How Can Cloudmore Help Your Business to Reduce Customer Churn?
by Mark Adams, on 25-Jan-2019 11:13:05
Customers churn or stop doing business with a company in main because they’re not happy with the product or service being offered. Some churn is unavoidable, but a lot of it is entirely preventable and boils down to taking a more customer-centric approach.
Almost 80% of American consumers point to speed, convenience, knowledgeable help and a friendly service as the most important elements of a positive customer experience – and the more rewarding their experience, the more likely these customers are to stay.
Of course, putting customers first takes time, staff and capital. This is where automation is playing an increasingly prominent role; cutting unnecessary overheads, eliminating error-prone processes, increasing operational efficiency, and revenue margins.
Imagine if your end-to-end customer journey – from viewing your portfolio of products and services, right through to billing – could be automated and managed entirely online; if your customers could self-serve and your teams could check-in to track, monitor and ensure the best in sales, marketing and support, all in one place?
This is what experts at Cloudmore set out to do – to create a platform and online business-to-business marketplace expressly designed with long-term customer relationships in mind.
Here are four of the main ways Cloudmore can help your organization cut costs and grow and retain more customers.
1. Self-Service: 90% of Customers Expect a Customer Portal
Nine in ten customers expect businesses to offer them a customer portal. Four in ten customers actually prefer self-service to face-to-face engagement, and this number is only likely to rise as millennials and generation Z (people typically born in the mid-nineties and 2000s) increase their buying power.
Cloudmore has created a customer self-service portal that businesses can customize to their own needs. They can add their products and services, list marketing information, flexibly adjust pricing, set up approval processes, add notifications and more. In return, customers get a personalized one-stop-shop where they can seamlessly view, buy, manage and monitor the use of their purchases. No product or service in Cloudmore sits idle – customers can re-assign what they’ve bought to other users, or adjust their subscriptions up or down so that they only pay for what they ‘open and use’. Empowering customers to freely manage their products and services, letting no purchase go to waste, promotes the message of fairness and increases user loyalty.
2. Automated End-to-End Billing: Eliminating Error Prone Processes
The recurring nature of subscription businesses (with their repeat billing cycles) make payments, revenue recognition and invoicing nigh impossible to achieve manually without error, especially as companies scale in size.
From product definition to billing, Cloudmore helps organizations to remove error prone processes to streamline their operations. Monthly and multi-year contract periods can be combined with different payment frequencies. Cloudmore manages the reconciliation of costs and revenue. Your business and your customers receive comprehensive line item breakdowns of billing. Customers can drill down and create cross-charge reports to support cost allocation and budgeting. By default, Cloudmore also provides a data export to synchronize with your invoicing system.
The result is that customers have a safe place to buy and transact, where all of their costs are transparently displayed. Accurate billing also supports customers’ need for a good and dependable service, and the more dependable the service, the happier and stickier users are.
3. The Customer Portfolio: An Opportunity for Up-sell and Cross-sell
Any product or service can be added to Cloudmore. Payment frequency, contract length, renewal periods, related products, terms and conditions, marketing information, FAQs, etc., can be configured on an organizational level, or on a per-customer basis.
What the customer gets is a unified display of everything that your business has tailored for them. What you get is the opportunity to reach out to these users at key touch points in their journey.
Too often sales teams are futilely searching for up-to-date, accurate information, or they go it alone to create one-off bespoke sales. Cloudmore offers every authorized team member one harmonized, near real-time, single version of the truth. All customer data is easily viewable, including (not exclusively); what customers bought, when they bought it, how much they paid and whether it was used. This means that subscriber wants and needs can be better forecast and better targeted.
The more your teams cross-sell and upsell, the more reliant your customers become on your diversified portfolio of products and services.
4. No More Missed Renewals
No renewal gets missed in Cloudmore. If your business has all of its products and services uploaded into the platform, Cloudmore wizardry takes care of the rest, with minimal input from you.
The renewals process is of course automated which means that both the customer and your organization will be alerted when a service is due to expire within the time-frames you decide. Notifications are displayed in the platform and are automatically sent out by e-mail. Customers are able to accept renewals in their Cloudmore dashboard and sales teams are also able to introduce new offers or change the pricing of products or bundles ahead of renewal.
Why does this matter for customer churn?
Keeping track of renewals is a complicated affair and many customers inevitably slip through the net. Revenue can be lost because subscriptions elapse without the company knowing, but worse still, many customers continue receiving a service because their contract end-date hasn’t been flagged in the system. This is especially problematic for online resellers since they often pay a vendor or supplier large monthly sums. If a customer continues receiving a service they are no longer paying for, the vendor/supplier fee has to be forfeited by the business.
Consistent Organizational Behavior and Company Perception
Having an effective system that manages end-to-end billing, renewals and a hassle-free buyer experience helps to promote consistent organizational behavior, which has a positive effect on the way customers perceive a company – they want the guarantee of a dependable service.
Automation can very significantly reduce overheads too. This gives businesses the opportunity to redirect their investment into higher value areas, which includes meeting the stipulations of speed, convenience, knowledgeable help and a friendly service demanded by the majority of customers today.
Would you like to see the Cloudmore platform in action? Why not take our free demo?