The ROI of Communications:
A Hidden Opportunity

Creating exceptional customer experiences can be difficult, and the bar is always being raised for CX excellence. With the multitude of channels used by today’s customers, ever- changing consumer preferences, and growing expectations, many organizations are struggling to build a strong foundation for an omnichannel customer experience.

This guide will tell you everything you need to know about overcoming business challenges with CCM, and uncovering the hidden ROI of communications that are omnichannel, personalized, and focused on growing both relationships and share of wallet.

What’s Inside:

The Hidden Costs of Manual Communication Management

Three Customer Communications Management (CCM) Challenges

Key Benefits in Moving to a Comprehensive CCM Platform

A List of Metrics to Track When Assessing the Potential ROI of Communications Management

How Implementing a Solution Like Doxim CCM Can Achieve a Return of 185% Over 5 Years and a Positive Cash Flow Within 5.5 Months

The Hidden Costs of Manual Communication Management

Delivering exceptional communication experiences without a Customer Communications Management (CCM) platform can be costly and slow. Here are three of the major ways that this approach could be holding you back: 

Document generation

Time required for document composition, production, delivery, and storage can be extensive, especially when separate teams are dedicated to creating communications for each channel. 

Print and mail

The costs of printing and mailing documents are significant and can be increased further if additional marketing inserts are included.

Personalization

The inability to personalize or quickly and easily include additional messaging within customer documents limits agility to respond to new revenue opportunities and to improve CX. 

Three Common Customer Communications Management Challenges

Let’s take a deeper dive into the costs of managing omnichannel communications without a central communication system. Here are three ways in which Doxim clients report that, pre CCM, they lost time and money and missed key opportunities to sell and serve efficiently. 

Too much time spent on customer enquiries and document management

Excessive time spent searching for and organizing files is a common challenge when relying on hard copies, with team members spending a significant number of hours each month searching for, reproducing, and filing paper documents.

Time is also wasted managing customer enquiries when there is no easy way for CSRs to quickly access or reproduce a customer’s statement.

Prior to Doxim CCM, clients reported:

20-40 hours per month on tasks such<br /> as searching for or reprinting customer documents

Hundreds to thousands of customer calls per week, which could take five to ten minutes each to handle.

20-40 hours per month on tasks such as searching for or re-printing customer documents.

High, and rising, costs of sending and storing customer documents

The costs of printing and mailing physical documents to customers are significant. These costs can include paper, printing, folding, insertion, and increased postage.

There are other, often overlooked costs to customer document management as well, including:

  1. Hard copy document storage costs, because of retention regulations that require many years of storage.
  2. Fines or penalties if documents are not completed correctly or delivered securely within the mandated time frame.

Missed opportunities for customer engagement and retention

Ensuring documents are delivered in a timely and consistent way is step one. But today, customers expect more personalization, a greater breadth of services, and marketing messages about products relevant to their needs.
A lack of flexibility to send out separate messages to different target groups, or to provide consistency across all channels can make this difficult to achieve.

Businesses that share data and develop cohesive conversations grow revenue 41% faster

Customer retention

Ongoing omni-channel conversations translate to more cohesive CX, even across transactional communications.

Key Benefits of Moving to a Comprehensive Customer Communications Management Platform

The benefits of moving to a Customer Communications Management solution are both immediate and ongoing. Want the details? ROI in communications comes from increasing value by improving efficiency, reducing costs, and enhancing customer experience. Here are a few ways that Doxim supports these changes, with feedback from actual Doxim clients on the benefits they are seeing:

Increased Efficiencies

Reduce time spent searching for, reproducing and filing paper document

Doxim CCM enables organizations to easily capture, search, share, and store all internal customer information, documents and signatures safely and securely via a centralized online repository.

“Definitely saw time savings, as the customer service reps can easily print any needed images themselves or can ask Doxim to reprint or re-mail a letter.”

– Business Specialist

Reduce time spent on customer enquires

Doxim CCM provides a centralized, secure, web-based document archive that helps consolidate and share documents, internally and with customers, and enhanced statement design/composition converts difficult to read documents into easy-to-read statements.

“Have seen a 20% reduction in call center volume post- Doxim.”

– COO

Reduce time spent on document composition

Doxim CCM provides advanced statement composition services using data from any core banking platform and outputs documents to both print and electronic formats for online access. Enhanced statement design and composition services convert difficult to read, outdated statements into attractive, well laid out statements complete with targeted marketing messages.

“Saw a 75% reduction in time spent to oversee and approve composition post-Doxim.”

