Personalized Video is Transforming
the Billing Experience
BY BLUERUSH | PERSONALIZED VIDEO
In many customer-facing industries like telcos and utilities, it is far too common for consumers to mistakenly attribute higher bills to price hikes rather than the more likely cause of increased usage. And in an industry like insurance, people often overlook or fail to maximize the full range of benefits of their policy. In both instances, however, the reality is the same – perceived value is misjudged or underestimated because people are not engaged enough to fully understand their bill. Hence the need to create exceptional billing experiences. Fortunately, by incorporating personalized videos into your outreach strategy, industries like telcos, utilities and insurance can overcome engagement lag and misinformation by creating dynamic, interactive billing experiences that both scale personalized customer care and maximize ROI.
But Why Video?
The amount of time we spend watching video content online has increased dramatically, where a recent survey of online consumers found that people are watching more videos than ever, averaging 19 hours per week in 2021, representing more than an 8 hour increase per week over the past 4 years. More than that, video has become the medium of choice for making purchasing decisions, as the same survey found 73% of people prefer to watch a short video to learn about a product or service, compared to 11% who’d rather read text, and 88% have been convinced to buy a product or service by watching a brand’s video.
It’s clear that customer expectations about how they consume content and gather decision-making information have evolved. And when it comes to billing, people no longer have the time, patience nor inclination to pore over dull, static emails with rows of numbers and myopic fine print. To meet these new expectations, companies must adapt to the new realities surrounding them. This is why personalized videos are among the most popular digital marketing solutions, grabbing the attention and engagement of your audience to help you stand out from the barrage of white noise they are subjected to on a daily basis.
But How Video?
With in-depth knowledge of the customer at hand, you can hone in on the one-to-one data points most relevant to their needs – including a wide variety of information such as customer balances, due dates and other account details – while excluding extraneous information. In this way, personalized videos organize and streamline your messaging, concisely educating viewers through an interactive version of their bill – in a medium they are already primed to engage with – that proactively explains any changes or discrepancies in a straightforward, personalized way. With this comes a wealth of business outcomes, like improved conversion rates, reduced customer support costs and less customer churn. And given how quickly it accelerates video production velocity, personalized video affords your outreach strategy more and better opportunities to communicate directly with customers and cross-sell more personalized offerings – exactly the kind of engaging, targeted messaging that inspires lifelong brand loyalty.
Not Convinced Yet?
Let’s look at one IRL case to demonstrate the power of personalized video. A pension funds firm found that their customers had trouble understanding their statements, so they used the IndiVideo platform by BlueRush to easily create and deploy interactive personalized video statements to help educate them to make better-informed financial decisions. First, greeting the customer by name, the video walked through their statement and shared personalized options best suited to their specific needs on how to optimize their investments.
The results were inspiring, with a watch-through rate of 70% and 90% of viewers reporting a better satisfaction or understanding of their pension statements. It is this kind of deep engagement which then produced a 65% lift in conversions in the form of account opens or additional contributions. Not just that, but the move to personalized video allowed the firm to offer an eco-friendly paper alternative, open up more up-sell opportunities, and capture better customer data for outreach insights.
Create exceptional billing experiences with personalized video
From engagement to conversions, BlueRush can help dismantle the roadblocks entrenched along the customer journey that prevent you from wowing your customers and scaling your growth. IndiVideo, our interactive personalized video platform, enhances and sharpens the billing experience for the digital age to create a more positive and overall exceptional customer experience. In fact, it’s positively exceptional when you consider you can do all of this while still cutting costs. When you can reduce call center volumes, for example, while better engaging your customers, you are positioned to maximize ROI and cost-effectively scale for the future – all with personalized video billing.