2021 CX Insights: Engaging The Savvy Consumer
2021 CX insights:Engaging the savvy consumerThird annual study uncovers the consumer trends that matter most.
As the drive to digitalaccelerates, firms needto keep pace with newconsumer expectations.COVID changed everything—or did it?Consumers suddenly had to rely on digital channels for work, shopping and socialinteraction. They expected more from their communication experiences and aremore likely to abandon companies whose CX didn’t measure up.Yet while COVID added fuel to existing digital trends, it didn’t spark an instant shiftfrom physical to digital communications. Most organizations still have work to do ifthey want to accelerate digital adoption. The reality is, it now takes more to deliver thekind of CX that boosts customer retention, acquisition, upsell and net promotor scores.Our 2021 study provides a clear picture of where consumers are andwhere they’re going—and uncovers the three things companies needto do to meet the moment.2 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer123Deliver on the valueof your communications.Increase the value of print and digitalexperiences based on customer needs.Provide seamless channeland preference management.Leaders excel in cross-channel interactions.Embrace digital experimentationand expand your toolkit.Keep up with the pace of change:Employ new technologies basedon what consumers expect next.
Table of contents1 The COVID impact42 The costs and reward of getting your CX right11Success factors33 Deliver on the value of your communications154 Seamless channel and preference management195 Embrace digital experimentation226 Ready for Next27 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
1 The COVID impact 23456Engagement is forever changed.The pandemic challenged consumers and businessesto do things differently. Companies found themselvesreinventing their business models, launching newsolutions and offering more options. Consumerschanged how they work, transact and interact.Many temporary measures have become new norms.4 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
1 The COVID impact 2345656% of consumers agree:The COVID-19 pandemic hasfundamentally changed howthey communicate and engagewith companies—for good.32% made an online bill payment.22% created an online account.22% downloaded the company’smobile app.20% provided a personalemail address or phone number.COVID has more than half of Boomers thinking digital.Consumers across every generation engaged digitally in new ways with their providers,but many still weren’t ready to give up on paper.% engaging digitallyin a new way forthe first time since thestart of the pandemicMILLENNIALSGEN XBABY BOOMERS5 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer87%58%73%
1 The COVID impact 23456The Broadridge PerspectiveIt’s not easy to convince long-time customers toabandon paper. Yet, a willingness to try new thingsspells opportunity. It’s a key time to closely track digitalengagement data, uncover needs, update personas andask customers for eConsent.6 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer Deliver a relevant experienceto change old habits.In 2021, Bank of America reported that nearly 40 million oftheir 66 million customers are now using digital channels.A quarter of these new digital customers are Baby Boomers.1In January and February of 2020, Humana members werescheduling a few hundred telemedicine visits per day. ByApril that number increased to over one million.2
1 The COVID impact 23456Paper is resilient, and the digital evolution continues.There are no silver bullets. Demand for physical bills and statements didn’t disappear overnight.Instead, the shift to digital-only continued at a gradual pace.75%switched at leastone bill to paperlessin the last year.% of consumers switchingat least one bill to paperless70 %73%68%62%67%53%56%20197 81%BROADRIDGE 2020Yet only a small percentageshifted entirely to digital billsand statements.87%81%75%65%2021nnnnAllMillennialGen XBaby BoomersHow consumers receive and accessbills and statementsHybrid of physicaland digital34%34%37%40%Digital onlyPhysical mail only29%All27%20202021Note: Percentage may not add up to 100% due to rounding.2021 CX Insights: Engaging the Savvy Consumer
1 The COVID impact 23456Consumer preferences highlight opportunity.Some consumers would prefer to receive all their communications digitally—but they’restill receiving paper. Organizations can close this gap if they can up their digital game.% of consumerswho receive/wouldprefer to receive allcommunicationsdigitallyTOTALCurrently receivePreferenceMILLENNIALSCurrently receivePreferenceGEN XCurrently receivePreferenceBABY BOOMERSCurrently receivePreference8 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer40%45%42%50%39%46%39%43%
1 The COVID impact 23456Some still ask: “What’s in it for me?”Some consumers see no benefit in going paperless.MILLENNIALS28%29%22%GEN XBABY BOOMERS26%TOTAL9 BROADRIDGE “ I prefer to receive communications from my providersby mail. I do not see how going paperless benefits me.”(% who completely agree)2021 CX Insights: Engaging the Savvy Consumer Innovate todrive engagement.TD Bank built and deployed over 100 new capabilitiesto reach, inform and educate customers as the pandemicunfolded. They experienced a 20% increase in digitalengagement over a 12-month span, 17% in the U.S.and 30% in Canada.3
