The Fundamentals of Effective On Demand
The concept around on-demand communications has evolved over time and has been defined and explored by several industry experts. Forrester Research, for example, describes on demand as communication that is triggered by multichannel requests. Any communication strategy that involves on demand requires these key fundamentals:
1. Timing: On-demand communications are extremely time-sensitive. If they can't be delivered to the customer within the timeframe requested, the opportunity to add value and increase customer satisfaction is lost and in the worst case, your customer is annoyed and inclined to switch. It is important to have in place robust automation capabilities that can act as a solid backbone to drive these communications to the customer as and when they are requested.
2. Delivery: Customers will usually specify how they want their communications delivered. For example, when a car loan quote is requested online, the expectation is that the outcome is sent instantly via email or perhaps mobile. Consequently, you must have access to strong multichannel capabilities to ensure that financial institutions can respond wherever their customers are looking for them.
3. Relevance: Communication that is initiated by a customer almost always revolves around their individual preferences and situations. To execute an effective on-demand strategy, financial institutions must have support for exceptional design capabilities that can dynamically populate relevant content for every customer inquiry. Personalized on-demand communications can dramatically enhance the customer experience.
Simply following the on-demand trend will not be enough-robust capabilities to ensure accurate timing, delivery and relevance of on-demand communications are required to make them effective and valuable for both the customer and the business.
Stay Ahead of the Game
As customer expectations grow, financial institutions need to engage their customers on their terms if they want to win the retention battle. Every financial institution should seize the opportunity to differentiate itself and offer a truly unique, individual service to its customers. Those that don't will fall behind and those that do will stay ahead of the game and observe significant results on the bottom line. Make sure you're the latter.