Monetizing the Value of Customer Experience
In today's fast-paced world, time is money, and this rings especially true in the contact center industry. Customers don't want to be left on hold indefinitely or have frustrating interactions with agents. However, what happens after being on hold is what truly separates the good from the bad in the contact center world. Brands that provide a positive customer experience (CX) leading to high customer satisfaction can create a ripple effect of benefits, from increased customer loyalty to revenue growth.
In this blog post, we'll explore the importance of CX in the contact center industry and how it can help monetize the value of customer experience. We’ll delve into cutting-edge solutions like Atos Unify’s public cloud offerings and gain invaluable insights from industry expert Nerys Corfield, an accomplished contact center consultant with significant experience working with a broad range of organizations from start-ups to Fortune 500s across multiple industries. Join us on this insightful journey as we uncover the true value of CX and its profound impact within the contact center industry.
98% of companies with excellent or good customer engagement surpassed their revenue goals, compared to only 65% for companies with poor customer engagement
According to Grand View Research, the global contact center software market is expected to grow at a CAGR of 23.9% from 2023 to 2030, with a focus on CX and the adoption of AI and analytics tools as primary drivers.
Braze's '2022 Customer Engagement Review' states that 98% of companies with excellent or good customer engagement surpassed their revenue goals, compared to only 65% for companies with poor customer engagement. This raises the question: Are brands still fixated on financial performance, or are they prioritizing CX as a fundamental driver of growth and revenue?
Smart brands understand that happy customers are their most significant advocates, and as such work to eliminate any barriers that hinder a positive customer experience. They also recognize the importance of breaking down barriers between internal departments and touchpoints along the customer journey while embracing innovative contact center technology to consistently deliver exceptional CX. As customer retention and loyalty increase, the positive impact on the organization's financials becomes evident.
The importance of delivering excellent customer experience cannot be overstated. According to Forrester's Martin Gill, many European CX teams struggle to close the loop between insight into customer pain points and action to solve these pain points. On the other hand, customer-obsessed B2C firms see 1.8x the revenue growth and twice the market share growth of their non-customer-obsessed competitors.
Fortunately, measuring customer experience has become more accessible with established metrics such as Customer Satisfaction Scores (CSAT), Net Promoter Scores (NPS), and Customer Effort Scores (CES). Other customized metrics such as average spend per customer or retention rates are also gaining popularity to help brands understand how they are performing in terms of customer experience.
Customer-obsessed B2C firms see 1.8x the revenue growth and twice the market share growth of their non-customer-obsessed competitors.
To achieve differentiation through personalization, brands need to ensure their CX strategy is seamless, frictionless, and engaging. They should establish a direct link between the non-financial benefits of their CX strategy, such as value realization, and the resulting financial benefits, such as ROI. In the face of budgetary pressures, businesses that can demonstrate a clear cause-and-effect relationship between what the CX team does and their impact on growth and cost savings will greatly benefit from the monetization of value.
Unlocking the Strategic Potential of Contact Centers: Moving Beyond the Cost-Centre Mentality
At Atos Unify, we are committed to providing tailored Customer Success Management (CSM) services to ensure our clients have the necessary solutions and tools to achieve their goals. We firmly believe in cultivating robust client relationships, offering guidance and support at every step, and fostering collaboration with our internal teams to deliver exceptional outcomes. Our utmost priority is to drive unparalleled customer success by prioritizing our clients' unique needs and aspirations throughout their journey with us.
As part of our ongoing CSM blog series, we delve into the topic of how brands can enhance their CX game and monetize their contact center operations, leveraging innovative solutions such as Atos Unify’s public cloud solutions, including CXone from NICE. In our conversation with industry expert Nerys Corfield, we gained valuable insights into how to design and implement effective CX strategies that drive success. Here are her top three insights to help elevate your CX game and maximize the value of your contact center operations.
1 . Optimizing Channel Shift in Contact Centers for Improved Customer Experience
With the growing trend towards channel shift in contact centers, brands are exploring ways to improve customer experience while also cutting costs. It’s important to recognize that not all brands can rely solely on self-serve or digital channels. Thus, while channel shift may work for some, it's not a one-size-fits-all approach.
To achieve the best results, it's crucial to identify your customer base's drivers, intents, and personas and determine the percentage of interactions on a specific channel. By understanding your core audience, you can decide whether voice-based or self-serve-driven interactions are best suited for your contact center. For example, a hospital with an elderly demographic may need to prioritize voice-based interactions, while a clothing brand catering to a digitally savvy audience may focus on self-serve options.
While AI-powered self-serve interactions and chatbots are projected to handle around 60% of all interactions within the space of 2 years, live agents are still vital for voice interaction or live chat channels. As AI models continue to advance, they can deliver more personalized interactions. However, it's important to remember that technology should be customer experience-driven, not the other way around. By prioritizing CX, brands can provide personalized experiences and drive value realization through the voice of the customer.
