Personalized Video Billing eBook

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PERSONALIZED VIDEO BILLING
THE NEXT STEP IN THE EVOLUTION OF DIGITAL
BILLING
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Issuing bills and statements has long been
regarded as one of the costs of doing
business. When invoices were largely delivered
by traditional mail, the high cost and low
customer impact associated with billing did not
provide an opportunity to truly engage
customers. However, with the variety of digital
tools available today, bills now offer a
strategic frontier. Transformative companies use
billing as a digital touchpoint, incorporating
interactive elements and promotional offers in
each delivery. Rather than a cost of business,
the digital bill offers a potential revenue
stream. But this digital delivery system, while
more strategic, fails to optimize as a customer
loyalty vehicle. Despite substantial evolution,
fundamental challenges persist. Customers still
experience confusion and bill shock, both of
which funnel them towards the call centre and a
higher likelihood of brand abandonment (known as
churn).
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THE SOLUTION INTERACTIVE PERSONALIZED VIDEO
BILLS
Invoices or statements can be an ideal recurring
opportunity to communicate with your
customers. Done properly, they can help build
your brand and strengthen your customer
relationships. Interactive personalized video
creates the opportunity to do just
that. Personalized video billing is an elevated
digital approach. The format narrows in on
personally relevant bill and statement data on a
one-to-one basis for each viewer. By excluding
extraneous information and educating the
customer about relevant details, personalized
video lessens the likelihood of bill shock and
confusion. Personalized video bills or
statements offer frequent opportunities to
communicate with customers, to cross-sell, and
to inspire brand loyalty without persistent
customer churn and call centre triggers.
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EMBRACING DIGITAL IS NO LONGER ENOUGH
As outlined in a recent Forrester report,
companies intend to place more focus on the care
of recurring customers, adding increased
frequency of customer engagement, investment in
technology, and simplification of process,
product, and service design.1
You said addressing rising customer expectations
was an important initiative. What action is your
?rm currently taking or planning to take to
accomplish that?
Increase the frequency of our customer
engagement Improve IT systems to enable us to
better serve our customers Simplify/streamline
our business processes that support customer
engagement Improve product/service designs and
ease of use Use customer satisfaction metrics to
evaluate the effectiveness of activities and/or
investments
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As companies strive to streamline their business
processes to optimize the customer experience
and support customer engagement, the shift
toward the most effective digital solutions is
inevitable. To really leverage the full strategic
opportunity of bills and statements, companies
must include video in their strategy.
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2017 Forrester Research, Inc.
1 Varon, Lily, The Forrester wave recurring
customer and billing management, Q3 2017, July
31, 2017. Accessed at http//billing.gotransverse
.com/assets/The-Forrester-Wave-Recurring-Customer-
And-Billing-Management-Q3-2017.pdf
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BILL SHOCK AND THE RISING COSTS OF CUSTOMER CARE
Bills be they paper or electronic have
traditionally been a major pain point in the
customer journey, a potential source of friction
that can result in the loss of customers.
Often, they fail to read their statements in
detail, looking instead to the amount due
without digging deeper for the details. And
frankly, most billing statements lack clarity and
dont provide a straightforward outline of
services, accessories, taxes, and other fees.
While churn takes place throughout the customer
life cycle, billing is one of the key times when
the risk of churn is at its highest.
Bill shock when a customer receives a bill
they dont understand, or that they believe is
higher than it should be can contribute to a
negative perception of your company and your
industry as a whole. In this era of online
reviews and social media communications, there
is reputational risk in almost every
transaction. Additionally, it can lead to payment
delays, customer retention issues, and greater
call centre volumes.
If thats the case, 1,000 calls that last 10
minutes each will cost approximately 10,000. A
billing enquiry, one where your representative
must walk the client through their invoice line
by line and possibly research individual billing
items, takes time.
Thats because invoices are often a source of
customer confusion, with unexpected line items
or charges that lack detailed explanation. They
can also be lengthy, complex, and replete with
regulatory information and industry jargon.
Can your business afford to allocate more
resources to helping customers read and
understand their bills?
Just like you, your customers are inundated with
information on a daily basis. Couple that with
the dramatic decrease of the human attention
span, and its not surprising that a sales
commitment they made three or four weeks ago is
already forgotten.
Wouldnt you rather spend your resources on
other activities like those that generate
revenue?
Consider the expense of maintaining a call
centre. It is commonly accepted that it costs
about 1 per minute for the average call center
to service a customer. 2
2 VHT website, Call center metrics cost per
minute. Accessed at https//www.vhtcx.com/call-c
enter-metrics/cost-per-minute/
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VIDEO BILLING ACTIVATE USERS, DEACTIVATE CALL
CENTRES
Your billing strategy continues to evolve,
changing to meet consumer expectations and to
help your business remain competitive. Billing is
trending toward greater transparency and
granularity, offering a wider array of choices
in frequency and format.
the individual viewer. Using the customers
specific data, the video provides greater detail
on each invoice or statement line item.
Video is a more effective learning channel than
a static print or digital asset, and helps
to improve clients understanding of your
services.
A recent report from Gartner reveals that the
next generation of billing and statement
solutions includes artificial intelligence
and predictive analytics to create more
intelligent offerings.3
Digital bills and statements help to smooth the
customer journey, while making the process of
receiving payments easier and more cost
effective. Research also suggests that digital
customer statements and invoices enjoy
significantly higher open rates than any other
type of email communications.5
With our interactive personalized video
platform, IndiVideo, 90 of customers who
receive a video statement report greater
satisfaction with and a better understanding
of their companys products and services.4
Say hello to video.
When customers better understand their bills,
companies receive fewer service calls, thereby
reducing customer care costs. Video bills help to
increase customer retention because video
viewers are less likely to cancel their services
out of shock.