– Product Manager

Reduced Costs

Reduce the number of printed documents

Doxim CCM interfaces seamlessly with online portals, making it easy for customers to access statements, checks, confirms, and other documents online, and the e-notification service automatically notifies customers via email when documents are available for online access.

“An average cost of $1.20 per printed statement is eliminated each time a client moves to eDelivery.”

– Product Manager

Reduced number of pre-printed inserts and newsletters

Doxim CCM can place targeted, relevant marketing messages directly onto statements; by appending insert content to the end of an electronic statement so that it can be viewed online, or printing newsletters and inserts in-line with the statement itself.

“Eliminated the need for at least one separate mailing, by being able to print right on the last page of the bills now.”

– Billing Manager

Reduces penalties for missing compliance commitments

Doxim CCM offers comprehensive statement and confirm processing for an integrated end-to-end solution to help manage the production and delivery of regulatory documents, ensuring that customer communications are delivered securely, accurately, and on time.

“Email privacy breaches could result in fines of $10K or more each time.”

– Technical Product Manager

Eliminates the costs of hard copy document storage

Doxim CCM provides a centralized, secure, web-based content management solution, allowing organizations to streamline document processes and eliminate manual tasks related to hard copy document storage, significantly reducing operational costs.

“Saw a 65% reduction in annual hard copy storage costs and effort post-Doxim.”

– COO

Improved Customer Experience

Improve targeting and personalization of marketing messaging

Doxim CCM makes it possible to derive insights from the wealth of data collected on customers, identifying the right offer for every customer and then including it on the transactional documents they open and review every day.

Improved customer satisfaction and retention

Doxim CCM delivers documents and communications through all channels, with integrated solutions that will help ensure consistency of messaging and experience and allow staff to quickly find important customer files and associated content anytime, anywhere, through an online content repository.

“Doxim has enabled new services, without which there could be a percent of customers that might have looked elsewhere.”

– COO

List of Metrics to Track When Assessing the Potential ROI of Communications Management

Customer Communications Management solutions offer substantial ROI across multiple departments of the organization. For some organizations, benefits may come from reducing the number of printed regulatory documents provided to customers annually. Others may experience serious cost savings from making CSRs more efficient, by placing all relevant customer documents at their fingertips. Still others will benefit most from adding 1:1 marketing messages right on their documents, to reach their customers with targeted offers.

Because ROI is so specific to each organization, it can be very valuable to create communication benchmarks for your organization to track over time. That way, you’ll truly understand the value you are achieving from your investment in CCM or be able to ballpark the benefits of such a project.

As a starting point, consider tracking the following:

  • Documents printed and mailed
  • Inserts printed and inserted
  • Customer calls relating to documents
  • Average duration of customer support call related to documents
  • Cost per paper document, printed and mailed
  • Cost per insert, printed and inserted
  • Annual costs of hard copy document storage
  • Number of hours spent on document composition per month

These details can also be plugged in to the Doxim CCM ROI calculator, developed in conjunction with Hobson & Company, a research firm focused on Return on Investment (ROI) studies. The calculator will tell you:

What you can save by reducing the number of printed documents and inserts by just 10%

The positive return on improving communication and customer satisfaction

What you can save by working smarter and reducing the time spent on customer inquiries by 35%

The total value of implementing a CCM solution over 3 years

How Implementing a Comprehensive Solution Like Doxim CCM Can Achieve a Return of 185% Over 5 Years and Positive Cash Flow Within 5.5 Months

Finally, here’s a concrete example of the ROI of communications management, developed by Hobson & Company. Their expert team interviewed a number of Doxim’s key clients to produce this illustrative example of the potential cost savings and efficiencies achievable when implementing a comprehensive customer communication management solution from Doxim.

This ROI calculator example is based on a company that generates $50 million in annual revenue, with print and mail costs of $140,000 per month and deals with approximately 1,000 inbound calls to the call center per week. The company also stores hard copy documents at an annual cost.

The ROI result considers the cost savings on printing, mailing, and storage of hard copy documents when customers migrate to digital. It considers the reduction in time spent on customer support calls and the resources required to locate hard copy documents during inbound calls from customers.

  • Estimated annual cost reduction of $234,000
  • Estimated annual savings, when including increased efficiencies and improved CX of $507,000
  • Investment in Doxim’s CCM platform can generate positive cash flows in 5.5 months
  • 5-Year net present value (NPV) was strong at $1.1M
  • An ROI of 185% over 5 years

If your company is printing, sending, or storing hard copy customer documents, you can achieve a fast ROI and many other benefits from a customer communication management platform from Doxim.

Contact a Doxim CCM expert for a customized ROI calculation.

Talk to a CCM expert today
Schedule My Demo
Skip to form