1 The COVID impact 23456The Broadridge Perspective There’s opportunity in motivatingthose who value digital but stillreceive paper. Many Baby Boomersfit this category. When companiessuccessfully tie paperless to otherevents such as changes to services, agreements orcontracts, it can accelerate digital migration.Three industries saw significant gains in digital since lastyear—and they’re not necessarily industries that previouslyoutperformed. Healthcare insurance, previously a laggard,made strong advances in the last year.10 BROADRIDGE 2021 CX Insights: Engaging the Savvy op three industries:Year-over-year shiftin digital-only billsand statementsn 2020 n 2021HEALTHCARE INSURANCE28%34%
12 The costs and reward of getting your CX right 3 456As consumer expectations rise,more companies fall short.Consumers make decisions on the quality of theirexperiences. Given the CX advances made in recentyears, they have a better understanding of what’s possible.The result: Their attitudes and actions have shifteddramatically—and companies must take notice.11 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
12 The costs and reward of getting your CX right 3456Consumers push companies to do better.Many more consumers feel that the companies they do business with have room to improve.20212019“ Most of the companies I do business with needto improve the customer experience they provide.”(% agree)35%59%2021They say “good-bye” when personalized experiences fall short.There has been a big jump in consumers’ willingness to change providers if their CX expectationsaren’t met.20212019“ I have stopped doing business with a companybecause that business did a poor job ofpersonalizing the experience.” (% agree)12 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer25%43%The BroadridgePerspectiveConsumers expect personalizedand relevant communicationsfrom their providers—anddelivering on that is justone aspect of what definesa good customer experience.Broadridge clients that differentiate theircommunications leave no channel behind.They optimize print, but also consider digitaltouches, like employing a push strategy fordigital to reduce the barriers to engagement.With rising consumer expectations, it is criticalto focus on personalized, interactive, datadriven and contextual communications.
12 The costs and reward of getting your CX right 3456Seamless experiences: The new “must-have.”Consumers no longer “want” you to deliver a seamless CX, they “expect” it.Today, 84% of consumers expect to easily interact across physical and digital channels.84%Expect68%companies to make it easy forthem to interact across print,digital and other channels.Wantproviders that make it easy forthem to interact across print,digital and other channels.201913 BROADRIDGE 20212021 CX Insights: Engaging the Savvy ConsumerThe BroadridgePerspectiveMarket leaders have usedtechnological advances toredefine what exemplaryCX looks like. Companieswho have settled for incrementalimprovements—often limited by in-housecapabilities—have fallen further behind.Broadridge clients have shared that accessto new and emerging innovations has giventhem a competitive edge and inspired customeradvocacy. Plugging these innovations intotheir existing experiences has also accelerateddigital transformation.To ensure consumers can easily interact acrossphysical and digital channels, successfulfirms take an omni-channel, iterative,test-and-refine approach.
12 The costs and reward of getting your CX right 3456The upside: There’s revenue in getting it right.Superior engagement and seamless experiences drive loyalty and sales.Most consumers say they’re likely to spend more with companies thatoffer a good CX. This is particularly true for Millennials and Gen Xers.MILLENNIALS54%Completely agree30%Somewhat agree56%Completely agree27%BABY BOOMERSCompletely agree42%33%Somewhat agree90%81%Agree71%MILLENNIALSGEN XBABY BOOMERSAgreeGEN XSomewhat agreeThe majority of consumers also say they’re more likely to purchase anew product or service after seeing a message in a bill or statement.Agree “When the bill is color and it containspersonalized offers, people spend more timereviewing it and they respond to offers morefrequently. We’re definitely seeing a greaterfrequency in responses to ads, even onesthat our customers have seen 12 to 24 times,because they’ve been on the envelope or billevery month of the last year or two.”—TELECOMMUNICATIONS EXECUTIVE14 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
123 Deliver on the value of your communications 456Master the basics: Clear, easy-to-understandinformation delivered in the right channel.Across print and digital, consumers rate three factorsof highest importance: plain language, channel choiceand a quick read.15 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
123 Deliver on the value of your communications 456It pays to get right to the point.Use plain language.Let me choose how to receive my communications.Show me a summary of the most important items to know.16 BROADRIDGE 2021 CX Insights: Engaging the Savvy ConsumerThe BroadridgePerspectiveCreating a concise, intuitivefirst-page summary sectionis fundamental to anyredesign initiative. Forprinted communications, use QR codesto drive to digital experiences—and fordigital, create interactive elements thatallow recipients to dive deeper from thesummary experience. These summaries mustbe optimized for each channel to ensure theultimate CX. Getting this right can go a longway toward satisfying your customers.
