Enhancing customer satisfaction, loyalty & retention
Deliver joined-up customer service to keep the customer coming back for more
At the heart of business value, especially in mature markets, lies customer retention. It can cost up to 10 times as much to acquire a new customer as it does to retain an existing one. Key to customer retention is customer satisfaction - one of the great commercial battlegrounds of the modern era. But how dissatisfied does a customer have to be before they leave and sign with the competition? How much is customer satisfaction worth?
CVG Value+ bridges the gap between traditional customer service software and best-practice credit and AR collections, enabling clients to answer this key question and articulate the financial value of customer satisfaction to their business. The convergence of these two areas in one unique solution enables our clients to focus on processing customer service items and manage credit and AR collections using a single tool. In addition, our clients measure the cost of customer service and evaluate which customers to focus their valuable resources on.
In this way a distinction can be drawn between customer relationships which are in the slow lane and those, to be emulated across the organisation, which are truly profitable. We call this the distinction between customer service, credit and collections and end-to-end Customer Value, the difference between the amorphous and the measurable, the approximate and the precise.
Importantly, Customer Value is a win/win - the service provider receives the loyalty dividend from its customers while the customer receives progressively better service. It's as simple as that.
Quotes from our customers:
We believe that customer retention is as important as customer acquisition, this is our strategic priority.
Currently we are managing 6,000 inbound customer queries and billing disputes per month; we anticipate that we will eradicate 4,000 fully by addressing the root causes of these and will be able to handle the remaining 2,000 75% faster.
CVG Value+ will help us retain customers by handling their administrative queries faster and by giving us an early, proactive indication of the conditions under which they might defect to the competition - in Utilities, that's unique.
Our customers can register customer administration queries online, leaving us the time to deal with them fast.
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Bridging the Gap
The tighter economic conditions have prompted businesses looking for competitive advantage with their customers to implement best practice software that integrates AR credit and collections with customer service management, as Dickie Bielenberg explains.
