Customer data is critical to the success of a contact center operation. It’s how you improve the customer experience, avoid dissatisfaction, and exceed expectations. The key is applying data and analytics in such a way that it has a high impact on your business. But the value of your data doesn’t have to stop there.
The data in your contact center can now act as a revenue stream for your business. It's a goldmine of information that can benefit your business beyond making improvements. It’s an asset that doesn’t get used up. In fact, as you use customer data, it often generates even more revenue. That’s why, if you haven’t yet, you should consider data monetization as a high-margin revenue stream.
Data Monetization as a New Revenue Stream
With the ability to track most customer interactions and transactions across various devices and channels, there’s an endless supply of customer data in the call center.
- CSAT offers insight into customer satisfaction rates.
- Text analytics provides insight into the most frequently asked questions, trending topics, and training areas.
- And self-scorecards offer insight into how customer expectations match agent engagement.
And that’s just a brief glimpse into your contact center data opportunities.
By leveraging all of this data in new and innovative ways, you can create new revenue-generating streams. Businesses can tap into the potential of enterprise data and monetize it to create new opportunities worth millions. In fact, according to Allied Market Research, by the year 2023, the global data marketization market will reach a value of $370,969 million.
So how does data monetization work?
What is Data Monetization and How Does it Work?
Data monetization is a set of actions you can take to monetize or benefit financially from the data you collect from your call center operations. This can mean either using it to make internal process improvements that financially benefit the company OR selling data to other companies. Your organization would take some (or all) of the data that you generate—interactions with your customers, business partners, and the like—and package it and sell it to a third party.
- Massive amounts of structured and unstructured data
- Reduced storage costs
- Data-driven marketing campaigns that create relevant customer experiences
Better business intelligence through the application of analytics have all opened up new economic benefits. And the possibilities are continually growing as technology advances and data becomes pivotal to brand longevity.
What Kind of Data Has Value?
All data has value; it’s mostly a matter of knowing what to do with it (and how to analyze it). To develop a strategy and realize the full potential of data monetization, you need to assess your enterprise call center data. Here are some questions to get started:
- Does your data provide insights into consumer behavior?
- Does your data allow companies to identify consumers enabling them to improve and expand their range of personalized and relevant customer services?
- Do you have a high volume of data on high-frequency transactions?
- Is your data unique to your enterprise?
- Can you transform accessible data into a usable and scalable format?
Other factors that impact the value of your data and your ability to monetize it include anything that drives market growth. The key is to put context behind your data that is tailored to certain stakeholders and outcomes. In this way, you can market your data as critical intel into pain points and frustrations that can be improved upon.
Think about it this way, to monetize your data, it needs to help you (or a third party):
- Increase customer loyalty
- Reduce operating costs
- Improve compliance
- Boost profitability
- Strengthen partnership
- And enhance the customer experience and understanding.
Now let’s talk about how to use this data to actually generate revenue.
3 Ways to Leverage Data Monetization in Your Contact Center
Realizing revenue from contact center data more often comes from internal actualization of the data as opposed to selling data to third parties. Likely, the data you collect is specific to your company and your customers and so has more value to you than someone else.
As your company digs into all your available data, ideas for monetization will evolve. The resulting strategies may include:
- Improving internal operations
- Informing your marketing strategies
- Partner with synergistic brands
Improve Internal Operations
Utilizing company data to improve internal operations is the easiest way to get started with data monetization. By capitalizing on what you know from aggregate data, you can unlock new processes and efficiencies to their own operational and financial advantage.
The key is to look for actionable insights that you can use to make decisions. This can mean looking into unmet needs, causes of satisfaction/dissatisfaction, brand perception, customer preferences, recurring issues, self-service opportunities, customer sentiment, training and knowledge gaps, and trends.
From self-scoring to text analytics, speech analytics, customer surveys, learning and development, omnichannel support, and cloud-based software, there are many ways to gather data and improve how your contact center performs. The key is to implement the right quality monitoring tools to meet your needs and match the latest trends.
Inform Your Marketing Strategies
Information is power, and one group that leverages it daily is your marketing team. The customer insights gleaned through the contact center are invaluable for customer engagements and marketing campaigns. You’ll have insight into the behavior of all your customers, including why they do what they do.
So, while this may not be direct monetization, it does generate incremental revenue for the business, which wouldn’t have been available without the captured data. When your contact center collaborates with your marketing team, the information captured can help your business increase satisfaction, create more brand advocates, improve brand loyalty, and increase repeat purchases.
Partner with Synergistic Brands
Data is an important piece of any business strategy. If you have what someone else wants, then partnering to exchange data will benefit the strategic parties involved. This will be especially true in synergistic industries where customer data is applicable to related companies that value the information you have.
Brands can improve awareness, generate sales, and produce added value when they engage in partnership marketing. These are all initiatives that can create profits within contact centers.
Reap the Benefits of Contact Center Data Monetization
The trend toward contact center data monetization is driven by business objectives. Not only can you utilize data as a vital tool for marketing and sales, but it can also help you improve contact center operations and reduce costs. But requires the implementation of a strategic data analytics plan.
You don’t have to overhaul everything to monetize your contact center data. Instead, start with what you have and delve deeper into the insights you can gain and use. There is no one-size-fits-all solution. As long as you use your data to improve agent, team, and supervisor performance, enhance customer satisfaction, increase engagement, and aid in coaching, you’re on your way.
Whatever the size of your business, there are new opportunities evolving every day to capitalize on your data assets. The contact center is a goldmine, which will undoubtedly prove to be even more productive as new ideas and technologies emerge.