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Unlocking the Real Benefits of
E-Billing
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When the notion of
electronic billing first began to appear, the immediate attraction was
the obvious cost savings that would come from eliminating paper,
postage, handling, and customer care costs. But like true love, the
virtues of e-billing continue to reveal themselves; virtues that in
the end may prove to be far more valuable than just simple cost
savings.
Written by
John Korvin.
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When the notion of electronic billing first began to
appear, the immediate attraction was the obvious cost savings that
would come from eliminating paper, postage, handling, and customer
care costs. But like true love, the virtues of e-billing continue to
reveal themselves; virtues that in the end may prove to be far more
valuable than just simple cost savings.
Though electronic billing is still in its very early stages of
development, astute marketers are looking ahead to a time when
consumers will make the necessary habit shifts and embrace the
convenience of e-billing. When that happens, savings will soar as
costs gradually disappear. But very quickly, cost savings will be
yesterday’s news and the real story will emerge. This article will
reveal the “real story” of electronic billing that can be told for
virtually every industry, whether that’s wireless telecommunications,
lending institutions, department stores, or car manufacturers.
The real story
Sales-- that’s the clear and simple benefit of e-billing. Once each
month, your customers will come to your Web site, either directly or
through bank, portal, or commercial consolidator sites. When they
arrive, you will have the unique opportunity to talk informally and
deliver targeted messaging to people who are buyers of your products
or services.
Customer relationship management programs that allow companies to
centralize customer data can prove invaluable in allowing you to
segment your customer base to almost any level-- even down to the
mythical level of one-to-one.
For every type of product or service provider,
customer-direct online marketing offers an unprecedented chance to
sell, sell, sell. The real-time feedback of the electronic format also
makes it possible to segment and test market different messages, and
then roll them out more broadly. The Internet also allows you to
quickly replace an offer that is not pulling any response.
But wait, there’s more
Another big advantage of online billing is the opportunity to provide
help and self-service customer care. Because most customer calls
relate to billing questions, the ability to find answers online while
paying the bill reduces call center traffic. Answers may come through
frequently asked questions (FAQs), account history detail, live-chat
customer care, or other channels. Some companies may elect to offer
automatic dispute resolution tools, assuming that the amount of the
challenged transaction is less than the cost of customer calls. The
important outcome of self-service customer care is happier customers
who feel their needs are being met quickly and intelligently.
Billers can also provide online self-serve ordering of products and
services, such as a cable company allowing customers to add
pay-per-view features or premium channels through a direct link from
the statement. As the capabilities of broadband cable access continue
to grow, customers may be able to order I/P telephony or Internet
access with the cable modem or other equipment sent directly to the
home. Online instructions for installation could eliminate any need
for a truck and technician to come to the house – adding convenience
for customers who cannot make time to wait for technicians, and
increasing cost savings to the biller. Likewise, a wireless provider
may allow customers to perform a plan analysis to select the calling
plan that best suits their needs. Or a credit card company could let
customers change the billing cycle dates to better suit their
bill-paying habits. Almost any service currently performed by customer
care representatives (CSRs) can be structured for some degree of
online automation.
A word of warning-- research shows that customers adamantly expect
that they will still be able to reach a live customer service
representative quickly through a toll-free number. Until usage rates
are firmly established, keeping call centers adequately staffed is
critical to making a smooth transition to e-billing.
A meeting place
Increasingly, Web sites are becoming the visible face of many
companies. With the advent of purely online companies such as
Amazon.com and eBay, the Web site may be the only presence a customer
sees.
When your customers come to pay their bills, they are coming to your
place of business. Just as a well-kept office creates an impression,
your billing Web site offers the chance to create a strong, favorable
image of your brand in the customers’ eyes. It also provides a forum
to let customers know more about you as a company. Public service
programs, charitable contributions, community outreach events,
employee achievements, and other activities of the organization can be
spotlighted through direct links from the statement.
Upping the power
While many billers have long recognized the importance of using the
statement as a marketing tool, electronic billing has dramatically
increased the power of the opportunity. It may be cost savings that
first appeals to billers, but it will not be long before costs will be
faded line items and the real benefits will begin to pay dividends.
The challenge for the coming months will be to find ways to encourage
customers to make the connection to e-billing sites. Going back to the
love story analogy, billers must be creative about finding ways to
meet their customers on the electronic page. A solid introduction and
a good first impression will lay the groundwork for a strong and happy
relationship that will continue to grow over the years.
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