CX is a buzzword and business term that we have all become familiar with. It is the driving principle behind successful commerce – a remarkable customer experience is critical to the sustained growth of any business. A positive customer experience promotes loyalty, retains customers, and generates brand advocacy. Today, customers – not sellers – hold the reins.
Customer experience represents the most powerful lens for looking at the totality of a customer’s interactions with an organization. It allows businesses to maximize the value of each individual interaction along with the customer’s overall journey. Market studies show that a business with a top-notch customer experience stands a 17% higher chance of growth year-to-year as compared to competitors with a lesser CX. Other studies also show that today’s consumer considers a business’s customer experience reputation prior to making purchasing decisions, unlike before when quality and prices informed customer decisions.
This leads us to the question: how are today’s businesses meeting this demand for next-level experience? Data. Many companies are collecting customer data in the quest to improve experience. Issues arise, however, when this data is sold to create an additional revenue stream. With today’s savvy consumers becoming more aware of how their data is being used, it becomes clear that data exploitation poses a real risk to consumers. Let’s face it, every time we use Google, Facebook, or other online services, there is a chance that our personal information is being collected, analyzed, and potentially used in ways we are unaware of.
We have all had the unnerving experience of having ads pop up on our social feeds within a short time of expressing interest in a related product or service. This is a result of a data exploitation tactic termed ‘adjunct surveillance’, wherein our online activity is monitored and collected through another business tool and is then sold to companies that want to advertise.
The flip side of this coin is that consumer data is also a key factor in driving positive customer experiences. CRM (customer relationship management) and business intelligence (BI) tools are popular resources that provide businesses with valuable customer feedback and insights, allowing them to make adjustments that will in turn enrich the customer experience. The businesses that distance themselves from third-party trackers will create a brand image that values customer trust over short-term financial gain. Utilizing consumer data in a positive, transparent, and ethical way can only strengthen customer loyalty. Investing in AI-powered automation is another smart strategy that can streamline access to vital customer data, freeing up resources to provide human intervention when required.
Here’s where BPO outsourcing companies can really impact your business model and its ability to remain relevant in a rapidly changing environment. There is a widening gap between fast-evolving customer expectations and the inertia within organizations and their ability to meet them efficiently, effectively, and ethically. Businesses that are on the move and embracing CX while recognizing the future-ready importance of AI and technology, are setting themselves up for swift decision-making and bringing people together in teams that are relentlessly focused on delivering solutions that customers value. Transitioning your organization to a principled CX model introduces elements that align exceptionally well with BPO outsourcing companies and the many benefits they can bring to the table.
As an industry leader with twenty years of experience, as well as bilingual expertise (English and Spanish), Anexa is one such resource. We offer one-stop solutions for a range of business needs – from customer-centric activities including sales, help desk and tech support, to data entry and debt collection. We can seamlessly assume the management of these departments, leaving you to the business of growing your brand and your CX platform.
Let’s talk about how we can take your business forward.