Today’s digital customers are more self-sufficient than even a few years ago, creating a gap in their interactions with a company’s call center. Many of their requests can be managed online, which reduces the opportunities for call center agents to engage and further solidify the relationship. All is not lost however—far from it. The data that is being captured from these digital experiences is proving to be quite beneficial for short- and long-term benefits. And the contact center is a goldmine of information that can benefit a business in many ways.
Data monetization as a new revenue stream.
With the ability to track most customer interactions and transactions across various devices and channels, companies are looking at and leveraging their data in new and innovative ways.
Businesses can now tap into the potential of enterprise data, and monetize it to create new opportunities and revenue streams. Gartner claims that, by the year 2020, 10% of organizations will have a highly profitable business unit specifically for monetizing information.
Data monetization is the process in which organizations take the data that they generate — the interactions they have with their customers, business partners and the entire ecosystem — and then package it and sell it to third parties, or use it to make internal process improvements to financially benefit the company.
The conditions for data monetization are lush: Massive amounts of structured and unstructured data; reduced storage costs; data-driven marketing campaigns that create relevant customer experiences; and better business intelligence and processes through the application of data analytics. And the possibilities are growing as technology advances and data becomes pivotal to brand longevity.
What kind of data has value?
To develop a strategy and realize the full potential of data monetization, you need to assess your enterprise data. Ask 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?
The shapes of contact center data monetization
Realizing revenue from contact center data can stem from some unexpected strategies. For example, a business may benefit more from internal actualization of the data as opposed to selling data to third parties.
As a company begins to look at the data it has available, ideas for monetization will evolve. But don’t be surprised if the resulting strategies aren’t quite what you expected.
- Improve internal processes: By an indirect route, utilizing company data to improve internal operations can be a way to get started in the data monetization business. By capitalizing on what they know from aggregate data, companies can unlock new processes and efficiencies to their own operational and financial advantage.
- Leverage it for marketing: Information is power, and one group that leverages it daily is the marketing organization. The customer insights gleaned through the contact center are invaluable in relevant customer engagements and marketing campaigns. 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 the contact center and marketing groups collaborate, the information captured can be even more appropriate and targeted.
- Partner with synergistic brands: Data is a hot commodity for any business today. If you have what someone else wants, then partnering to exchange or sell it will benefit all involved. This will be especially true in synergistic industries where customer data will be applicable to related companies that will value the information you have. When engaged in partnership marketing, brands can improve awareness, generate sales and generate added value — all initiatives that can transition contact centers into profit centers.
The trend towards contact center data monetization may be driven by business objectives to not only utilize the contact center as a vital engagement channel for marketing and sales, but also to create methods to offset contact center operations costs.
Contact centers for both sales and service operations can be profitably leveraged, and companies are exploring innovations to create revenue streams while also improving the overall customer experience with the brand.
Whatever the size of the business, there are new opportunities evolving every day to capitalize on data assets, and the contact center is a goldmine which will undoubtedly prove to be even more productive as new ideas and technologies emerge.