SERVICE AREA: Business Development Strategies
CASE STORY USING COLOR INKJET TO IMPROVE BUSINESS COMMUNICATIONS DOXIM LEVERAGES HIGH-QUALITY INKJET PRINTING FROM BLUECREST TO BENEFIT FINANCIAL INSTITUTIONS
SEPTEMBER 2018
CASE STORY
contents
Using Color Inkjet to Improve Business Communications
Table of Contents Introduction ..............................................................................................................................................2 The Future of Communications .............................................................................................................2 About Doxim ............................................................................................................................................3 Investment in AcceleJet® .......................................................................................................................3 Targeting Financial Institutions ...............................................................................................................4 Color and Personalization Delivers Benefits ........................................................................................5 Getting Noticed ..................................................................................................................................5 Doing More with Less ..........................................................................................................................5 Optimizing Customer Touchpoints ...................................................................................................6 Making Statements Part of an Interactive Experience.................................................................6 Improved ROI with Full-Color Personalization .................................................................................7 Most Importantly…Consumers Prefer Mail! .....................................................................................8 The Bottom Line ........................................................................................................................................8
Figures Figure 1: Application Overview – Transactional Documents ...........................................................3 Figure 2: BlueCrest AcceleJet at Doxim ..............................................................................................4 Figure 3: Sample Transpromotional Billing Statement from Doxim ..................................................6 Figure 4: What is the primary reason that you include full-color printing in your transactional documents? ..............................................................................................................................................7 Figure 5: Through which channel would you prefer to receive legal notices, letters, and other business transactional communications from your providers? .......................................................8
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CASE STORY
Using Color Inkjet to Improve Business Communications
Introduction Doxim (Madison Heights, MI) is a leading provider of secure e-Document solutions, highspeed color print, and mail. A vertical market focus on financial institutions, various investments in inkjet production printing technologies, and the creation of a set of best practices for color applications with personalized promotions (or TransPromo) have enabled the company to achieve success. Doxim is working with clients to leverage statements and other transactional documents as a marketing platform to generate opportunities for themselves as well as their customers. The combination of marketing offers with transactional, operational, or statutory documents, enables financial institutions to cross-sell products and services, alleviate consumer concerns, increase loyalty, and maintain confidence, particularly in tumultuous markets and times of corporate malfeasance. Marketers within the financial services industry recognize that a statement is a communication tool that can be used to influence consumer behavior. When used properly, intelligently designed statements can be used to stimulate desirable consumer behaviors. Through its investments in inkjet production technology from BlueCrest, Doxim is able to produce affordable and high-quality full color document solutions with dynamic content for the financial institutions it serves today and will serve tomorrow.
The Future of Communications The combination of more and better consumer data, the drive for personalization, and the affordability of inkjet have finally made creating higher value communications a market reality. InfoTrends’ latest digital production printing application forecast projects an increase in online access for bills and statements, driving overall page volume down. At the same time, the number of pages per bill/statement will be increasing due to the drive to deliver more information on each document. There is a movement toward more color in basic bill/statement printing due to the availability of digital color inkjet technology as well as a rise in white paper workflow solutions. Today’s marketers are using the tried-and-true monthly communication medium—the statement—as well as other transactional documents in new and different ways to ensure that their messages are noticed. These transpromotional pages represent a significant market opportunity. InfoTrends’ application forecast predicts significant increases in the use of color and personalization, with projections that TransPromo print will experience a compound annual growth rate (CAGR) of 10.5% and surpass 34 billion impressions by 2020.
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CASE STORY
Using Color Inkjet to Improve Business Communications
Figure 1: Application Overview – Transactional Documents 140 120
100
Bills/Statements
Checks
TransPromo
22.7 8.2 34.2
80
4.5
60 40
10% CAGR 2015-2020
94.7 63.2
20 0 2015
2020
Source: U.S. Digit al Product ion Print ing Applicat ion Forecast, InfoTrends 2016
About Doxim Doxim provides secure electronic document and statement processing solutions to financial institutions across the United States. The company also offers integrated marketing solutions that drive new revenues by improving campaign ROI. They also provide customer engagement Software as a Service (SaaS) platform for banks, credit unions, and wealth management firms serving over 25 million consumers. The company enables customers to successfully transition to a digital platform for new sources of growth and revenue with its integrated Customer Engagement Platform (CEP). It enables and delivers analytics and insights from customer data across systems to enable a personalized experience across all key consumer touchpoints.
