recommendations for reaching eAdoption and paper suppression goals, including how to maximize results and avoid typical obstacles.
“When we work with companies on their adoption strategies, their challenges usually fall in two areas: either the strategies are lacking in marketing sophistication or the execution proficiency is not what it needs to be – and sometimes it’s both,” shared Tammie.
From failing to set realistic goals to ignoring customer feedback, many companies struggle on their path to eAdoption. Hear Tammie explain the key eAdoption strategy shortfalls in this two-minute video.
The best way to overcome these common challenges is to understand what areas may be causing shortfalls within your own current strategies. “One of the key things to remember when you’re embarking upon an eAdoption strategy is that the approach has to be iterative; it’s not a one-time thing,” said Tammie.
While the approach is fluid, a good starting point is setting realistic goals. “Start by understanding what your break-even suppression levels are,” shared Tammie. “Essentially, this means knowing what level of adoption you need to achieve in order to bring the cost savings to bear that would actually equal the investment that you’re making in the electronic platform, initially and ongoing.”
Tammie recommends companies start by gauging what customers are potential adopters by evaluating customer demographics. Next, think about the number of different touchpoints you have with your customers and how many ways you can message to those customers. You then need to align that information with how many customer touchpoints it normally takes to drive action; typically, you have to communicate seven to eight times for a desired action to occur. Lastly, once you have this information – what customers are likely to adopt and how you are going to target those customers – you have to determine if you have the resources to do so.
“All of that data needs to be gathered into an overall cost-benefit analysis that takes into account not only the initial cost of the investment, but also the cost of the ongoing positioning of your electronic solutions for the customer base,” summarized Tammie. “You then have to see how that compares to the potential cost savings that you think you can achieve based on the adoption levels you have defined.”
While a lot of work goes into this step, and it often involves bringing in external data and expertise, the time it takes to set realistic eAdoption goals is worth it. It really determines success or failure.