Communication and CX: Your Keys to Engagement, Revenue, & Cost Reduction in Uncertain Times
Global uncertainty is having a significant impact on the cost of doing business for companies in highly regulated industries. The cost of putting a single paper document in front of a customer, for example, has increased 25% over the last two years.
Meanwhile, customer expectations also continue to escalate. Customers under stress need more engagement and service, not less, regardless of the financial pressures your organization is facing. And of course, every organization wants to continue to grow, regardless of market conditions, so you need to nurture current customers and attract new ones, all while finding new ways to economize and get more efficient.
In our recent webinar, “Communication and CX: Your Keys to Engagement, Revenue, & Cost Reduction in Uncertain Times,” we addressed ways to both reduce costs, and protect and grow revenue, even during periods of uncertainty.
The webinar is now available on demand! Watch now for a deeper dive into proven strategies for leveraging regulatory documents to improve customer experience, reduce cost and grow revenue. Watch the on-demand webinar
Optimizing the data processing, management and delivery of your regulatory communications and documents, such as statements and notices, presents an ideal and often over-looked opportunity to achieve both goals.
Here are five simple ways to get started:
1. Mapping your customers’ journey will help improve customer experience
Customer journey mapping is a foundational part of customer experience improvement for a reason. By understanding the milestones a customer may experience during their lifecycle with your company, you can identify products and services they may need during these periods.
For example, a financial services customer considering a house purchase may want to apply for a mortgage and a home equity line of credit. By “putting yourself in their shoes” you can sell to the customer in a way that makes them feel understood and increases loyalty and revenue simultaneously.
2. Create the foundation for higher digital adoption
Consumers choose what is easiest and best for them, and for some of your customers, paper documents are very appealing. That means that companies that want to drive down costs by increasing digital adoption must understand why customers like paper, and then invest in technology that makes the digital option even more appealing.
To get customers to move away from physical documents, you need to make accessing digital communications easy. This can include tactics like providing a great customer portal or providing document access in both PDF and HTML formats, because PDFs do not display well for the growing portion of your customer base who are mobile-first consumers. By understanding your customer base and focusing on improving customer experience, you create the foundation for the high digital adoption rates you are seeking.
With some of the highest rates of digital channel adoption in the business, Doxim can assist you to plan and execute programs to promote paperless adoption. Book a consultation
3. Create a single view of the customer
A single “source of truth” about the customer can save time and effort across many departments in your organization, and make your customer’s lives simpler as well. This single view should include everything from demographic data to engagement trends, to communication preferences, to a readily accessible archive of all customer communications, from transactional documents to SMS interactions. Creating a single view of the customer allows you to reduce call center hours, as CSRs have immediate access to the data they need to resolve customer concerns. It also makes personalized marketing possible, as marketers can create trigger-based campaigns that respond to genuine customer needs. And by centralizing data and documents so business users can self-serve, you also reduce the burden on your Operations team, saving time and money.
4. Make sure you are ready to support personalization
The future of customer communication is hyper-personal. Chances are good that your organization is already starting to use personalization in marketing and transactional communications. But your customers expect more. Increasingly, they expect personalized, relevant, and timely communications from your organization, through the channels they prefer. In fact, 80% of consumers are more likely to do business with a company that offers personalized experiences. Investing in the technologies that make this possible will help boost retentions and customer lifetime value (CLV).
Next-generation communication technologies, like interactive personalized video, can help address the customer preference for proactive communication and advice by simplifying complex details, and providing a “personal touch,” at scale. Similarly, personalized statement onserts and interactive statements achieve consistently high levels of engagement, conversion, and ROI because they make a meaningful connection with the customer, increasing engagement and loyalty.
Engage Customers with Data Driven Personalization and Targeted Messaging
Learn how Doxim can help you leverage data to ensure personalized customer engagement. Book a consultation
5. Consider outsourcing non-core activities
Customer Communications Management, or CCM, is complex, and when managed in-house it is also time-consuming and costly. CCM (Customer Communications Management) operations have a complicated set of expectations and requirements around them, which must be met regardless of broader economic or operational issues like supply chain disruption or postal delays.
By choosing to work with a trusted CCM provider, you can outsource this complexity, and keep your focus on developing the products and services that delight your customers. A managed CCM service, like that offered by Doxim, provides you with the infrastructure, scalability, and stability you need to reduce your resource overhead and offers you access to broad and deep subject matter expertise. The business environment at present is challenging enough – you do not need the added headache of managing omnichannel customer communications in-house when there are more efficient options available.
Experience the stability, security, and cost certainty of communications from an enterprise-grade provider. Chat with our experts to learn more. Book a consultation
Enhancing your customer communication strategy is the key to engagement, revenue, and cost reduction
Economic uncertainty and global instability mean that your business is navigating difficult times, while still seeking ways to retain and grow customers. In these circumstances, eliminating uncertainty wherever possible can help you position your company for lasting success.
By working with a single experienced CCM partner, like Doxim, you can simplify operations, reduce costs and risk, improve customer experience, and position your company for growth regardless of changing economic conditions.
Doxim is a trusted vendor partner for 2000+ organizations in highly regulated industries. These organizations rely on Doxim to provide them with the technology and expert support to design, manage and deliver high volume, data driven and personalized regulated communications via customer-preferred channels.