Investment in AcceleJet® Tony VanderKolk, Director of Print Operations at Doxim, states, “Our customers depend on us to provide quality printing and mailing services, but we must also understand their requirements and respond with the right technologies and infrastructure.” This is precisely why Doxim decided to invest in inkjet technology to grow its production printing operations. With the high volume of monthly statements (more than 17 million impressions per month) that require high level of precision, accuracy, and reliability to meet client service-level agreements (SLAs) within a very tight timeframe, Doxim understood that an equipment investment was necessary. The company ultimately decided to install two AcceleJet printing and finishing systems. According to VanderKolk, “We installed our first AcceleJet system in late 2015 and it exceeded all our expectations in terms of productivity, reliability, and print quality. “The AcceleJet has become the most flexible and dependable printer in our fleet. It is amazingly hands-off and only requires minimal maintenance.”
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CASE STORY
Using Color Inkjet to Improve Business Communications
A second AcceleJet was purchased in 2017 to increase capacity, improve productivity, and ensure consistent color print quality. VanderKolk continues, “Print quality was a key factor in our investment decision. For select jobs and clients, we rely exclusively on the AcceleJet to ensure that the quality will meet our customers’ standards. The AcceleJet has been a gamechanger for us in terms of our ability to consistently deliver high-quality print output for our clients.” Figure 2: BlueCrest AcceleJet Installed at Doxim
Thanks to the investment in digital inkjet technology, Doxim has saved money by reducing the size of the offset printing operation and warehousing department—and these savings can be passed on to customers. In the past, the company had warehoused over 300 different types of stock, pre-printed or otherwise, for use in customer communications. Today, only a few customers are relying on offset production and the company is working to transition its entire customer base to an all-digital production workflow. According to VanderKolk, “Inkjet technology has increased output while reducing the time and labor required. The AcceleJet enables us to further save costs by using untreated offset substrates—and our customers seem to like this based on historical preferences. Plus, the output of the AcceleJet is optimized to process seamlessly on our BlueCrest™ Mailstream Evolution™ inserting systems eliminating costly scan errors, jams or Most importantly, though, the investment in inkjet has enabled Doxim to transform itself into the company that it is today. This firm now offers much more than ink on paper, including services like data-driven, targeted messaging to add value and increase revenues for clients.
Targeting Financial Institutions With more than 50 years of combined experience providing printing and mailing services to over 500 financial institutions of all sizes, D has a reputation for streamlining its customers’ processes and providing quality print and e-Document solutions. Its services include:
Custom statement redesign to maximize marketing capabilities
Targeted messaging including:
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Using Color Inkjet to Improve Business Communications
o
Person-specific message based on selected data-driven criteria
o
Custom insertion into specific envelopes
o
Cross-channel marketing conveying related messaging on multiple platforms
White space management to lower paper and mailing costs
Electronic statements to save money on postage and statement delivery time
Mailing services to optimize postal savings
VanderKolk notes, “While providing a broad range of services to our clients, we also must maintain a high level of security. Security is critical when dealing with the financial services market. For every task, at least eight different people have looked at a document from the time it starts to the point that it goes out the door.” IDSDoxim has annual SOC1 and SOC2 examinations and can provide FFEIC examination results to all FDIC members. “Customers choose us because we understand their needs and industry. Even though we offer a great deal of flexibility, we have the required process automation in place to prevent issues,” VanderKolk continues. “We’re working with financial documents, and our customers are looking for a partner they can trust.”
Color and Personalization Delivers Benefits According to VanderKolk, “Our combination of inkjet technology and document solutions enables us to truly help the credit unions that we service to drive more business.” Doxim believes that combining color and personalization can deliver a number of benefits to its clients, and these benefits are highlighted below.
Getting Noticed Transactional documents get opened—according to InfoTrends’ research, 95% of statements and bills are opened by consumers. Even more importantly, consumers spend an average of 3 to 5 minutes reading and reviewing transactional documents. This reinforces the notion that bills and statements present an ideal opportunity to get a message across.
Doing More with Less Today’s marketers are always seeking ways to do more with less. Enabling marketing executives to turn a critical customer touchpoint into an effective marketing vehicle by incorporating targeted marketing messages can significantly elevate the value and effectiveness of transactional communications. Doxim uses the promotional example in the Figure below to show how whitespace management can becomes an effective method for increasing marketing reach and reducing costs.
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CASE STORY
Using Color Inkjet to Improve Business Communications
Figure 3: Sample Transpromotional Billing Statement from Doxim
Optimizing Customer Touchpoints Each statement, invoice, bill, or notification is a customer touchpoint. Every time that a brand can interact with a customer/consumer will directly affect how that customer perceives an organization. Given that transactional documents are delivered to consumers every month and are actually read, it is imperative for marketers to effectively leverage this touchpoint. Marketers can use knowledge about their customer base to “manage the customer relationship lifecycle.” They can instill loyalty with value-added information, special offers, gifts, and events, as well as timed promotions on additional products and services based on recent transactions. Offers can also be based on changing consumer demographics.
