Understanding the Basics of Customer Communication Management
With the explosion of new communication channels, businesses face the challenge of ensuring clarity and consistency across all customer communications. The very definition of “customer communication” has multiplied to include everything from billing to direct mail marketing to e-marketing to electronic billing.
Banks and financial institutions have always been at the forefront of setting high standards for customer expectations by constantly enhancing the customer experience. As a result, the high-touch, 24/7 service on multiple channels does not represent the happiness of consumers, but rather the basic need to keep consumers happy and loyal in real-time.
To survive in a competitive market, it is important to manage all customer communications effectively. Reducing customer acquisition costs, increasing client retention, and maximizing the value of each customer’s lifetime are the ultimate goals of every communication strategy. Customer Communication Management (CCM) refers to a contrasting set of information technology solutions that help businesses achieve these goals by providing a tool for advancing 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. Reliance on vendors / IT professionals to make minor changes to different systems leads to increased costs and unnecessary waste of time. CCM tools overcome this challenge by empowering business users to build and manage customer communications, reducing reliance on expensive IT resources.
Data-rich industries, such as banks, handle the volume of daily transaction documents. Every such document is an opportunity to earn revenue. CCM uses these transaction documents such as bank statements, account statements, invoices, etc. as marketing collateral to promote the company’s offer to consumers.
A properly implemented CCM solution can bring significant benefits to organizations. Let’s take a look at the benefits that CCM or customer communication management solutions can bring.
1. Better implementation of multi-channel campaigns ensuring consistency and clarity across all channels
2. Automation of the creation and delivery of well-designed, highly personalized communications
3. Easy change management by adding a version control mechanism
4. Ability to focus on each individual’s specific needs to provide more relevant and meaningful communication to consumers
5. Integration of intelligent enterprise data into transactional communications enables responsive and proactive marketing for better up-selling and cross-selling.
6. Better visibility and control over your communication to help you run your business profitably
7. Reduce reliance on IT professionals to make minor changes
8. Regulatory compliance
9. Improved up ceiling and cross ceiling
