As telecom companies expand their offering, they would be wise to take another look at their billing platform at the same time
Concern over rising costs is causing more and more customers to shop around. In times like these, what can you, as their service provider, be doing to boost loyalty? Customers themselves will tell you that what matters most is transparent communication, attractive services and a seamless overall experience.
Mobile subscriptions, broadband, TV services and extra data? Perhaps streaming movie rentals? All of these approaches to expanding your offering will increase the likelihood that customers will choose you as their full-service supplier and boost your company’s revenue.
But without an equally attractive billing solution, you’ll risk stumbling at the finish line. It’s a risk that is particularly high for larger, more established telecom companies that tend to have each service managed – and invoiced – by a different part of the organization. It’s enough to make frustrated customers, who are unable to get an overview of their costs, start shopping around!
Why frictionless payment is even more important in a recession
Fuel, clothing, interest payments... you name it. The prices for just about everything have risen sharply over the last year or so. No doubt you’ve noticed it in your company too. In times like these, you’d be wise to focus more on retaining your current customers than chasing after new ones. Our advice is to not only offer your customers attractive services and competitive package prices. You need to provide them with a seamless overall experience as well. There should be as little friction as possible and that applies to everything, including invoicing and payment!
When times get tough, customers will be even more inclined to start shopping around. In fact, a major Novus Survey on Swedish consumers’ attitudes and behaviors in a recession shows that two out of three regularly review their subscriptions to look for ways to lower their costs.
A digital billing platform can help you improve the customer experience. If, that is, you choose the right partner! Not only that, it can lead to more upselling and cross-selling opportunities!
How your billing platform can boost both the customer experience and upselling
1. A single, cohesive payment filter, no matter how complex your organizational structure
Your billing platform should serve as a single filter for all invoice processing. It helps ensure that your customers get a seamless experience and eliminates unnecessary administration for your employees! Billogram’s smart integration solutions make it easy to connect our platform with your existing systems. You don’t need to worry about the hassle and expense of launching a major IT project either. We promise the same, seamless solution regardless of the complexity of your organizational structure, even if each customer has been assigned several customer IDs.
2. Maximum freedom. Give your customers options for how and when to pay
Direct Debit, Digital Wallet or a digital invoice? Want the entire amount on a summary invoice, or a mix of running subscription and purchases for extra services? How about payment terms? Monthly or quarterly? Your customers have different needs and preferences, which is why your billing platform needs to accommodate that. With Billogram as your partner, you can offer your customers all the payment methods they value most and let them choose what suits them best.
3. Automated flows to help your customers pay on time
Data from the telecom industry shows that the risk of churn is six times higher when customers are sent a reminder. So, rather than charging late fees, why not just make it easier for them to pay on time?
Billogram does this by setting up automated flows for various scenarios. For example, you can send an automatic due date reminder by email the same day that payment is due. Or, if the direct debit hasn’t gone through for some reason, you can make another attempt in a few days. After that, you might want to send a friendly reminder by email or SMS to let the customer know that their payment has still not been received.
You will improve your cash flow and have happier customers if you give them the chance to fix the issue before sending out reminders and charging late fees.
4. Use invoices for two-way communication and upselling
What percentage of your mobile customers also have their broadband with you, and vice versa? And, how are you currently communicating offers on package pricing and extra services to your customers? As a telecom operator, the main interaction between you and the customer happens at the time of payment. But few are fully realizing the potential of invoices as a tool for communication and upselling.
With Billogram’s interactive, digital invoice, you can add clickable modules containing your offers and other important information. And, if your customers have any questions, they can engage with your customer service function directly through the invoice. There is also an automatic response function based on machine learning that can quickly provide answers to frequently asked questions.
A trusted partner in mobile telephony and broadband
“The telecom industry is constantly changing, which is why we need to be able to adjust our plans at the same pace. We are extremely satisfied with the arrangement as it is now and are regularly reviewing new initiatives that we might pursue with Billogram.”
That’s what Nathalie Eriksson, Head of Product & Loyalty at hallon had to say about their partnership with Billogram. Read more in this interview. Broadband suppliers, Ownit and Junet also decided to implement Billogram’s billing platform.
Would you like to learn more about how we can improve the payment processes, customer experience and upselling at your company? Please contact us so we can tell you more!