Businesses of all sizes are faced with contemporary challenges ranging from core competency concerns to accelerating business growth and, most especially, to improving their customers’ experience.
Regardless of the industry or size & complexity of an organization, certain challenges (pain points) seem consistently evident:
INCREASING COSTS & LONG TIMELINES
- Unable to cost-effectively react to changing regulations around customer communications and evolving customer expectations;
- Routine business communication changes often require high priced resources with long lead times;
- High total costs (and organizational chaos) engendered by an environment consisting of decentralized vendor and in-house applications;
- Limited access to capital necessary to fund a comprehensive communications transformation that embraces a multi-generational consumer audience;
- Ever increasing postage costs and the unpredictable nature of consumer reaction to physical materials;
- Difficulty in deriving new revenue from existing customers with current communication touchpoints.
CHANGING AUDIENCE DEMOGRAPHICS
- Limited control over call center letter content generation and eDelivery. Higher than expected call traffic due to confusing or inconsistent communications content;
- Lost opportunities due to limited targeted marketing capabilities and dependency on IT resources to make the simplest changes;
- Privacy concerns and fear of data breaches along with other compliance concerns that impact reputational risk;
- Inability to audit all of the communications sent to a single client.
- Decreased customer loyalty due to increasing omni-channel, digital engagement expectations.
- Outdated business processes that cannot support omni-channel distribution for multiple lines of business.
TECHNOLOGY DEVICE DEPLOYMENT
- Constrained enablement due to complexity of communication tools and restricted employee experience;
- Growth of Mobility – Mobility has evolved from SMS messaging to complete end-to-end customer experiences on mobile device platforms.
- Acceptance of the Web as a POS – An ever increasing number of customers are buying online.
- Modularization of communications processes – organizations must recognize what processes fit in-house and what need to be outsourced.
- Need for interactive and cohesive customer engagement – Customers are expecting more real-time digital servicing for certain routine transactions (e.g. insurance claims settlement; EOB statements; or account references).
CONTENT RELEVANCE (PERSONALIZATION & CADENCE)
- Inability to satisfy customer communication preferences and to target customers with relevant offers because key customer data is incomplete and locked up within multiple legacy applications;
- Customer communications are not compelling and are often confusing due to inconsistent branding and content across diverse lines of business;
- Inability to suppress print/mail processing and drive customers to lower cost, self-service channels due to lack of digital experience, limited promotion and constraints on legacy data availability;
- Effectiveness of targeted compliance and transactional communications – Experience shows that over 95% of customers read and respond to targeted, relevant communications;
- Need for brand consistency and customer transparency – Emphasis must be placed on a unified communications strategy that includes a 360-degree customer view.