Making Statements Part of an Interactive Experience Mobile devices like smartphones and tablets have become a primary source of portable media, and these devices can be used to obtain information and communicate with others. Although the mobile channel continues to evolve and grow, transactional documents and other traditional media platforms continue to be an important element of the media mix. The transactional document can be used as a springboard for online engagement through QR codes, augmented reality, or mobile apps. Marketers want to blend these must-read high-value communications with access to valuable offers and information while delivering an engaging experience. The addition of interactive elements enables marketers to achieve greater measurability to track against their goals. Furthermore, today’s service providers
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Using Color Inkjet to Improve Business Communications
have new value-added services that they can offer around design, deployment, management, and reporting related to integrated campaigns and applications.
Improved ROI with Full-Color Personalization The need to measure, analyze, and report on marketing effectiveness has never been greater. With today’s inkjet technologies, higher value communications with personalized full-color messaging can quickly and affordably provide a tangible ROI that is linked directly to business goals and objectives. Marketers can determine exactly which messages went to which consumers and what offers prompted them to take action. Further, Doxim adds targeted, relevant messages to the outside of the envelope in full-color to drive effectiveness. According to InfoTrends research, full color printing is used in communications to stregnthen brands, make documents easier to read, and serve as a competitive differentiator. Figure 4: What is the primary reason that you include full-color printing in your transactional documents? It strengthens our brand image It's a competitive differentiator Our competitors are doing it It generates a higher ROI
It makes things easier to read/review It's a marketing requirement Our customers are demanding it Don't know
Promotional (N=709)
25.6%
15.6%
Transactional (N=682)
25.7%
15.0%
0%
20%
15.0%
13.3%
40%
13.6%
13.0%
60%
10.2%
9.7%
10.1%
11.4%
80%
9.8%
10.9%
100%
Base: Respondents In North America, South America, and Western Europe who consider it important to print in full color Source: Cust omer Engagement St rat egies St at e of t he Market St udy, InfoTrends 2016
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Using Color Inkjet to Improve Business Communications
Most Importantly…Consumers Prefer Mail! In its 2017 Annual State of the Transactional Communications Market Survey, InfoTrends surveyed 2,000 consumer respondents in North America. Of these respondents, 50% stated that they would prefer to receive legal notices, letters, and other business communications via physical mail. Figure 5: Through which channel would you prefer to receive legal notices, letters, and other business transactional communications from your providers? Physical mail
50%
48%
Web/user portal
26%
Mobile apps
14%
Messaging apps
10%
Social media
10%
Productivity/Payment apps
8%
Cloud storage
8%
Consolidators
Multiple Responses Permitted
7% 0%
10%
20%
30%
40%
50%
N = 2,000 Consumer Respondents in the U.S. and Canada Source: Annual St at e of Transact ional Communicat ions Consumer Survey, InfoTrends 2017
The Bottom Line According to VanderKolk, “Inkjet has afforded our customers all the benefits of digital, including more color, personalization, versioning, and re-branding initiatives.” Doxim’s customers have also experienced an increase in value delivered to consumers by offering more engaging messaging on each document. With the elimination of pre-printed documents, messaging and color have become more flexible and efficient through inkjet production printing technology. Transactional documents are being delivered to our customers’ clients every day; enriching these documents with marketing content makes good business sense in an environment where consumers are seeking better, more colorful, and more personalized/relevant communications. VanderKolk concludes, “Choosing the right partner—BlueCrest, formerly Pitney Bowes Document Messaging Technologies, in our case—has been an important step to helping us provide these integrated end-to-end print and mail solutions.”
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CASE STORY
authors
Using Color Inkjet to Improve Business Communications
A digital printing and publishing pioneer as well as a marketing expert, Barb Pellow helps companies develop multi-media strategies. She assists businesses in creating strategies to launch new products, build strategic marketing plans, and educate the sales force on delivering value.
Barb Pellow Group Director + 1 781-616-2161
Nichole Jones is a Consultant for InfoTrends’ Business Development Strategies Production Printing and Packaging Consulting Services. Ms. Jones’ responsibilities include managing the promotion and distribution of InfoTrends’ content and assisting clients and channels in building business development programs. She is also responsible for developing curriculum and content for InfoTrends' e-Learning programs, which deliver online sales training. Nichole Jones Consultant + 1 781-616-2191
Comments or Questions?
This material is prepared specifically for clients of InfoTrends, Inc. The opinions expressed represent our interpretation and analysis of information generally available to the public or released by responsible individuals in the subject companies. We believe that the sources of information on which our material is based are reliable and we have applied our best professional judgment to the data obtained. BlueCrest, AcceleJet and Mailstream Evolution are trademarks of BlueCrest Inc. or a subsidiary. All other trademarks are the property of their respective owners.
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