It’s not business, it’s personal: the power of customer engaged billing
Author: By Kevin Ricks, Director of Product Management, Communications Delivery Solutions,
In today’s multichannel world, it’s hard to capture the attention of customers for more than a few seconds. However, there’s one channel that you can be confident your target audience will engage with – bills and statements.
Research suggests customer statements enjoy open rates as high as 95 percent, and it’s no surprise why. Consumers rely on these mail pieces to balance their personal finances. So, if you’re reasonably sure that customers are opening these messages, how can you maximise their attention in a way that improves service and delivers new opportunities?
The solution is customer engaged billing, which was the topic of conversation for a webinar hosted by Pitney Bowes and Document Magazine. Titled “Transform Your Bills and Statements into Customer Engagement Powerhouses,” this webinar covered the latest technologies and business strategies for creating highly personalised and engaging statements to improve every interaction along the customer lifecycle.
By incorporating real-time data and providing statements in your target’s preferred channel, you’re better able to enhance your messaging and identify the most appropriate next action for each customer and drive critical business objectives. Here are three ways customer engaged billing can benefit your business:
1. Reduce Inbound Billing and Support Calls
Your customer support team needs to be on hand to field billing questions, but an overwhelming volume of calls can lead to operational inefficiency, extended wait times and frustrated customers. You can mitigate these risks by better educating your audience through customer engaged billing, so that your statements provide enough information to answer pressing questions.
For example, we’ve called personalised interactive video (PIV) the future of customer service. That’s because PIVs, which incorporate real-time customer data and high-touch interactive elements, offer a self-serve way for consumers to receive tailored, relevant answers to on-demand questions. Video is an incredibly effective learning channel – improving understanding of services by up to 74 percent – making it a cost-effective way for organisations to reduce inbound support or billing calls.
2. Launch Highly Targeted Multichannel Marketing
When supported by relevant real-time data, customer engaged billing can also drive targeted multichannel marketing opportunities. Data on your customers’ needs and preferences informs the personalised marketing offers you include in bills and statements, thus empowering you to increase the number of products each customer uses.
It’s not just about adding transpromo content to a piece of direct mail. Truly multichannel customer engaged billing creates a consistent experience across all print, mobile, web and call centre properties, allowing you to meet customer needs everywhere. This also ensures that, no matter the platform, your customers aren’t bothered with irrelevant promotions and only hear about services they might find interesting.
3. Increase Real Customer Lifetime Value
Your interactions with each customer go far beyond the point of original sale. Every statement you send is an opportunity to re-engage and re-educate, and customer engaged billing ensures these interactions are as personal as a one-to-one conversation.
The end result? A happier customer who is more likely to engage with your services and who understands your value. That results in greater lifetime value for each customer through reduced support costs and higher revenue.
To learn more about the power of PIV for customer engagement, visit the Pitney Bowes PIV Demo Site.