Implementing Effective Self-Service to Improve the Customer Experience and Drive

Implementing Effective Self-Service to Improve the Customer Experience and Drive Profitability

Product Type: Market Research Report
Published by: Yankee Group
Published: October 2006
Product Code: R388-2278

Description

In today’s fast-moving markets, companies need to balance the relentless demand for profits with the often expensive task of devising a unique value proposition. To satisfy shareholders in the short term, most companies seldom look beyond a few basic goals:

Increasing revenue by delivering differentiated products and services
Decreasing the cost of sales, marketing and service initiatives through better execution
Enhancing the customer experience to improve loyalty and reduce churn

Self-service business processes have been around for decades, as embodied in automated teller machines (ATMs), interactive voice response (IVR) systems and the World Wide Web. Today, many businesses use selfservice techniques to reduce labor costs by enabling customers to help themselves to information and resources. It’s a proven strategy for boosting customer satisfaction and reducing costs, but one lingering question remains: Why do so many companies have a hard time doing it effectively? In our experience, many companies have not taken full advantage of self-service business processes simply because it is difficult to strike the correct balance between keeping costs in check and ensuring a consistent customer experience.

Customer service is one of the few differentiators that a company possesses. As a result, well-executed selfservice is now a crucial and strategic component of the overall customer-centric business strategy; customers increasingly make it their first choice for primary interaction. To derive maximum value from self-service, companies must optimize the value of their customer interactions and not focus solely on self-service as a costsaving mechanism.

Self-service initiatives can help companies save money, increase revenue and boost customer loyalty, but only if they are based on accurate, cost-effective business and IT processes. As Exhibit 1 illustrates, these initiatives must establish a seamless, cross-channel experience that leverages a consistent knowledge base shared among all stakeholders.

Table of Contents

I.Obstacles to a Quality Customer Experience: Self-Service Takes Center Stage; Creating a Winning Experience Demands a Customer Focus
II.Critical Elements for Effective Self-Service: Self-Service Technologies Options; Insight into Different Vendor Offerings
III.Steps to Success for Biggest Business Value Impact: Understanding Strategies for Profitable Self-Service
IV.Conclusions and Recommendations: Recommendations to Enterprises 16
V.Further Reading

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