Is Your Business Ready to Scale in 2017?

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Bryce Maddock

CEO and Founder
January 25, 2017

There are 154 companies today worth more than a billion dollars that did not exist just ten years ago. These companies scaled operations faster than any companies in history. Each has built international teams, opened global offices and developed complex customer support functions frequently within a matter of months. TaskUs has had the privilege of working alongside many of these rapidly scaling companies to support their growth.

#1 The Insight to Scale –

Would you have attempted to give a book report during your school days without having first read the book? Probably not.

Regrettably, some businesses attempt to share their organizational “book report” without data to support decisions. Rather, they use “gut instincts” that are as predictable as flipping a coin.

Having access to business intelligence and data analytics helps an organization to have the insight necessary to make high-quality decisions and reduce uncertainty.

When internal workers are required to wade through troves of research and information to uncover impactful and relevant data, they are pulled away from their focus on the organization’s core competencies simultaneously. A provider of outsourcing services can accomplish the critical investigative work for an organization and free up internal resources as it does so. In turn, the resulting business intelligence and data analytics encourage superior decisions that help to drive value.

Business intelligence (BI) is a science and art for collecting data from multiple sources and aggregating it for analysis. Relevant, actionable items and suggestions are created from this data that can strengthen a company’s offerings and elevate its ability to provide its customers with high-quality care.

Transaction monitoring (TM) is one example of business intelligence. TM is the process of evaluating a sampling of support interactions between a service provider and an end-user to understand better the impact of the intersection where CX meets a company’s strategic goals.

Healthier CSAT (customer satisfaction) scores are the natural consequence of this sort of proactive monitoring – a win for any business!

#2  The Tools to Scale –

The pace at which technology and services have disrupted business sectors over the past several years is impressive. How did these startups – that did not exist a decade ago – become so dominant? What did they leverage to become sector leaders or lead entirely new ones?

One winning tactic is one that might sound familiar: do not attempt to master all things. Focus on core competencies.

Outsourcing is one strategy that can help. It is a strategic practice and process set that strengthens a core competencies’ mindset, provides the means to scale quickly, increases efficiencies and competitiveness and reduces costs by using third-party suppliers to complete work previously performed in-house.

From back office support such as content moderation, fraud detection, and enterprise data management to support channels that drive high-quality customer experiences, outsourcing provides external resources that empower internal teams to stay laser focused on what they do better than anyone else.

#3 The Support to Scale –

One way an organization can powerfully scale in 2017 is via customer support offerings. When customer care offerings align with the channels users prefer to use, customer satisfaction (CSAT) metrics can improve.

Most established organizations already provide voice and email customer support. In 2015, Ovum reported that 94% of companies provide email support – a 2% increase from two years prior. Further 92% offered voice support – a two-year lift of 6%.

Voice and email are not “nice to have” support channels, but rather foundational offerings in 2017. If these primary channels are not means to separate from the competition, how can a business differentiate itself while providing excellent customer care?

Simple: multichannel support! This support strategy pairs two or more individual support channels to connect powerfully with customers.

For example, if business intelligence and reporting reveal that Millennials represent a large percentage of support users, it may be time to consider social media support.

Why?

First, it fosters a compelling point of competitive differentiation. From 2013 to 2015 social support grew 12%. 67% of businesses provide it now – 27% less than email support. This is an opportunity for your organization to connect with the largest generational cohort before the competition.

Second, consumers love social media! In August 2015, comScore reported that roughly 90% of the online population uses such platforms. From 2014 to 2015, those between 18 and 24-years-old increased their social use by 42%. This group spends roughly 1,600 minutes – or about 27 hours per month – on social platforms. For Millennials between the ages of 25 and 34-years-old, their social growth is even greater – 51% over the same period. As of 2015, they spend roughly 1,750 minutes on social each month – or just over 29 hours per month!

Conclusion –

When an organization commits to core competencies and outsources the rest, it makes the strategic choice to provide its workers with invaluable resources that can help them to be laser-focused on growth. If your company is considering outsourcing some of its back office support processes, strengthening its decision-making abilities with high-impact business intelligence, or providing support channels that can advance its customer care initiatives, TaskUs can help.

To learn more, contact a TaskUs representative today.

References:

  1. http://graphics.wsj.com/billion-dollar-club/
  2. Where Contact Centers Are Missing the Mark With Customer Care: Adapting Live Chat and Remote Support for the Connected, Multi-Channel Customer. London: Ovum, 2015. PDF.
  3. Buhl, Michael. “Millennials Boast Huge Social Networking Growth and Engagement on Smartphones, But Older Users Surprisingly Outpace Them on Tablets.” ComScore, Inc. ComScore, Inc., 12 Apr. 2015. Web. 09 Jan. 2017.