123 Deliver on the value of your communications 456The number one value of digital? Convenience.To accelerate digital adoption, organizations must understand, conveyand deliver what consumers value most about digital communications.Primary reasonsconsumers preferto receive certainbills and statementsdigitally17 BROADRIDGE 48%41%ConvenienceSpeed37%35%Easier to trackand manageDeclutters myphysical space2021 CX Insights: Engaging the Savvy ConsumerDigital drives convenienceand speed.Allstate estimated the use of virtual tools to support autoclaims increased from 50% to 90% in March 2020.4
123 Deliver on the value of your communications 456There are specific reasons why consumers prefer paper.Many consumers still prefer to receive billsand statements by physical mail. Sometimesthey want just paper. Sometimes they wantboth. To convince this segment to switch,firms must align digital CX with the valuesconsumers find in paper.Primary reasons consumers prefer to receivecertain bills and statements in paper form50% 41%Want a paperrecordPaper remindsme to pay bills30% 27%Easier to trackand manage23%More likelyto notice18 BROADRIDGE 2021 CX Insights: Engaging the Savvy ConsumerComfortable withphysical paperTHE BIGGEST MYTH:ONLY OLDER FOLKSWANT PAPER.Digital adoption rates are higher amongyounger consumers. There are also manyMillennials and Gen Xers that see no value ingoing paperless. With channel choice amongthe most important contributors to quality CX, it’s critical to understandthese underlying personasacross every generation.
1234 Seamless channel and preference management 56Successful firms will meetcustomers where they are.It’s easy to engage every customer the same way.Delivering a personalized experience is not as simple—and that’s what separates the good from the great.Personalization isn’t just about calling people byname, it’s ensuring that content is pertinent, relevantand has value. It’s also about engaging customersas they wish to be engaged.19 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
1234 Seamless channel and preference management 56Three capabilities are essential to delivering a seamless channel experience.1. Review and update your customer personas.Effective segmentation and personalization is key to improvingCX. Drill down into the specifics of your customer base.2. Understand and optimize preferred channels.Channel preferences can vary by industry, age and evencommunication type.Preferred channels for receiving communicationsMILLENNIALSGEN XPreferred channels for engaging with companiesBABY BOOMERS12 MILLENNIALSGEN XBABY BOOMERSEmailEmailEmailWebsiteWebsitePhysical MailText MessageText MessagePhone1EmailEmailEmailText MessagePhysical MailPhysical MailPhoneText MessageText Message3203. 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 uponyour organization.BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer23
1234 Seamless channel and preference management 56Consumers have distinct delivery preferences.How consumers would prefer to receive and access bills and statements32%Hybrid of physical mail and digitalOnly by physical mailOnly by digitalThe Broadridge PerspectiveSome companies have mastered segmentation, personalization and omni-channelexperiences. Their secret? They utilize identity and preference-management solutionsto capture, centralize and unlock customer data and attributes. They also find creative waysto promote the benefits of dynamic, interactive, digital experiences using print—a point we’llcover more in the next section.21 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer23%45%
12345 Embrace digital experimentation 6Websites and emails alone won’t cut it anymore.Consumers are ready for next.To accelerate digital migration, companies mustentice consumers to try digital and provideexperiences that will keep them coming back.Often, this means introducing more digital options.Our study highlighted four specific technologiesand practices now becoming mainstream contributorsto a winning CX.1. QR codes2. Mobile apps22 BROADRIDGE 3. Informational videos4. Cloud storage2021 CX Insights: Engaging the Savvy Consumer
