Increase Customer lifetime value through customer knowledge
Today, globalization is largely to blame for destructive price environments, which occur when increased competition causes disruption and damage to any part of an industry or sector. As Customer Acquisition Costs are increasing, a long-lasting customer relationship, so called customer lifetime value, is critical to ensure a sustainable business.
Hence the challenge is to enable businesses to maximize customer lifetime value by providing customer facing employees with an in-depth knowledge of their clients originating from the multiple interaction channels with customer across the organization departments: sales, marketing, support administration, supply chain.
Increasing customer lifetime value is a matter of continuous customer satisfaction appraisal to ebale recurring revenue and upsell opportunity detection.
Most corporations are managing customers through a large variety of channels (web, social media, bots, emails, newsletters, webinars, calls, chat and more), applications (CRM, Helpdesk, Emailing and conversational systems, ERP) and multiple departments.
Converging all information, whichever format (structured, textual, transactional, images, sounds), applications and location (internal and external) to ensure that any customer facing employee has the most accurate vision of the customer context is business critical.
Bee4sense provides a collaborative solution enabling customer facing users to effectively manage customer retention and upsell by enabling Link Based analysis across the various information sources where customer information is managed.
A single point of access for customer facing employees to manage, investigate, and track opportunities or threats from already available information but also to add additional information and launch required on the fly processes to extract relevant information and link it to other information.
Customer support is applicable to a large variety of contexts across verticals as:
Marketing and communication
Prospect identification and profiling
Customer retention and upsell
Customer support efficiency on products
Sales administration efficiency
Leading French Electrical Distributor
Support agents are a real asset to maximize customer satisfaction with the potential for a real impact on revenues. In the past, improvement initiatives were managed through isolated processes not considering the global customer experience that goes beyond corporate processes. This led to creating siloes in technology and processes within the company, making it impossible to find important information quickly from one single point of access as customer information was spread in multiple applications.
The average time customers spent on the phone with the live agent was over 7 minutes, of which an average of 5 minutes was spent waiting for the agent to find or enter basic customer information into the various support applications. This activity was a waste of valuable time that could have been used in a much more efficient manner.
The management of the company decided to launch an innovation program aiming to convert support from a cost to a profit center. The goal being to increase customer lifetime value by reducing identification time and increasing upsell capabilities.
The new objective is to reduce the time it takes to identify the customer in each interaction by associating the incoming number with the customer’s complete profile, intelligently enriching this information, and suggesting the most appropriate actions. The customer service agent then becomes a “solution consultant” for the customer across processes, which can not only increase overall customer satisfaction, but also generate additional revenue through relevant promotions and additional sales.
To meet this objective the Company has partnered with bee4sense to integrate bee4sense into its “Big Data Technology Innovation Lab,” in collaboration with Accenture. A phased and well-planned approach ensures that each use case is deployed incrementally, quickly adding value to the business, and that new use cases build on previous ones.
A Link based analytical approach aiming to capitalize customer knowledge across systems has been deployed aiming to federate all information and recommend customer support agents with the best action to maximize customer lifetime value.
bee4sense works in collaboration with the company’s customer service and technical innovation teams to improve the activity of their agents in the following contexts:
- Reduce the time required to identify a customer or a pre-existing contact by displaying the most likely candidate from incoming call or instant results from typing first letters of company or person.
- Reduce the workload when creating new contacts and customers by automatically populating forms from existing data or reference tables.
- Ensure the quality and accuracy of new and existing company and contact data by leveraging deduping techniques and similarity match.
Resolution and Recommendation Phase
- Reduce the time required to understand customer requirements by identifying and scoring potential reasons for calling from interaction history, late delivery orders, existing issues on products and systems, unpaid invoices and more.
- Facilitate access to relevant information from context and navigation
- Suggest best resolutions from issue description
- Identify potential upsell opportunities from similar client product portfolio comparison, promotions, and options.
- Automate the recording of each case from interaction to avoid wasting time with tedious manual recording.
The new bee4sense-optimized customer service solution has helped increase support agent productivity by reducing the time it takes to resolve the case, as well as the time spent selling value-added services.
✔ 60% time to resolution reduction
✔ 50% support level 2 escalation reduction
✔ 60% customer satisfaction increases from ratingspost interaction
✔ 10% upsell increase
✔ Over 5% reduction of the churn rate
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