Imagine this: A bill arrives in your home from a company that you are a customer of. The problem is that you already paid the bill. They appear to be charging you twice. You pick up your phone and think: “well, I’m going to solve this via their app”, but unfortunately, the app doesn’t have an option for “duplicate bills”. The last alternative is to call customer service (if it is even open), but after 10 minutes of pushing numbers so that the system finally allows you to speak to someone, they say: “sorry, but we can’t solve this problem by app or phone, you will have to come to our office”.
Would you continue to be a customer of this company? Maybe. But, the experience can definitely damage your relationship with the company and generated stress for you – things like that cause organizations to lose customers and then create a loss in revenue.
The bright side is that this challenge has a solution: omnichannel strategy. In this article, you will see how the combination of cutting-edge technologies, applied by experts in the tech market and combined with the omnichannel experience, achieve great results, such as a 90% increase in sales closure rate (we will talk about this case).
How do omnichannel solutions impact business?
Happy customers buy more and become promoters of your brand, attracting new customers. Implementing an omnichannel strategy means integrating all the company’s communication channels and services to provide an excellent user experience, in which all services are available, with the same efficiency, at all touchpoints. This would solve the problem described at the beginning of this article, for example. And it is this omnichannel experience that has helped many companies, from the most varied markets, to ensure high levels of customer retention, in addition to winning new ones, generating advantages such as increased revenue and profitability.
One of the biggest goals of omnichannel solutions is to avoid problems in the customer purchase journey. For example: a service through a chatbot that transfers the user to an online attendant without the customer having to repeat the information already provided. In short: all data must travel between all channels, making the user experience friendly, agile and assertive.
Benefits of offering omnichannel customer experience
For some years now, companies that have not adopted an omnichannel strategy – that is, without a uniform and integrated service – hardly retain their customers.
According to a Google study¹, consumers immersed in an omnichannel experience have a 30% higher LTV (lifetime value) than customers from organizations that only offer single channel. This means that integrating experiences is vital for the modern consumer profile.
In general, omnichannel solutions also deliver several other benefits, such as:
- Increase in service efficiency;
- Improvements in business management;
- Greater visibility for the business;
- Increase in sales potential (we will see an example of this in the case below);
- Considerable increase in customer satisfaction;
- Improvements in customer mapping and their behavior at each stage of the sales funnel, through detailed reports.
Success Case: 90% increase in sales closure rate – data-driven culture with omnichannel solutions in the insurance and pension industry (insurance omnichannel)
At NTConsult, we have several success stories of omnichannel solutions implemented in companies in the most varied industries. With cutting-edge technology, our teams of tech experts guarantee the implementation of the project from the very beginning, including even the process mapping part – a vital and strategic step. By mapping, redesigning and organizing all business processes, we can orchestrate and automate them with modern BPM (Business Process Management) tools, such as Camunda and many other platforms we work with – our business process automation (BPA) services have been automating millions of process in 100’s of companies globally.
In this specific case, we are talking about implementing an omnichannel strategy in the insurance industry, considering a data management culture to apply the entire omnichannel strategy. We developed the whole omnichannel solution for an insurance client, creating a database that feeds a machine learning model, in order to help the company increase sales.
We were invited to present this case at one of the biggest events in the insurance and pension industry in South America, the Innovation and Value Creation promoted by Abrapp² (Brazilian Association of Closed Private Pension Entities) in June 2022, in which we talked about the importance of centralizing data analysis on a single platform and how companies are achieving competitive advantages with it. Adding our omnichannel strategy in this insurance company to a complex machine learning model that we’ve developed, we achieved significant results:
- We identified the customer profiles most likely to buy services, based on behavioral characteristics available in our database (database that were only available because the omnichannel solution was implemented earlier). With this approach, it is possible to offer the ideal service/product to that customer who are in need of them at that exact time. It’s all about offering the right service, to the right client at the right time;
- Based on around 100,000 records (also from an omnichannel strategy), we built a machine learning model capable of predicting, with assertiveness above 90%, the propensity of potential clients to buy insurance plans in a specific market niche that is strategic for our client, generating a considerable increase in new clients and, consequently, revenue;
- Evaluating a database with around 4 million records (again, the result of a centralized database due to the omnichannel solution), we are working on a model capable of identifying clients with a high probability of quitting our client services. Thus, we can act in advance to prevent this from happening.
Now that you have learned more about the importance of omnichannel, be sure to contact us if you identify with any point in this article and are interested in bringing the benefits of omnichannel solutions to your company. Just send us a message in the quick form at the bottom of this page and we will get back to you shortly.
NTConsult is a 20 year old San Diego headquartered company with nearshore development centers based in Latin America. This means we offer a premium outsourcing service in your time zone, for a more competitive pricing than using local talent. With our nearshoring services you’ll get the most talented tech experts all fluent in English. In other words: they work in your time zone and are aligned with your country’s culture, which ensures real-time communication without language barriers. Constant collaboration and greater synergy with your other teams working on your projects.
If you liked this content, you might also be interested in some of our related posts here:
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More about NTConsult:
NTConsult LinkedIn (mixed content in English and Portuguese)
NTConsult Nearshoring (see the benefits)
How we deliver software development services
Our differential in process automation
Author: Philippe Alencar
About: copywriter and marketing analyst, graduated in Business Administration with specializations in Marketing and IT Governance, with 11 years of experience in the digital solutions industry.
Reference 1: https://www.thinkwithgoogle.com/consumer-insights/consumer-trends/how-digital-connects-shoppers-to-local-stores/
Reference 2: https://blog.abrapp.org.br/blog/inovacao-e-criacao-de-valor-e-preciso-centralizar-a-analise-dos-dados-em-uma-unica-ferramenta/