How will the advantages of digitisation improve the personalisation of the customer experience?
It’s no secret that the future of accounting and finance lies in digitisation which is why many organisations are changing their business models to adapt to this new reality. What makes this digitisation process unique is that it is not driven by the companies that implement these changes but rather the customer. The customer lifecycle process is incredibly important and many businesses invest a lot of time and money researching and optimising this journey from start to finish as it dictates the level of digitisation in a business.
Put the customer first
Any business model is usually designed with the customer at the centre. The product or service offered by the company needs to meet their requirements. In today’s data-driven age, customers want to access content at anyplace, anytime and from any device. This means that accounting firms need to embrace technology such as Robotics and AI to provide those customer-driven results. Keeping the customer at the center digitally has provided business with numerous opportunities such as:
- Deeper loyalty to the company and its services that result in lower costs and higher levels of employee engagement
- Greater competitive advantage in the market that helps reshape the customer experience in every sector.
In the dynamic and rapidly changing business landscape, companies that are able to combine their digital expertise and operational capabilities will be able to create a customer centric business strategy and increase their levels of efficiency and precision.
The next-gen operational model
The drawback of traditional business models is their focus on the internal capabilities rather than the customer’s needs. Another challenge presents itself in the form of a cross-functional collaboration where some companies prefer a long development process rather than continuous iteration and optimisation of the business model to keep up with changes in the market.
However, in recent years, more businesses have realised the importance of the customer journey and experience and are using it at as central point around which their strategy is built. It is essential that companies take a cross-functional approach to creating a more customer-centric approach that can allow them to digitally transform and scale the business.
A more customer-centric journey
The key advantage of using digitisation is to create an incredible customer experience by redesigning the existing customer journey. The primary goal is to reevaluate the existing customer journey and identify any inefficiencies that can be fixed or enhanced with digitisation. The journey needs to be optimised efficiently from start to finish meaning that process should be continuously tested and iterated based on customer feedback. Also any non-digital customer journeys that will become redundant as a result of the new digitised customer experience should still continue until the new digital journey is completely functional.
Using digitisation to improve the customer’s journey involves interacting with the customer first. Digitisation impacts this customer outreach in various ways:
1. B2B teams
For B2B teams, cold calling customers is now replaced with the concept of social selling. This is essentially reaching out to the customer via social media channels. Most of your customers are already on social media, so by establishing a strong digital presence, your customers come to you rather than you reaching out to them. Cloud solutions and CRM platforms are a great way to create a personalised experience. It also allows you to build a close-knit relationship with customers while educating them on your services. You can also share relevant content that highlights the solution to their problems.
2. Marketing department
For traditional marketing teams, digitisation means lower spending on offline mediums such as newspaper, billboards and magazines. With the large amounts of data available in the market, customers now have a lower attention span and only want to be targeted with more specific and relevant content that will be beneficial to them. Some useful ways of using digital media to connect with customers is content-marketing strategies like LinkedIn ad campaigns.
3. Customer service teams
A digital customer-first strategy means that customer-service teams no longer need to wait for customers to come to them with queries but they can now be proactive in the way they provide support to customers. There are various channels such as forums, discussions and communities that are all a part of the customer service ecosystem.
The modern day customer has evolved in terms of how they consume content and communicate with businesses. In order to keep up with the digital-first customer, organisations need to redesign and enhance their existing customer lifecycle.
Greater insights that are gathered with speed and precision
The use of digitisation in today’s fast-paced market requires organisations to have real-time insights in various areas so that they are able to use the information to make decisions in a timely manner and improve the customer lifecycle accordingly.
Traditional marketing techniques don’t allow for this. The process takes too long to generate customer feedback and numerous iterations need to be made to the customer journey to have a significant impact on the experience. The key is to generate results in an agile way so that customer insights can be integrated into the customer experience process directly.
The best way to generate these agile results is to identify the touch points with the customer, such as an online community or a call-center, which can then be compared to those of competitors. You can use your learnings to create the customer journey through a zero-based approach (create the journey from scratch) and identify the strengths and weaknesses of the current digital customer experience. These insights can be tested on the existing process to modify the customer journey from start to finish.
In today’s fast-paced world, people are always connected and on the go. The best way for businesses to reach out to their target market is to use digitisation to their advantage and enhance the customer experience. The inability to use technology to their benefit is a common pitfall in many firms. As consumers demand more digital services and operational expertise, businesses need to put the customer’s needs at the center of the digital transformation strategy and enable it to drive quick results and insights.