The impact of communication on the success of your brand, and any future revenue it draws in, can easily go unobserved. We’re all more likely to notice big, sweeping change – a big sale, a quarterly revenue jump, a piece of viral content – than something gradual like your everyday customer communication efforts.
You can engage with a customer at any one point, but real, meaningful, measurable customer engagement is the result of a collection of data points: a long-term effort with many small, intermediate steps. Individual documents alone might seem trivial, but together they comprise a bigger, very important picture.
The Value of Communication
We know that better customer communication fosters healthier customer relationships. But the question of which direction to take might seem like an open-ended one: what properties of customer communication truly add value to both the customer experience and the success of your business? Some might conclude that delivering documents consistently is enough for brand-building customer engagement.
We can at least know there is always more to do in the direction of engaging customers. A Gallup study shows that fully engaged customers deliver 37% more revenue to retail banks than actively disengaged customers. So, the way we measure the value of communication is by determining how engaging it is. Communications are getting enough attention when you have maximum customer satisfaction. What’s engaging these days?
How to best engage?
There have been plenty of studies that show the significance of content, along with document rendering and delivery methods, drive revenue growth by engaging customers. So it is partly a matter of producing and delivering documents in a timely manner – your customer relationship depends on how you treat their time -- but this is only half the effort. Your treatment of their time also relies on whether you fill it with meaningful content.
This is all to say that documents matter – not just how you deliver them, but how your customers experience them. Customers will have to take time to read their important business documents, regardless of how engaging they are, but businesses striving for increased customer acquisition and retention should aim for communications that make customers feel their time is never wasted.
So it is no surprise that we find a correlation between customer retention and engaging communications. Highly engaged customers overall are five times more likely to stick to a single brand moving forward (Rosetta).
At What Cost?
A business might be fairly open to delivering more engaging documents, but the traditional tools of business document management come at a price: most deal with legacy software, a mixed set of solutions from different providers, so switching solutions around means a lot of specialized work and money to fit new tools into unique systems.
That problem is being solved, however, with Customer Communications Management (CCM) solutions. The idea behind CCM solutions is to improve the time efficiency and engagement of your communications, but also to lower the cost of your operations. With a central hub for all of your communication tools, everything in one solution, it’s no longer a game of mix-and-match. The document generation process is streamlined with an interface that is accessible to technical and non-technical team members alike (typically not the case with legacy systems), allowing more people to take part and streamlining your operations.
So what’s the cost of improving your customer communications? With customer communications management (CCM), it’s actually less cost. With support around the clock for a single solution, you ensure protection from any future risks associated with crashing. Pick an innovative vendor, and make sure that your communications always feature the most recent developments and trends.
CCM providers like Ecrion offer Omni-channel communications, and the opportunity to manage customer information and learn exactly by what channels your customers prefer to communicate. This is a level of personal engagement that most companies are only now getting access to. The CCM solution does this by combining with customer data from your CRM (or other data source) allowing you design and deliver your document templates accordingly.
Is it worth it?
Customer Communications Management (CCM) technology ensures there is no limit to how personally you can engage your customers. Implementing a CCM solution eliminates the costs of maintaining legacy systems in the long run, it reduces the cost of paper with digital interactive documents and mobile delivery, and it even reduces the cost of labor – you don’t need as many IT specialists when you have an all-in-one, accessible solution.
Ultimately, better customer communications benefit company identity, increasing brand presence, giving you more opportunities to retain customers and acquire new ones. Companies that want to make customer communications easier, less expensive – profitable, in fact – will find that it’s well worth investing in a Customer Communications Management (CCM) solution.