12345 Embrace digital experimentation 6QR codes gain real-world momentum.QR codes were invented in 1994. In our 2019 research, less than 25% of consumers expressedinterest in them. Two years later, we asked consumers if they would like companies to use themand half said yes. COVID likely played a significant role.2019Interested/veryinterested incompanies usingQR codesMILLENNIALS2021Agree/stronglyagree they wouldlike companiesto use QR codesGEN X31%201968 %202128%2019202155%BABY BOOMERS2019202114%32%The BroadridgePerspectiveAs awareness of QR codesincreased, consumers across allgenerations experienced their valuein creating seamless connections.For example, mentions aboutQR codes in restaurant reviewsincreased nine times in 2020.523 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer
12345 Embrace digital experimentation 6Mobile apps fit with how consumers live, work and shop.Mobile apps are designed for today’s “anywhere and at-home” lifestyle, so it’s not surprisingto see an increase in mobile app usage for interactions with businesses.“ Since the COVID-19pandemic began,my usage of mobileapps from thecompanies I dobusiness with has.”MILLENNIALSIncreasedRemained the sameDecreased3%30%GEN XIncreased39%Remained the sameDecreased4%BABY BOOMERS32%IncreasedRemained the sameDecreased5%67%Consumers’ likelihood to use mobileapps to interact with companies aboutbilling rose as well.% likely to use mobile apps to interactwith companies to 52%57%68%View informationabout my bill2020202158% 66%63%Receive notificationsabout important billingevents (e.g., new billavailable, late payment)202050%202165%Make bill payment202024 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer2021
12345 Embrace digital experimentation 6Informational videos: “Let me learn on my own time.”Across generations, many consumers expressed interest in short, personalized informationalvideos to help them understand their communications. Recognizing videos are the next “new now”communication channel, leading companies are getting ahead of this trend to set their brand apart.% interested inshort informationalvideos to helpthem understandcommunicationsMILLENNIALS2021GEN X20202021BABY BOOMERS2020202125 BROADRIDGE 70%77%20202021 CX Insights: Engaging the Savvy Consumer60 %70 %44 %50 % Technologydrives businessand consumer benefits.Xcel Energy’s personalized videosachieved impressive open rates (58%)and click-through rates (14%). Thevideos included the customer’s billinghistory and current consumption insights,then concluded with a COVID-19message on payment options andassistance. These videos helped todrive a seven-point jump in Xcel’sNet Promoter Score. At a new totalscore of 36 points, this put Xcel wellabove the 15-point industry standard.6
12345 Embrace digital experimentation 6Cloud storage: Creating a digital “paper trail.”Most consumers would like it if companies could deliver bills, statements, and other importantdocuments directly into their online cloud storage locations. Interest grew across generations,with the biggest spike among Baby Boomers.“ It would be great ifthe companies I dobusiness with coulddeliver my bills,statements, and otherimportant documentsdirectly into onecentral digital locationI control.” (% agree)MILLENNIALS62%20202021GEN X47%20202021BABY BOOMERS202023%202126 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer42%75%65%The BroadridgePerspectiveAll demographics ofconsumers are readyto try something new.Consumers want different things fromdifferent companies, but they consistentlyexpect better CX. Their wants and expectationscontinue to evolve—and they’re willingto switch providers if they’re not satisfied.All of this points to a more holistic, agilecommunications strategy. When you seethe world through your customers’ eyes,you recognize that every touchpoint—from mandatory regulatory disclosures,to billing and statements, to educationaland promotional communications—impactsthe overall CX.
12345next6 Ready for NextCapitalize on the momentum.Over the last year, the pandemic challenged traditional approaches—notably boosting digital experimentation. Even so, entrenched communicationspreferences have made one thing clear: Creating engaging experiences thatfacilitate omni-channel interaction will be paramount to guiding behaviorand establishing credibility as a communications and CX leader.Broadridge can help.Broadridge delivers nearly 7 billion digital and print communications eachyear across markets. Find out how we can help execute your print-to-digitalstrategies through the Broadridge Communications Cl
12 BROADRIDGE 2021 CX Insights: Engaging the Savvy Consumer Many more consumers feel that the companies they do business with have room to improve. They say “good-bye” when personalized experiences fall short. “Most of the companies I do business with need to improve the customer
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
