You might be familiar with the Pareto principle (the 80-20 rule), which essentially means that 20% of your customer base will generate 80% of the business revenue. That is why you see many industries and organizations trying to interact with that 20% of their customers through client communications via correspondence emails, welcome kits, forms, vouchers, etc. Over the last decade, we have witnessed business organizations, financial institutions, and industries from different niches investing in Customer Communications Management (CCM) systems to ensure healthier interactions with customers. Add this to the fact that communications in management will increase your capabilities of gaining more customers rapidly. If you want to know more about all this, you are in the right place.
What is Customer Communication Management?
Customer Communication Management (CCM) is a technique or strategy used to enhance the creation, distribution, warehousing, and retrieval of all outbound communications with a customer relevant to the industry. It includes every vertical right from marketing, launching fresh products, sending renewal notifications, and billing or payment notifications. Organizations use various customer communication management solutions and techniques like emails, short message services (SMS), app notifications, and web pages. CCM solutions can also support companies by enabling them to enhance outbound communications with partners, distributors, regulatory bodies, etc., smartly using technology.
As we all know, Customer Relationship Management (CRM) focuses primarily on the relationship and interaction of the company with its consumers. It not only deals with the customers your company has; but also with those you are trying to turn into customers. Customer Communication Management (CCM) focuses explicitly on constructing and achieving imperative communications to engage countless customers. When CRM systems focus significantly on sales, productivity, and contract administration, CCM focuses on the relevant customer’s touch-points for providing the best customer experience.
What is Customer Communication Management Software?
Customer communication management software is a strategy with market-fulfilled applications that help improve the production, storage, and delivery of outbound and interactive customer communications. Through technology and automation, CCM software deals with individualized customer messages, marketing collateral, transaction documents, etc. It caters to all targeted communications via a wide range of digital services like email, mobile, social media sites, and SMS.
Reasons for Effective Customer Communication Management
Communication with customers plays a significant role in interpreting the different facets of a business. Communication can be face-to-face or via digital channels. Businesses adopt effective communication to meet their market goals and understand their customers. Integrating Customer Communication Management (CCM) with Customer Relationship Management (CRM) can become a complete enterprise software package. They can work in tandem, allowing enterprises to render the best consumer experience. Here are some of the reasons why industries should focus more on customer communication management:
- A business can build healthy relationships through positive encounters with customers. Customer communication management solutions can play a significant role in fostering productive relationships.
- When customers and employees can comfortably communicate and discuss new ideas, firms can gain significant insights into customer requirements. Subsequently, innovation becomes possible.
- Proper communication, both internal and external, ensures transparency. Transparency is crucial in building trust in your brand, your services, and acquiring new customers.
Role of CCM in transaction/business communications with FCI-CCM
FCI helps build a successful customer communication program that facilitates customer engagement. As we know, customer expectations are dynamic, and your business should handle these expectations accordingly. Due to the dynamic nature of their businesses, financial, insurance, and telecom organizations need flexible customer communication. FCI-CCM helps financial institutions, capital markets, players in the banking sector, healthcare, and insurance reinvent their customer communications capabilities. It can provide features like –
- Run on-premises or in the user cloud
- Streamlined customer experience
- Unified design, orchestration, and authoring
- Quick and easy updating and adding new features or capabilities
FCI works closely with its clients to unlock the full potential of their customer communications across all channels. They integrate features like upselling and cross-communication that boost customer retention and help understand the customer requirements. Here are some of the influential points spanning both inbound and outbound communications at their full potential:
- Streamline Customer Support: Nowadays, every business and financial organization requires a customer communication management system. It allows them to customize the customer support process and, at the same time, drive efficiency within each unit of the brand. A proper customer communication system will also ensure brand visibility and bring in more customers.
- Make Every Customer Count: Good customer service drives sales. According to some reports, 69% of customers feel good about themselves when they can solve a query without connecting to the service directly. Another report says that customers recommend a business that responds promptly. The CCM system comes into play here.
- Integrating Chatbot Assistance: Chatbots are now popular assistants that enhance the way your organization manages customer communication. Smart chatbots can simulate human conversations and assist customers with preliminary information. FCI-CCM will integrate with your chatbots and automated AI systems to help provide better customer communication service.
- AI and ML Algorithms: Preliminary customer communication systems like chatbots and customer care chat services come with artificial intelligence and machine learning algorithms in conjunction with natural language processing. They can easily understand the needs of a customer and smartly respond for better assistance. Modern CCM platforms are AI-driven that can help companies understand customer grievances better.
- Personalized Communications: Modern CCM systems like FCI-CCM can ably integrate communication platforms with voice assistants and chatbots. Such personalized communication delivery enriches an organization’s customer interactions.
How does FCI-CCM evolve the Customer Communications Ecosystem?
FCI is a market leader in customer communication management systems offering cutting-edge products. As business communications become more digital, their communication and customer management systems will also evolve. FCI has helped many organizations transform from physical to digital communications successfully. Today, FCI-CCM shapes the customer communications management function by assisting companies in delivering enhanced customer experiences through their products and services.
FCI’s CCM comes with several valuable features:
- The Personalization feature delights customers by giving them a personalized experience.
- Using FCI-CCM, you can build a close, professional rapport with your customers with every interaction.
- You can integrate FCI products with your automated chat systems and chatbots for a superior experience.
- It also renders a real-time 360-degree view of your customer communication.
Communication is at the core of human interaction. Proper communication can ensure a flourishing business. Communicating effectively with customers can lead to increased sales, repeat business, and referrals. Hence, we all agree that proper customer communication is a must for a business. FCI-CCM is a unique product in the customer communication market that can unlock your business’ customer communication management at its full potential. If you wish to convert your current customer management costs into exceptional customer experience by modernizing your customer communications systems, FCI has the perfect CCM solution for you.