Madrid, March 30, 2023 – Customer experience. That thing that everyone always talks about and that everyone would like to get right, but that few master. And it has become more than just a hackneyed marketing term: excellence in customer experience is the “Holy Grail” that all companies seek, but not all achieve.
Well, there is good news, Customer Communications Management (CCM) platforms can help companies stand out from the crowd of competitors and deliver the highest quality customer experience. Let’s not forget that customers are becoming increasingly demanding, especially in the wake of the COVID-19 pandemic.
Improved customer experience is on the TOP of the list of the 10 benefits of Customer Communications Management software:
1. Improved customer experience
The COVID-19 context has changed the rules of the game and forced companies to change their customer communication strategy. It is imperative that they offer an unbeatable experience in order to build customer loyalty and retain customers.
To make the concept clear, customer experience is the sum of all interactions that customers have with a company throughout the relationship, and each and every one of these interactions has an impact.
To design an optimal customer experience, companies must interact with customers at the right time and with a customized and appropriate message, i.e., one that is contextually relevant and meets customer needs at any stage of the customer journey.
CCM software focuses on improving the experience not only for customers, but also for other users, such as company employees and independent contractors. For example, these users can serve customers from any location and device with an Internet connection. This capability also eliminates the need for customers to physically visit suppliers’ facilities.
2. Customer retention
Improved customer experience automatically goes hand in hand with improved retention rates. The numbers speak for themselves. According to Bain & Co, a 5% increase in retention rates can increase profits by more than 25%, as repeat customers spend on average 33% more than new customers. In addition, a study by Emmet and Mark Murphy concludes that a 2% increase in retention equates to a 10% cost reduction.
In these uncertain times, many companies have had no choice but to cut back on their marketing budget, which is spent on acquiring new customers. However, it is better to focus on retaining existing customers and optimizing budget effectiveness.
Allocating time, resources and effort to customer retention can be a great strategy for the future. In fact, the White House Office of Consumer Affairs published a study showing that acquiring new customers can be seven times more costly than retaining existing ones. Gartner predicts that 80% of companies’ future profits will come from only 20% of their existing customers, thus endorsing the famous 80/20 rule.
3. The 3 Cs of communication: customization, consistency, and convenience
Customer Communications Management solutions help users create CUSTOMIZED experiences and manage their preferences, allowing companies to keep customers fully engaged in the communication channel of their choice.
This is made possible by several advanced functionalities. For example, voice assistants deliver customized content in real time. Customers can also interact with companies on the go via their mobile devices through channels such as fillable PDF forms, interactive emails, and web portals.
CCM platforms helpmanage CONSISTENT and homogeneous communications across channels. This capability requires maintainingthe same image and design across channels, so that communication is the same regardless of the channel in which it occurs.
Centralized CCM platforms make it possible to send the right messages much faster and offer CONVENIENCE to customers through seamless integration with prepopulated forms and electronic signatures.
4.Regulatory compliance
Companies often view regulatory requirements as an obstacle to content creation. However, they must change the approach by integrating compliance into operations and involving the compliance team throughout the content creation process. This new approach requires a CCM platform that provides a holistic view of the communication process, collaboration tools for team members and greater control over content.
5. Marketing campaigns
CCM systems can also manage simple business processesand make marketing campaigns more relevant to customers. These systems can generate text messages that incorporate multimedia content to increase marketing opportunities.
6. Operational efficiency
Centralized Customer Communications Management software boosts operational efficiency by reducing users’ dependence on IT. Users no longer need to rely on IT to create, edit and manage content.
CCM systems also do away with data isolation caused by separating communications data by channel. This practice is a major source of inefficiency, as it increases costs and impairs message consistency. Also, centralized CCM software propagates changes across channels automatically.
7. Digital transformation
Sectors such as finance, insurance and utilities typically have a complex IT infrastructure that they have developed over the years. This infrastructure consists of a set of legacy systems that were developed when physical print was the only output that software needed to generate.
CCM software can be integrated with these existing systems to advance the path to digitalizationand in the process offer a single user interface that provides a consistent experience across channels and leverages data from legacy systems to ensure a customized and relevant experience across channels.
8. Omnichannel capabilities
Customer Communications Management solutions allow correspondence to be sent to customers through the device of their choice. This requires software to support various screen sizes and formats due to the large number of mobile devices that exist today. Customers interact through various channels, even starting an inquiry or transaction through one channel and continuing it through another.
One of the main benefits of CCM software is that it allows connecting with customers in an omnichannel way. For example, through push notifications to mobile apps, text and WhatsApp messages, emails,and social media, which are now the preferred channel for many customers.
9. Improved quality control
CCM software allows maintaining high-quality communications with customers,since, by offering a centralized repository, duplication or loss of information caused by data isolation is avoided.
At the same time, these systems help perform a fast and rigorous control of the information sent to customers and eliminate possible errors.
10. More and better notifications
Customer Communications Management software enables mass but segmented mailings. The transactional record of customer actions helps generate customized messages that are tailored to customer preferences.
About DocPath
DocPath is a leading enterprise document software company that offers its international customers the technology that allows them to complement their ERP and implement advanced Document Output Management, Customer Communications Management and document software pooling processes.
Founded in 1993, DocPath is based in Europe, USA and Latin America and is present with its Solutions in companies around the world. Among its customers there are prestigious banks and top-tier corporations, facilitating the difficult and complex task of designing, generating and distributing their business-critical documents. DocPath keeps a strong commitment to R+D+i, an area to which it allocates a large part of its revenues, and in which lies one of the keys to its success.
For more information, visit: www.docpath.com.
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