For large companies with clients numbering in the many thousands or even millions, one of the biggest challenges is the relationship they have with their clients. Or to be precise, lack of one. Think banks, insurers, telecom and other verticals where the only individual connection to clients is often the monthly statement or bill. Where a human connection is often limited to a call center dealing with issues or complaints.
The truth is banks, for example, have not successfully made the transition from the days when people used to come into the branch for every transaction. Where they had real, regular relationships that created loyalty. Ask your parents or grandparents.
Technology advanced, ATMs arrived, and regular human contact became an expensive, outdated way to serve clients. They were driven to the ATM, then digital. Problem is, how do you create loyalty without human contact? Meet changing needs? Know your clients, beyond data points?
Big companies have been looking for that answer for the better part of three decades now.
We’re starting to see answers appear. The ability to leverage digital technology at lower cost has created an entire new field of competition for banks and insurers. This is the rise of Fintech – typically smaller companies who’ve leveraged digital technology to outdo the big guys at their own game. And they are gaining market share rapidly. Now, big organizations are looking to adopt these technologies too, because the alternative is an ongoing erosion of their client base.
Example; Personalized video marketing. This technology enables companies to “humanize” their digital customer experience in new and engaging ways. Personalized videos can convey more information in a short period of time and better explain complex concepts and products to customers. In fact, video is already a medium of choice for generations raised on television, and the personalization aspect allows companies to serve relevant content and offers to each customer. This is the era of the 1 to 1 digital customer experience.
Onboarding: Customers are welcomed using personalized video. Client preferences already learned during the sale are reinforced. Support and features highlighted. Ability to cross-sell on an individualized basis.
Personalized statements: Can be very quick or go into more detail as directed by each client. Can better explain special charges, and link personalized offers in context. Allows companies to learn more about each client. Replacing paper or static online account statements with a personalized video statement can help grow customer loyalty and decrease call centre costs.
Special offers & retention: Database marketing is not new. However, combined with personalized video marketing, you can greatly improve the conversion rate of your up-sell and cross-sell programs with personalized video marketing. A relevant offer has a higher potential to convert existing customers to buy a second and third product.
The result? When the personalized dots are all connected, the ability to create a strong customer relationship using digital technology is there. Done right, the personal touch can be re-established across the entire customer life-cycle.