Technology and service based companies (e.g. Banks, Telecom Operators, MFS wallets providers, Ride sharing platforms, OTTs etc) worldwide are launching digital self-care platforms in both web and app platforms. Apparently the objective of launching such services is to provide a better customer experience hence maximizing customer satisfaction and NPS. However, the objective of digitizing self-care eventually is often related to maximizing revenue, minimizing cost and optimizing growth of business.
Every copy of an app is a retailer in the pocket.
Customers who have installed a selfcare app in the phone, are always carrying a retailer and a customer service agent in their pockets. Smart selfcare managers would always want to capitalize this great opportunity to create more conversion from each app.
Digital channel is a robust revenue generator
In most cases technology based services are intangible and cannot be kept on a shelf for display at any retail store. An app can easily convert a mobile device to a virtual retail store where these intangible products can be showcased on a digital shelf. This gives the customers more comfort on making comparative decision on purchasing plans or bundle offers.
Selfcare apps are source of significant cost optimization
In many cases customer visits physical stores for account deposits, top-ups, paying bills, purchasing services, updating customer information, opening new account, etc. Major reasons for customers to make phone calls to contact center includes asking for information on current balance, existing products, technical troubleshooting etc. Selfcare apps that serve the customers all of these services can significantly reduce the number of customers visiting the physical store or calling the contact center, which eventually can optimize the customer service cost.
Recurrent customer is better than newly acquired customer
When a customer is recurrent it means the company is already yielding harvest from that customer. The revenue generated from a customer for the second time is much less expensive from the first time revenue from a new customer, as there is no acquisition cost for a recurrent customer. When the selfcare app allows the customer to make purchases without visiting any physical store along with a much visible digital shelf where all products are displayed, the probability of making more purchase increases.
Benefits of selfcare app
For every business, the core objective is to bring the customer to retail point and trigger new sales. Selfcare apps are more like a retail store along with a customer service point located in the pocket of the customer. The more the customer uses the app, the higher the chance of triggering new sales. This is the easiest sales channel that a business can maintain. Hence, a business must provide reinforcement for a customer to repeat their visit to the app.
Cost of customer visit. Cost of every visit by a customer to a retail store can be significantly high. A certain percentage of the cost can be given back to customer as motivation to revisit the app.
Decision making made easy. With a digital product shelf, it becomes very easy for the customers to compare and choose the right product for them. With a smartphone in hand, customers are more eager to surf the shelf.
Customer decides the segment. Generally, when the service providers do the segmentation, they analyze customer behavior and create the segmentation. Traditional promotions and products offerings are thus made from the company point of view. With digital channel the service providers can open the gate to the customers so that customers can decide on which segment they would put themselves in.
Digital targeting is more efficient. With customers’ footprint in digital channels, service providers can now have more personalized data on customers’ taste. Thus, the SPs can design and offer products specifically designed for each customer. Recurrence of selling higher revenue generating products can be maximized with using customer analytics in a more efficient manner.
Faster Solution. With a selfcare application, smartphone users can solve their own problems much faster than taking the same service from a traditional call center or from a physical service center. When the apps are exposed to APIs, the users can be exposed to their own personal usage data safely. Based on the available data, the customers can take informed decision and can execute many purchase decisions by themselves without making any calls to the call centers or even visiting any service point.
Who should have self-care apps
Any business that sells any product or service can always have a selfcare application for their clients. Banks, Financial Institutes, Insurance Companies, Hospitals, Hotels, Telecommunication, Home appliance manufacturers, vehicle manufactures, and consumer goods manufacturers are some of the industries that must provide a selfcare app to their customers. Digitizing selfcare is the future. Service industries should start riding on this opportunity before it is too late.