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Guest Blog: Transform the Billing Experience with Personalized Video

Len Smofsky
Posted by Len Smofsky Executive Vice-President, BlueRush Monday, October 28, 2019 - 16:28

Len has over 25 years of experience in visual communications and strategy. Over the last decade his focus has been on developing a technology that would allow him to merge his love of directing creative video with data-driven digital experiences.

In 2004, Len formed a partnership with Larry Lubin to create a new BlueRush with the intent of offering personalized customer experiences using a unique blend of digital media and deep technology capabilities.

BlueRush’s cutting-edge interactive personalized video platform, IndiVideo, helps companies engage customers, simplify complex products, motivate action and accelerate the buyer journey while providing a superior digital experience to lift conversions and increase customer lifetime value.

Customer Experience Update
Transform the Billing Experience with Personalized Video

PDF bills and statements have been around for 26 years. But in 26 years, much has changed, and customer expectations have evolved. To meet these new expectations and stay ahead of the pack, companies must adapt to the new realities surrounding them.

Personalized Video Is Transforming The Billing And Statements Arena

Leading analysts around the world are echoing a sentiment we know to be true: personalized video materially improves customer experience, which increases satisfaction and, in turn, conversion rates.

  • “The video format has surpassed all other major marketing formats, especially among the young.” — Martin Stiller, Senior Research Analyst, IDC Financial Insights
  • “Personalized video used as part of a content marketing strategy can nudge existing customers to take the next step in their customer journey.” — Gartner, 2019
  • “Personalized video isn’t a gimmick anymore, it boosts customer service experiences.” — Forrester, 2018

Personalized videos leverage the full strategic value of customer communications, which is something your brand can’t afford to ignore. With personalized videos, companies can create engaging, interactive bill and statement experiences to cost-effectively scale personalized customer care and maximize ROI.

The Power of Interactive Personalized Video Bills

Personalized video billing is an elevated digital approach. The content narrows in on personally relevant bill and statement data on a one-to-one basis for each viewer. By excluding extraneous information and educating the customer about relevant details, personalized video lessens the likelihood of bill shock and confusion — two common customer churn triggers. It offers frequent opportunities to communicate with customers, to cross-sell and to inspire brand loyalty by providing a best-in-class digital customer experience.

Here’s an example of how powerful this medium can be. A pension funds firm recently engaged BlueRush to transform their customer communication experience with our personalized video platform. Customers had been struggling to understand their text-based pension statements. The shift to interactive personalized video statements improved customer education and engagement, as well as the customer’s ability to make informed financial decisions.

In the video, customers were greeted by name, taken through their statement, and presented with options to optimize their pension. The results:

  • 70% of viewers remained fully engaged and watched the entire video.
  • The company saw a 65% lift in conversions in the form of account opens or additional contributions.
  • 90% of viewers reported increased satisfaction with, or a better understanding of, their pension statements.

The pension funds firm was able to provide a paper alternative, offer up-sell opportunities and gain important data-driven customer insights. You can see for yourself how the personalized pension statement used video to explain account data and urge the customer to increase contributions — watch it here.

Put the Power of Personalized Video Billing to Work for You

At BlueRush we’ve seen time and time again how personalized video billing and statements can help to alleviate pain points along the customer journey, culminating in an overall more positive and less expensive customer experience. If 59% of senior executives prefer to watch video over reading text on the same topic, it stands to reason that your customers are similarly inclined. You can reduce call centre volumes, better engage your customers and easily scale for the future with personalized video bills and statements.

Delve deeper and learn how to transform ordinary bills and statements into engaging customer touchpoints that drive sales. Download the Personalized Video Billing eBook and view the Personalized Video for CCM infographic.