The average customer spends up to 5 minutes looking at a bill. During that time, there is value being exchanged. Is everyone getting the value they deserve? Here are five statements your invoices could be making. Read them all to identify any potential pitfalls in your process.
1) You owe us.
Start with the obvious one: people don’t enjoy paying bills. No one likes to owe. It is in your best interest to make the experience at least somewhat palatable. How do you want to tell them what they owe? A streamlined document composition process will allow for consistent branding with vibrant designs to ensure you don’t bore them to death – that’s customer retention. Think of it as boredom insurance!
2) We owe you.
Right now, if document production is happening solely in your IT department, they’re juggling several systems at once – CRMs, ECMs, BPMs, and who knows what else – to get a few sheets of paper in front of the customer’s eyes. Now, that’s a lot of work, which means you clearly value the customer. The trouble is, a cluster of many different legacy solutions fails to exactly show the customers what you mean. It’s a great deal of effort, but it’s clumsy, and a little unnecessary. For customers to believe you, you need the right effort: invest in systems that automate data aggregation, document composition, and document distribution altogether.
3) We know you.
They like to know you’re paying attention. We never want to believe it, but mistakes happen. Maybe someone misspelled a name or sent a policy to the wrong address. Where processes are disjointed, data can be unclear, and these things are more likely to occur. A Customer Communications Management (CCM) platform, when it integrates with a CRM, parses and cleans the data to ensure it’s organized – you no longer have to worry about errors. What’s more, if the platform offers interactive documents, you can see instantly how customers interact with them and optimize the customer experience.
4) We have what you need.
A bill could be an opportunity to up-sell or cross-sell! If your invoices are effective in maintaining a customer relationship, they’re probably appealing enough to advance it. With full creative control over the variable text in a document composition solution, you might have a chance to display ads targeted to certain individuals based on their specific policies (all within the bounds of regulatory compliance, of course) and whatever other data you’ve gathered from them!
5) We’re Number One.
73% of home insurance customers choose their providers based on how easy their information is to understand. This all begins with agreeable presentation. Everything about your communications, between layout, text, images, and colors will impact the ease with which a customer consumes billing information and whatever other offers you deliver alongside.
Think about how your invoices and billing statements impact customers, not just from a business perspective, but from a mindshare perspective. With the right statement, you could increase business and create customer loyalty. A CCM solution can help get you there.