Customer Experience with Increased Profits

In their efforts to orient and persuade company executives, today’s big solutions providers use a range of buzzwords that vary from industry to industry. A few years ago, it was the “power of the online community,” while more recently, cloud , Big Data, digital economy, fourth industrial revolution, sharing economy, and other similar expressions have become the mantras inevitably heard at professional conferences. At the same time, in most cases, little is said of the one thing that is truly important for a company: increasing revenues and market share. After all, a novel hardware and software service with greater functionality worth nothing, if the mantras are powerless to tell us how it can be used to achieve a company’s real objectives. Thus, it is not surprising that business decision-makers frequently ask where the means to increased profitability lie with these wonders. Of course, year to year, new technologies must be sold – we are all familiar with global companies offering modern products that have been developed to perfection: Apple, Nike, or even Starbucks, to give examples from several different industries – hence the need for “magic words."

Key factor: keeping the customers

Another expression increasingly heard in relation to modern companies is that of “customer experience,” and in this case, the relationship to actual revenues and increased profits can be – and indeed, is worth examining through the concrete example of Customer Communications Management or CCM. CCM systems are of key importance to companies in maintaining a hold on their most critical resource – their customers. In a highly connected world where bad news travels faster than good, even the tiniest error in customer management can mark the beginning of a dramatic process of business erosion.

Customer Relations are Critical

For many, CCM is just one of a dozen corporate systems falling into the distant realm of the IT department and its technicians. Indeed, the CCM system is the interface – the bridge if you like – which the company used to communicate with its many thousands – even millions – of customers. Imagine, for example, how you would feel if one of your banks, insurance companies, or public utilities erroneously sent you an enormous monthly bill; or if one of these same companies wanted to reward a pensioner for decades of fidelity with a free subscription to a youth magazine. It is not difficult to see that a customer who experienced several such incidents would – if possible – consider turning to the competition, or, where this was out of question, taking his or her dissatisfaction to the perpetrator’s costly call centre or customer service point. Much worse: dissatisfied customer goes to online sites or forums read by countless Web users.

Fostering Trust

To prevent this from happening, it is worth dealing with potential errors at the stage where various types of correspondence, such as bills or payment notices, are produced. Of course, the closer billing department methods come to stone-age, pad-and-pencil-type solutions, the greater the chance for accumulated error. In fact, the plurality of auxiliary systems most companies employ and lack of real integration between them can also raise enormous obstacles to successful operations.