How eBills and eInvoices improve the customer experience
Not too long ago, invoicing and billing meant stacks of paper piled up high on desks, and the phone ringing off the hook from accounts receivable departments chasing payments.
Fortunately, the advent of eBills and eInvoicing has enabled businesses to move away from the inefficiency of paper, and rapidly and easily process invoices and paperwork for their clients. Looking at the state of the market, Billentis reports that “the 2017 volume for e-bills/e-invoices will achieve around 36 billion worldwide with annual growth rates of 10-20%”.This is impressive growth and it’s easy to understand why this is a more favourable option to paper- based bills.
Not all businesses have adopted eBilling and eInvoicing and those that have, may not be using it to its full potential.
We can discuss the immediate benefits of using an electronic method to invoice clients (reduction of costs and increased operational efficiencies), but let’s consider what this means for businesses long term and how it affects the customer experience.
The benefit to your customers
At their core, bills and invoices are communications sent to valuable, existing clients. Any communication with a client provides you with an opportunity to build your relationship with them.
In leveraging this opportunity your brand will be ‘top of mind’ for your customers. It’s also a good way to inspire confidence and most importantly, to ensure credibility. This combination is perfect to establish customer loyalty and trust.
You can also take this one step further by using your customer data to enhance bills and invoices with promotions and information. Then you can even deliver these communications to customers through their chosen communication channel, a sure-fire way to improve your interactions with them. Bills and invoices enhanced with customer data enable you to:
- Add promotional messaging for upsell opportunities
- Personalize communication to improve the customer experience
- Allow you to add links to interactive payment portals
Did you know, it costs five times as much to gain a new customer than to keep an existing one?
With more and more customers having fewer human interactions with organizations, every touch point with a customer must be enhanced to build existing relationships. Improving the customer experience is a key factor in driving customer loyalty and retention.
At Objectif Lune, our core mission is to empower organizations to use existing data to enhance their relationships with their clients. To find out how powerful your eBills and eInvoices can become with the power of data, get in touch with us for a free consultation.