Fernando Sanchez from Experian’s Global Consulting Practice gives his perspective on the top three challenges identified by businesses in the area of Customer Acquisition in the run up to 2020. To read the full report, which analysed responses from 255 key decision makers from 195 telecoms and financial services organisations in eight regions across EMEA, click here.
Top challenges in Customer Acquisition:
- Improving the overall customer experience with applications
- Processing high volumes of applications
- Acquiring the right customers
What is your perspective on the top challenges identified by businesses?
It is no surprise that the overall customer experience is the top challenge identified for customer acquisition. Customer acquisition processing provides a first impression that sets the foundation for establishing a strong relationship as you start delivering on your promises. The changing preferences of today’s better informed customers leave little room for processes that are not optimised for the customer experience. Ask for one piece of documentation too many and you risk the loss of a potential customer that you worked so hard to attract.
Providing a consistent experience becomes itself much more challenging when you have to do it for very high volumes, across multiple channels.
The third top challenge, acquiring the right customers, is what makes the process complex. This complexity keeps increasing, driven by more available data, multiple channels and regulatory compliance. Acquiring the right customers is also closely related to customer experience, requiring a fine balance between them.
How can businesses overcome these challenges?
Automated processes are critical to address the three top challenges. The right technology must integrate multiple data sources and allow smooth delivery of the process. Combining proven management levers (for example, enhanced offers, risk adjusted return decisions or pricing) with innovative analytical techniques enables optimal decisions to be made. This combination makes customer acquisition a key area of opportunity for enhancing the profitability profile of customers and, at the same time, maximising the customer experience.