Providing better customer experience is a key objective for any business. It’s imperative for growth, and ultimately survival. But customer experience can be a tricky metric to prove ROI. Fortunately, implementing an omnichannel solution can help you both cut costs, and increase revenue. This makes it easy to build the business case for investment. The better customer experience will be the icing on the cake.
Here are six ways an omnichannel solution can generate revenue:
The maths on this is really simple. Think of every channel as a new door of entry for customers to walk into. The more doors, the more entrants. The more channels, the more customers enquiries, and therefore the more opportunities to convert. That customer who has a few minutes on their lunch break wouldn’t have phoned you. But they will text or use a messaging app. An app user may have forgotten all about your products. But a well-timed push notification on pay day will re-engage that customer, reminding them of your brand, driving them to accept your offer and generate new revenue that would have otherwise been a competitor’s.
2. Removing barriers to sale
Effort is the ultimate barrier to buying. Amazon knew this as early as 1999 when they patented the ‘1-Click’ Trademark. By making the buying process as easy and as effortless as possible, you are removing barriers to sale. Basket or cart abandonment figures are high. SaleCycle reports them to be over 75% across all sectors for 2018. If a user has an issue making a purchase online, they are unlikely to call you about it. This is especially true if it is an impulse buy. However, a simple less-than-a-minute web chat could solve their problem and increase your revenue.
Perhaps a user starts their journey on their work computer but wants to complete it later. A push notification or SMS letting them know that their cart has been saved and that a click can retrieve it would reduce basket abandonment significantly. An SMS or Facebook Messenger communication could also let a user know when an item is back in stock. With nearly a quarter of users abandoning their basket due to having ‘issues with shipping’ (SaleCycle), a well-timed communication offering to reduce or remove this cost could ensure a sale and create a future loyal customer. Depending on the business model, omnichannel solutions have an infinite amount of uses to remove the barriers to a customer completing their order, and generating you profit.
3. Specialised teams to optimise sales
By intelligently rerouting inbound communications, you can be sure that messages are meeting the right agents with the right expertise to handle enquiries. This increases the likelihood of converting more enquiries to sales with the help of specialised staff. It can also create more satisfied customers who are likely to buy from you in the future.
4. Reduction in abandonment
Omnichannel solutions have been known to deliver up to a 50% reduction in customer abandonment at key points in the customer buying path, increasing revenue by converting them at through an effortless point of contact that enables them to continue their journey. For example, when applying for a loan, customers can start the process of eligibility checking on their work desktop during their lunch break, but arrange a call back via text message or a messaging app to complete the application when they are out of the office. Or a customer may be getting an error message when they are trying to check out. The solution could be as easy as clearing their cache, but unless there is an immediate way for them to find this out, they will not be able to complete their purchase. A simple text could convert this lost browser into a valued customer.
5. Increasing brand recognition and positive perception
We’ve already touched on this a little, but don’t underestimate the power of perception when it comes to generating revenue. Word of mouth is still incredibly powerful for brands. In fact, in this digital age of social media and online reviewing, it’s never been more powerful. An effective omnichannel solution where customers can easily reach you, on a channel that suits them, and where your business is quickly delivering relevant replies to queries or helpful updates about an order or application, is impressive. It’s likely to make your customer tell their friends, and if you’re lucky, tell the internet.
It’s no wonder that companies that excel at customer experience grow their revenue at typically 4-8% above the market (Bain & Co). The only way to truly excel at customer experience in an omnichannel world is to adopt an effective omnichannel solution.
6. Enabling bot integration and self-serve
Your human agents will continue to be a valuable and irreplaceable asset to the customer experience that you offer. But it’s also the case that bots will increasingly be able to field, funnel and even convert a large amount of your traffic. Bots can deliver conversations that they have qualified and done discovery for, empowering the agents to more effectively sell. They can provide solutions to common queries and problems. They can even enable your customers to self-serve, so that they do not even have to interact with a human agent (removing a significant operational cost immediately).
Bots can be an expense in their own right of course, but consider this… A bot can work 24 hours a day, 365 days a year, requires no salary, pensions or benefits of any kind. They take no sick days, holidays and their standard of service is always exceptional. The amount of enquiries they can respond to and tickets that they can hold can is infinite. It’s no exaggeration that they will rapidly pay for themselves. To unlock the full power of a bot you need to connect it to an omnichannel solution enabling it to receive and reply to communication from any channel and then seamlessly pass the customer to an agent when required.