It is a lot easier and less costly to retain customers than replace them. The key to retaining customers is to provide a customer experience that reinforces a positive attitude in their minds of your company and brand, so that they are advocates and want to continue doing business with your company.
Unfortunately, in many cases customer service tends to be reactionary instead of proactive. What customers often see is efforts to fix problems after the fact, rather than proactive approaches to enhance the customer experience by creating a high performing AR department.
It is important to know how customers feel about their experience at all the touch points along the customer journey in the AR process. Customer feedback should be gathered and analyzed at different times and touch points to provide the insights that can help you enhance the customer experience.
Timing of Customer Feedback
The timing of customer feedback depends on the type of feedback you want to receive.
- Short-term – Ask customers for feedback at different touch points such as when they contact customer service, use your website or make a purchase online. This gives a snap shot of the immediate reaction to the processes encountered in the customer journey.
- Long-term – Request feedback at time intervals, such as every six months or annually, to gain insight into customer perceptions, retention and advocacy.
Type of Customer Feedback
Feedback can be gathered in different forms depending on the type of feedback you need.
- Customer Satisfaction Score (CSAT) – CSAT survey results provide a measure of short-term satisfaction.
- Net Promoter Score (NPS) – NPS is a measure of the likelihood customers would recommend your product or company. It provides insight into customer satisfaction, loyalty/retention and advocacy.
Other feedback can be gathered without surveys.
- Resolution times
- Monthly recurring revenue
- Customer churn rate
The best way to collect feedback is to use the channels customers interact on the most.
- Online with email
- Social media websites
- Telephone – automated surveys after phone transactions
- Mail – This may be the only way to reach customers that prefer manual transactions.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can benefit from AR automation, and improve cash flow 31%, request a demo.