Mid-market companies face the same pressure to meet customer needs as their multi-national enterprise counterparts. In fact, one could argue that the pressure is even greater on mid-market companies given the fierce competition that they face. Commonly defined as companies with revenue between $100 million and $1 billion, many of these companies differentiate on service or a niche they fulfill. They often aren’t the lowest cost or fastest providers, which means customer loyalty is paramount for these organizations. While many have worked tirelessly to establish themselves in the market, they’re finding the competitive pressure more and more difficult to overcome. So how can these mid-market companies continue to differentiate themselves enough to earn loyalty and new customers? By gaining a deeper understanding of their customers through the conversational data that’s being stored on servers every day.
Big data and associated analytics can seem daunting for companies of any size. Even the largest companies struggle mightily with complex data integrations. Adding NLP, natural language processing, to the mix (all the conversations happening across disparate communications platforms) makes it even more difficult. Here’s the good news: a new generation of “born in the cloud” technology, like Topbox, makes it not only feasible but practical for companies big and small to leverage all untapped conversational data in call recordings, chats, emails, survey responses, product reviews, social media and more… Imagine being able to join and classify all conversational data consistently and accurately for deep analysis. In some cases like Topbox’s, these SaaS solutions can be PCI and SOC type 2 certified, and even HPPA compliant taking security concerns off the table.
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Once all the data has been aggregated, normalized and classified in a secure environment, now what? Mid-market companies don’t typically have an army of data scientists or analysts standing by to comb through millions of customer interactions. Again, there’s good news. Clunky, bolted-together interfaces that have precluded the common person from interacting with insight-rich data sets have been replaced with elegant user-friendly designs which enable users of every skill level to leverage insights. From the CMO to contact center supervisors, it’s not uncommon to see a multitude of mid-market clients using Topbox. Getting the insights into the hands of business units that can actually affect positive change is a sure-fire way to continuously enhance the customer experience, earn the loyalty of customers, and create awareness in the market. A CX strategy that focuses on identifying and fixing customer friction points will win at any scale.
Cost is the next hurdle to jump. Even with clear ROI, getting op-ex or cap-ex approved for software can be difficult. Multi-year licensing can demand upfront cap-ex in the millions and leave companies stuck with a version of the software for the term of the contract. Here’s where SaaS really gets interesting for mid-market companies. Subscription pricing based on consumption (in this case the number of interactions processed) makes solutions like Topbox affordable for the mid-market. Companies can choose which channels to include and how many interactions to process on a monthly basis in order to control their costs and ensure they get the customer experience insights they need to make improvements. Further, with a SaaS model, these companies will access all the latest software enhancements that providers are releasing.
There you have it, mid-market companies. The hottest CX tech – deployable, scalable, usable and affordable – is available for you to build upon your competitive advantages that you’ve worked so hard to create!