Why Enterprises Need A CCM Strategy?
Customer Communications Management (CCM) is an important element of business strategy aimed at fostering consistent and intelligent communications for a defined set of audience. In the past, however, organizations have chosen to ignore the immense potential of this critical business function, relegating the creation, delivery and administration of customer communications to back offices. Structured, periodic customer communications including delivery of invoices, statements, contracts etc. were seen as just a statutory imperative with very little scope of customization, adding no value to the business.
Today, the customers are constantly dealing with an information overload, filling them up with non-relevant promotional messages pushed across by over enthusiastic marketers. Competitors are trying every trick in their bags to lure away your customers and get into your supplier/distributor network. Organizations, more than ever, need to drive their engagement programs with all business stakeholders to sustain their business relationships over a longer time frame. Leading global enterprises are looking to implement pervasive customer communication strategies for delivering accurate and relevant information across highly distributed stakeholders in a timely manner. Customer Communications has come a long way in enhancing business value through increased sales opportunities, reduced operational risk, better change management and stronger customer relationships.
Some of the factors fuelling this change are listed below:
Distributed and Increasingly Demanding Customer Base – Today’s customers are highly informed and aware of the various brand options that they have. They need to be supplied with consistent, accurate and relevant information to reinforce brand loyalty in them. Moreover, global organizations with a significant horizontal spread need to cater to a highly distributed audience across different regions, age groups and demographic profiles. CCM allows businesses to constantly engage with customers and supply them with information in a highly customized form.
Multifarious and Divergent Communication Channels –Customer communications are becoming more and more dynamic with the advent of new and innovative communication channels. Pretty soon, the traditional paper based methods of communicating with customers will just be a regulatory requirement, while the real interactions will happen on more accessible and dynamic platforms such as mobile, social platforms, web portals etc. Organizations, thus, need to be prepared to transform their communications process through a potent CCM strategy across channels and communication platforms.
Emergence of SMAC (Social, Mobile, Analytics and Cloud) – The combined forces of social, mobile, analytics and cloud have empowered organizations to come closer to their customers by accessing and analyzing critical customer information. These critical insights must be wielded within the communications process to make the messages truly relevant and effective.
Rising Regulatory Mandates – Industries are faced with stringent regulations that govern most of their internal processes. In recent times, major focus has been on the internal/external communications which are critical for ensuring operational and business transparency. Organizations need to evolve their communications systems to abide by the rules laid down by the regulatory watch dogs to avoid any penalties or legal issues.
Rising Cost of Acquiring a new customer –The cost of acquiring a new customer has risen significantly due to the costs involved in research, marketing and . Organizations are much better off in leveraging their existing customer relationships and deriving maximum value out of them. Effective communications thus becomes an important business imperative for organizations.
Advanced CCM tools render businesses the ability to send rule based, scrupulously accurate communications to their customers, partners, and suppliers with action driven, customized messages to create greater business impact. They leverage convergent set of technologies to deliver structured information in a personalized manner across multitude of communication channels including mobile, email, SMS, web, print, social media etc.
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