Welcome to the Dove Direct Print and Marketing Blog. Today's post, "Transactional Print Continues to Grow," is a reminder that relationship documents continue to be effective irrespective of digital deliveries and paperless billing. Thanks in part to print's digital technology, transactional documents are not only effective tactics but provide a degree of security. Most marketing and billing agents would agree that digital advancements throughout the transactional landscape all point to solid reasons transactional print is growing in stature. Digital capabilities range includes variable data, color, metallics, QR codes, streamlined workflows, and the ability to create customized, personalized campaigns. Another reason for the significant increase in transactional document processing value is the excessive data breaches and the need to secure and provide quality information and documentation. Thousands of small businesses, enterprise-level organizations, and government agencies have dealt with hacking and security issues. Not to mention the plethora of false and disinformation campaigns that are rampant across the internet.
Our Quote of the Day: "Humans have always used our intelligence and creativity to improve our existence. After all, we invented the wheel, discovered how to make fire, invented the printing press and found a vaccine for polio." —Naveen Jain
The Growth Continues
Transactional document printing incorporates a sizable market including a deluge of collateral, from forms, invoices, billing statements to transpromo strategies, a host of document types, including informational, sensitive, and private data. We also contend that there is a significant volume of transactional collateral output through digital printing technology.
Kemal Carr, president, Madison Advisors, recently stated, "As reported in the industry, the current size of the transactional print market is $3 billion." Eric Hawkinson, VP of marketing, Canon Solutions America, Production Print Solutions, referenced a Keypoint Intelligence/InfoTrends' 2019 report that acknowledged transpromo is one of the top ten growth applications in the coming years. Transpromo impressions are slated to grow from approximately 27 billion in 2018 to 33 billion in 2023.
Mr. Hawkinson states, "Transpromo offers a huge opportunity for digital printers due to the ability to add customized promotional content—cross selling and up-selling—to individual statements." In today's digital printing world, digital technology advancement, particularly with the production of inkjet presses, affords the ability to combine transactional data with promotional messaging. That process is now much easier and faster to execute.
Further, Glenn Toole, VP, Sales & Marketing, MCS, Inc., divulges that the annual revenues related to transactional mail measure into the tens of billions of dollars. "The USPS alone measures revenues of approximately $25 billion in 2019 related to first class mailings—which is heavily dominated by transactional mail." Besides, a minimum of 80 percent of the transactional document market is fully digital. And with the advances and requirements of personalization, many transactional documents can now implement some form of personalization, which requires digital printing technology for related efficiencies.
An Intelligent Print Trend
All print collateral is now under the usage and auspices of digital print technology, including transactional documents. As a result, these printing trends include more intelligent printing, outsourcing, and color documents. Mr. Hawkinson raises an essential point in this area. As the recipients open 98% of transactional statements, this further points to the customer's historical and vital relationship with the sender.
Transactional promotions also reduce expenses while promoting ancillary offerings. For example, financial sector institutions opt for transactional statements to reduce call center activities while simultaneously promoting supplementary solutions or driving behavioral changes.
Variable digital printing, aka variable data printing, aka variable data, is the major trend of color selections in the transactional document printing world. Why? Consumers now require straightforward content that contains pertinent information that focuses on their personal history and habits with the brand. While the overall volume of transactional documents is flat, color pages are growing by several percentage points every year.
Carlos Martin, a Solutions Manager, Digital Saddle Stitching, states, "Today's transactional printers must manage both physical printing and data streams to comply with market requirements for security, completion, and compliance." This adherence to data requirements is especially true for healthcare providers that mandate complying with HIPAA. Commercial print providers understand that data compliance is the utmost for the insurance, healthcare, and financial service sectors. These sectors are highly regulated. That said, document security should be of primary concern across all industries.
Complying with market requirements will undoubtedly necessitate significant investments in both hardware and software to produce efficient and reliable solutions. Large commercial printers and direct mail companies that operate in the transactional print world have acquired an upper hand in this space due to previously existing software/compliance infrastructures. Martin states that this is a primary reason many key players in the transactional area position themselves as data and analytics solution providers rather than printers. "Their ability to safeguard, print, and distribute highly sensitive data is an extension of their service and solution offerings."
It's vitally important to maintain the utmost level of integrated print and mail, including data security. Brands must also ensure that documented, standardized process controls are in standard operating procedures. Unfortunately, one misplaced document can lead to a major catastrophe in terms of financial fines and the impact on an enterprise's reputation. Print providers can optimize the end-to-end mail piece lifecycle with compliance and ensure all print, insert, sort, and mailing equipment produces with the utmost integrity, quality, and security. Transactional mail operations have to deliver the proper documents to the correct recipients in a timely fashion, particularly in highly regulated industry sectors. Thanks for reading "Transactional Print Continues To Grow!"
Dove Direct, your Atlanta based print and mail solutions provider, offers organizations end-to-end data, printing, and mailing solutions:
Variable Digital/Data Printing
LetterShop and Fulfillment
Digital Mail Scanning Services
Fully Automated MLOCR Presort Bureau
Marketing and Production Management Support
Secure Data Life Cycle Management
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