When video is introduced to the billing or
statement process, a traditional experience is
transformed for the viewer. Video turns your
invoices and statements into marketing drivers,
lowering your costs, increasing operational
efficiencies, and helping you gain higher
revenue possibilities.
This means that if youre interested in
communicating regularly with your customers,
digital billing statements are much more likely
to be opened and read. Couple that with video
which, according to Hubspot, leads to a 200300
increase in click-through rates6 and chances
are youll see your engagement go through the
roof!
Personalized video billing may also increase
sales because videos can provide targeted and
personalized promotional offerings.
A video bill is one that is personalized to each
customer, providing an experience unique to
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4 REASONS VIDEO BILLING IS AN EFFECTIVE
BUSINESS-BUILDING TOOL
Improve your customer relationships A video bill
is personalized and includes content that
specifically addresses each customer
individually. Personalized content makes for a
more direct, one-on-one experience, which feels
more intimate to the customer, and can help
increase customer loyalty to your brand.
Interactive videos also allow for satisfaction
metrics to be gathered more often and more
accurately. Key performance indicators (KPIs)
can then be analyzed to provide clear feedback
on the effectiveness of activities and their
return on your investment.
Lower your costs Video billing will reduce costly
one-on-one call centre enquiries regarding
statements. Indeed, interactive video bills
provide the means for customers to drill down
into details or link to support directly from
their bill. This delivery method encourages
customer self-service.
For your customers, video bills and statements
provide convenience, clarity, and a significant
enhancement to the customer experience. Customers
become more satisfied with your products and
services, more loyal to your brand, and more
likely to deepen their relationship with you
through the purchase of additional products and
services.
Increase your revenue potential With every
digital invoice or statement, you create another
opportunity for communication with your customer.
A video bill is a more targeted, personalized
experience for customers, providing an enhanced
cross-sell opportunity.
But the value of video billing to your business
can be even more significant, increasing brand
trust and reducing customer care costs.
3 Anderson, Robert, Competitive landscape cloud
subscription and recurring billing management,
November 14, 2018. Accessed at
https//www.gartner.com/doc/3893079?refmrktg-srch
4 BlueRush website, Kunder creating greater
knowledge and engagement. Accessed at
https//bluerush-prod.bluerush.ca/en/
resources/kunder/ 5 Goodfellow, Jennifer. The
Drum, Email click through rates drop to 1.6,
with publishing industry hit hardest, August 15,
2017. Accessed at https//www.thedrum.com/news/20
17/08/15/email-click- through-rates-drop-16-with-
publishing-industry-hit-hardest 6 Templeman,
Mike. Forbes, 17 Stats And Facts Every Marketer
Should Know About Video Marketing, September 6,
2017. Accessed at https//www.forbes.com/sites/m
iketempleman/2017/09/06/17-stats-
about-video-marketing/6cdb9819567f
Better serve your customers future
needs Electronic delivery can open channels for
your company to learn more about each customer
based on how they interact with the content and
what subsequent actions they take. It allows for
the gathering of more data, with greater
accuracy. KPIs can provide feedback on the
effectiveness of activities and return on
investment, and can inform further optimization.
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VIDEOS MAKE A MEASURABLE DIFFERENCE
A pension funds firm recently leveraged
BlueRushs IndiVideo platform to transform their
customer statements.
Customers had been struggling to understand
their text-based pension statements. The shift to
interactive personalized video statements
improved customer education and engagement, and
their ability to make informed financial
decisions.
See for yourself Click to watch how this
personalized pension statement uses video to
explain account data and urge the customer to
increase contributions.
WATCH VIDEO
Customers were greeted by name, taken though
their statements, and presented with options to
optimize their pension. A whopping 70 of
viewers remained fully engaged and watched the
entire video.
Put the power of personalized video billing to
work for you
Personalized video billing and statements can
help to alleviate pain points along the customer
journey, culminating in an overall more positive
and less expensive customer experience. If 59
of senior executives prefer to watch video over
reading text on the same topic,7 it stands
to reason that your customers are similarly
inclined. Reduce your call centre volumes,
better engage your customers, and easily scale
for the future with personalized video bills and
statements.
The pension funds firm was able to eliminate a
large number of paper statements, gain up-sell
opportunities, and learn important customer
insights through targeted data gathering.
7 Digital Information World, 25 stats that
prove 2017 is the year of video marketing
infographic.
Accessed at https//www.digitalinformationworld.c
om/2016/12/infographic-video-marketing-statistics-
2017.html
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Customer expectations have transformed how
brands create digital engagement. Meet the
challenge with IndiVideo by BlueRush.
Interactive
Personalized
Create a memorable experience, simplify complex
products and ensure immediate relevancy using
BlueRushs Interactive Personalized Video
Platform, IndiVideo.
IndiVideo creates engagement, brand loyalty, and
upsell opportunities across the customer
lifecycle.
WATCH VIDEO
The platforms data-driven video ensures a
seamless customer journey from initial
attraction to retention. Increase conversions
and decrease funnel abandonment at every stage of
your customers journey with IndiVideo.
MORE THAN
MORE THAN
30 40 70
MORE THAN
IndiVideos proprietary technology is built to
scale cost-effectively and can be deployed
behind your firewall with no compromise to data
security.
lift in conversions using IndiVideo
engaged beyond first minute of the IndiVideo
of viewers click an IndiVideo CTA
CONTACT US FOR YOUR SOLUTION
416-203-0618 info_at_bluerush.com
bluerush.com
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TORONTO 75 Sherbourne St Suite 112 Toronto, ON
M5A 2P9 [phone] MONTREAL 1751 Rue
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