The sharp increase in organisations utilising e-billing indicates that people are more aware of the inefficiencies associated with traditional postal billing, as well as the exorbitant price tag attached. However, a further benefit of e-billing is the audit trail inherent in the process - an added incentive for companies looking to increase their return on investment (ROI).
Alison Wright, the Managing Director of e-billing specialist, Striata, poses the view that e-bill audit trail provides a company with constructive information on customer behaviour that could improve CRM (customer relationship marketing) success, and simplify the process of customer management.
Says Wright: "The billing process presents an opportunity for the company to be in regular contact with its customers, and the resulting audit trail can be leveraged to monitor and analyse customer behaviour."
Traditional billing methods provide limited insight into consumer behaviour. The paper invoice is sent via the postal system and a certain payment period is stipulated. Call centres are used to field any client questions or disputes, and administration departments are kept busy dealing with postal returns. This method is inefficient and provides little knowledge of customer behaviour once goods are exchanged and the invoice is posted.
In contrast, Wright says e-billing tracks customer behaviour and lists the following key measurements:
* The day and time of e-bill delivery
* A complete list of all bills that were not successfully delivered
* The day and time that the recipient first opened the e-mail bill and every time thereafter
* When and how often each link or marketing piece was clicked on with the e-mail bill
* Detailed statistics around the payment of the e-mail bill:
- When it was paid
- Amount paid
- The payment method (if there was a choice)
- When payment was processed
- Any links clicked on in the payment confirmation e-mail
- Declined/failed payments
- Debit order application submission details
"If leveraged, this invaluable information can translate into material savings, as well as a competitive advantage. In addition to important customer information gleaned through the e-billing process, this is achieved at a fraction of the cost to print and post an invoice, where there is no additional information benefit. The knowledge gained enables marketers to personalise each customer`s communication," says Wright.
Using audit trail data, efficiencies are maximised by triggering various actions systematically and automatically. For example, if there was a problem in the delivery of the bill, the system would initiate a dialogue with the customer, either by SMS or e-mail, to rectify the situation. These triggers and processes can by fully automated.
In addition, customised reports based on invoice and payment data become a powerful tool for accurate cross-selling.
"We believe the billing process should be a valuable source of information for a smart marketer, helping to retain and grow the customer base through information," says Wright.
Share