How could a CCM solution offer a strategic advantage to your business?
Customer communications are more than just an obligation. They are a powerful tool that can delight, retain and convert customers. And thanks to the latest generation of CCM software, all of this can be achieved with less time and less effort than ever before.
Here are four fundamental ways that customer communications management improves your business, builds profitability, and provides a strategic advantage:
- Improve the customer experience (CX)
- Improve efficiency
- Speed digital transformation
- Reduce compliance risk
Let’s explore what this means in practice.
1. Improve the customer experience (CX)
Consumer expectations of how brands should engage them are shifting because of the high standards set by several e-commerce and technology leaders. There are some compelling economics associated with streamlined customer experience, including:
- Better engagement
- More up-sell and cross-sell opportunity
- Higher brand advocacy
- Cost reduction (as result of fewer complaints, lower service needs, and reduced acquisition costs)
2. Improve efficiency: a centralised approach to cross-channel communications
Increasing efficiency is a major benefit of implementing a centralised CCM infrastructure. Here’s how:
Business user empowerment
Centralised CCM solutions give business users the power to create, edit, and manage content, instead of relying on IT to make changes.
At the simplest level, business users are given access to appropriate parts of documents through an online web editor.
At a more complex level, business administrators specify which templates may be accessed and by whom, what types of changes are permitted, and who can approve content. Template administrators can build or modify templates based on data or content components that are made available by the IT organisation.
The benefits of business user empowerment are very clear: it gives the business more agility and speeds up the time to market, while reducing IT costs. It also helps IT manage risk better, as compliance personnel want to closely define what type of content should be locked or edited by business users.
Eliminate operational and digital silos
Many organisations still have separate teams dedicated to creating communications for print, mobile, email, and web. This leads to operational inefficiency, high costs, inconsistency, and increased risk. A centralised CCM infrastructure, however, delivers a better customer experience; and there are efficiency gains thanks to the fact that charges are easily propagated across various touchpoints and channels.
A centralised platform accrues lower maintenance costs too, and there is a reduction in specialised skill sets currently managing a disjointed and siloed process. Additionally, the centralised tracking of communications offers benefits – not only from a compliance and risk perspective, but also a customer experience and customer engagement perspective.
3. Speed digital transformation
Many industries, including financial services, insurance, utilities and government, have a complex infrastructure of mission-critical legacy IT technology – old systems that were developed 20 years ago for print-centric output only.
Today, it’s paramount that CCM software integrates with existing core systems, enabling a seamless cross-channel experience though one, easy-to-use interface. This way, organisations don’t need to upgrade their existing legacy core systems to achieve their digital transformation goals. Upgrading legacy systems is sometimes too risky, expensive, and time consuming.
Leading CCM solutions enable you to leverage existing templates and data from your core systems to create highly personalised, relevant communications across virtually any channel.
4. Reduce risk: integrating compliance into innovation
For most financial services and insurance companies, compliance risk in unnervingly high. These firms often struggle to keep up with changing regulatory requirement to avoid the growing financial penalties of noncompliance.