With an explosion in new communication channels, businesses are faced with the challenge of ensuring clarity and consistency across all customer communications. The very definition of “customer communication” has expanded manifolds to include everything from billing to direct mail marketing to e-marketing to electronic bill presentment and so on. Banks and Financial Institutions have always been the leaders in setting high standards for customer expectations by continuously enhancing customer experience. The result is that high-touch, 24/7 service across multiple channels is no more representative of customer delight but has become a basic requirement for keeping customers happy and loyal in real time.
To survive in a competitive market place it is necessary to effectively manage all customer communications. Reduced customer acquisition costs, increased client retention and maximized lifetime value of each customer are the end objectives of every communication strategy. Customer Communication Management (CCM) refers to a convergent set of Information Technology solutions that help businesses achieve these objectives by providing a tool to advance the way they communicate with their customers. CCM takes care of every aspect of customer communication – including content creation, personalization, and multi-channel distribution and archiving using a single integrated solution. Dependency on vendors/ IT experts for performing minor changes on different systems leads to escalated costs and unnecessary wastage of time. CCM tools overcome this challenge by empowering business users to create and manage customer communications, reducing the reliance on costly IT resources.
Data-rich industries such as banks process volumes of transactional documents daily. Each such document is an opportunity for revenue realization. CCM treats these transactional documents like bank statements, statement of account, invoices etc. as marketing collaterals to promote company offerings to customers.
A properly implemented CCM solution can bring significant benefits to organizations. Let’s take a look at the advantages that a CCM or Customer Communication Management solution can bring.
- Better execution of multi-channel campaigns ensuring consistency and clarity across all channels
- Automation of the creation and delivery of well-designed, highly personalized communications
- Easy change management by incorporating version control mechanism
- The ability to focus on the specific requirements of every individual customer to deliver more relevant and meaningful communications to customers
- Integration of intelligent enterprise data into transactional communications enabling responsive and agile marketing for better up-selling and cross-selling
- Better visibility and control over your communications to help your business operate profitably
- Reduced dependency on IT experts for performing minor changes
- Regulatory compliance
- Better up-selling and cross selling