AI-powered self-serve interactions and chatbots are projected to handle ~60% of all interactions within the space of 2 years
2. Maximizing Contact Center Value: Adopting a Joined-Up Approach Across Departments
To effectively manage contact centers in today's complex customer landscape, brands must adopt a cohesive and integrated approach. As customer expectations continue to grow in complexity, it's critical for brands to embrace a joined-up approach in managing contact centers. This requires coordination between various departments, particularly the Chief Operating Officer (COO), Chief Marketing Officer (CMO), and Chief Technology Officer (CTO), who must understand the commercial underbelly and the vital role that customer experience plays in value realization.
For example, imagine the marketing department launches a new call-to-action campaign. It's crucial the contact center is fully aligned so they can best serve the demands of the customers. By seamlessly integrating the contact center into the overall business strategy, brands can provide customers with a consistent experience across all channels. In addition, contact center representatives can offer valuable insights and feedback to help shape marketing initiatives before and during the event. With access to a wealth of customer data, they can provide real-time feedback on customer preferences and behaviors. Brands can then leverage this information to deliver more targeted and effective promotions, further enhancing the customer experience, and driving unparalleled campaign success.
Ultimately, brands must recognize the value of the contact center and empower it to drive business growth through improved customer experiences. By adopting a joined-up approach to contact center management, every department can align with the overall business strategy and work towards delivering a unified customer experience.
3. Leveraging Technology to Deliver an Exceptional Customer Experience
To gain a competitive edge in today's competitive contact center market, brands should leverage the latest technology solutions like that offered by NICE CXone CCaaS platform. To fully harness the platform's benefits, establishing a solid data foundation is crucial. According to Nerys, this begins with implementing a robust data management system as CXone relies heavily on data inputs. But data is just the start. Brands must define a clear vision and end goals supported by effective management practices to provide a truly connected, integrated, best-in-class customer experience.
Instead of diving straight into advanced CXone tools and functionalities, it's essential to get the basics right. Brands should not overlook fundamental elements like workflows and Interactive Voice Response (IVR) since they significantly impact the customer experience. Nerys advises brands to adopt the Opti-channel model, which involves using data to tailor the customer experience to specific audiences. By addressing these foundational elements first, brands can assess which complementary supporting tools will best serve them in achieving their goals. This involves setting quantifiable targets for metrics like Net Promoter Score (NPS), Customer Satisfaction (CSAT), quality score, and first contact resolution.
To fully leverage CXone, brands must understand how the platform can bolster operations, set clear metrics, and regularly review progress. Leveraging the appropriate tools to drive improvements in each area can help brands deliver a consistent, seamless, and exceptional customer experience that sets them apart from their competitors. Establishing a strong data foundation and effective management practices are the keys to achieving success with CXone.
Unlocking the Potential of Customer Experience in Contact Center Operations: From Connecting to Converting
Unlocking the full potential of your contact center operations and providing exceptional customer experiences is a complex and multi-faceted journey. If you're seeking a solution that can help you achieve your CX goals and drive revenue, it's crucial to take a step back and evaluate your current CX initiatives. Identifying areas for improvement is key, as is embracing cutting-edge contact center technologies that can take your customer interactions to the next level. Furthermore. By doing so, you can create a cohesive and collaborative environment that empowers your team to work towards shared objectives.
At Atos Unify, we believe that delivering seamless, effortless, and engaging experiences for our customers is the cornerstone of success. Rather than just pitching a product, we invite you to connect with us to explore how our solutions can help you on your journey. Our Customer Success Management team is dedicated to supporting you at every step of the way towards achieving exceptional customer experiences and monetizing the value they bring to your business.
It's essential to establish a clear correlation between your CX strategies, financial objectives, and intra-departmental goals
 Contact Center As A Service Market Size Report, 2030 by Grand View Research
 2022 Global Customer Engagement Review by Braze
 Customer Obsession Pays Dividends by Martin Gill, Forrester (2023)
 The projected forecast of 2 years is based on the predication if the adoption of generative AI continues along the same trajectory as it has started
 CXone has been recognized by Gartner, as a Leader in the 2022 Gartner Magic Quadrant for Contact Centre as a Service.
 The Opti model is an optimization model that can be applied in contact centres to optimize various aspects of their operations such as staffing levels, agent scheduling, and resource allocation. By considering different factors such as historical data, forecasting techniques, agent availability, customer demand patterns, and other key performance indicators, the Opti model can generate an optimal solution that improves efficiency, reduces costs, and enhances the overall customer experience. Its application can help contact centres to make better decisions and improve their operations.