In a recent survey of European banks, when asked the question – ‘how will you grow profits in the future’, 87% said it was to grow revenue, rather than cut costs, and the primary way to achieve that was to sell more products to the existing customers.
Yet, an independent blind survey of the world's top 300 banks shows that the bank failed to offer additional relevant products to the customers at the point of customer interaction, in as much as 97% of the cases.
In many industries, one common attempt to create cross selling opportunities are the generic offerings many of us receive on a monthly basis with our statements or invoices. But how many of these are relevant to the individual receiving them? How many of them will actually be read?
The previous example represents a missed opportunity and a challenge shared by most businesses: providing persuasive, consistent, and personalized communication across the entire customer experience.
While most companies have implemented Business Intelligence and Customer Relationship Management technologies to collect and analyze customer data many have failed to effectively utilize that data. Subsequent opportunities to improve customer retention and satisfaction, or cross sell other products fail.
Why? Because many companies fail to demonstrate to their customers an integrated view of their entire relationship and to personalize their communication to items relevant to that customer.
Business executives agree that it’s much easier to keep a customer than to acquire a new one.
What better way to get your customers attention than to demonstrate you understand the scope of your relationship by providing an integrated and personalized view of it?
And what better way to capitalize on their attention than provide offers that are relevant to that customer?
Let's face it, old fashioned, generic communications convince customers that their suppliers don’t know them or don’t care about them, which is the very reason most customers state for abandoning a vendor.
Rather than sending multiple, complex documents with an outdated, unappealing appearance and generic messages, many companies are already gaining competitive advantages by sending recurring communications that persuade customers to deepen their relationships with the supplier, and to help customers take better advantage of that company’s products and services.
At StreamServe we enable our clients to profit from their customer relationships by presenting a persuasive, consistent, personalized and integrated customer experience across all communications channels.
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