An organization’s ability to know its consumers is no longer a pie-in-the-sky concept. Today, this is an achievable objective and one for which every enterprise CX manager should aim. However, the sad reality is that many face resource limitations that restrict their capacity to make the investments to obtain the needed tools and expertise to achieve this end.
This is a shame. Moving into 2022, customers are more likely than ever to buy from vendors that they perceive to understand them well. For BPOs, this spells an opportunity to market the value of deep-dive analytical capabilities alongside their front-line experience. They need look no further than Spotify, one of the world’s most successful media streaming brands and a champion for knowing their end-users.
Everyone has their most anticipated events of the year. For some, it may be the yuletide season. Others may look forward to major sporting events such as Superbowl Sunday or even annual professional wrestling extravaganzas. Recently, music aficionados that use Spotify have begun holding early December in reverence as they prepare to unlock their personal musical soundtrack of the previous 11 months, otherwise known as Spotify Wrapped. This is presented to Spotify users in an easy-to-digest playlist that is bound to bring back great memories of the last year.
Why is this important for Spotify as a media streaming vendor? For one, this investment in analytics gives it a niche. It creates buzz around its service each year and helps cement the loyalty of its members, many of whom can’t wait to find out what songs they listened to the most. It also illustrates to subscribers that Spotify truly understands who they are personally and what media they consume, again creating stickiness in the relationship. And, they do this in a way that is fun and exciting! No wonder the company’s growing subscriber base is nearly 200 million, and it anticipates finishing 2021 with almost double that number in active users.
Spotify serves as a great example for enterprises inside and outside the media spectrum when it comes to how best to leverage the power of analytics. Yet, many enterprises are concerned about their own lack of personalization capabilities. This was clearly noted in the 2021 Front Office Omnibus Survey by Ryan Strategic Advisory, in which only 52% of the 628 captive contact center managers sampled indicated their operations include personalization functionality. And, for many that do not have these tools in place making the needed investments may be tough, especially with 3-in-5 enterprise survey respondents predicting flat or shrinking CX budgets going into 2022. But knowing the end-customer to the most granular degree is now a major differentiator. So, onboarding these platforms and the needed talent to manage them is a must.
There is no time to lose in this regard. Moving into the post-pandemic period, consumers are more willing than ever to spend. This is a prime opportunity to learn as much as possible about them via CX interaction activity. And, it represents a clear opportunity for the BPO community.
Still, this does not mean that just spending on the tools and talent associated with end-user personalization data collection/analysis is enough for outsourcers. Rather, for many enterprise CX departments, the concept of analytics is still nebulous and likely to be seen as expensive. Hence, the outsourcing operator needs to demonstrate that the personalization capabilities that they provide can quickly deliver actionable findings that are affordable and that can cement the end-user relationship. This is not witchcraft or magic. There’s no abracadabra here. But, it should be front of mind for outsourcers if they want to be seen as playing a song that resonates with prospective clients.