How to Adjust CX Strategy During a Recession

team building a customer experience strategy

Recession-Proof Your Customer Experience Strategy

Business economists around the world predict that a global recession will take place within the next year. However, there are some differing opinions as to the timing and severity of the potential recession.

This economic uncertainty has caused consumers and businesses alike to ask themselves how to prepare if things take a turn for the worse. No matter what happens next, business owners must have a plan. And this plan must place the customer experience at the forefront.

At Radius Global Solutions, our expertise lies in delivering customer experience strategies that can withstand the pressures of economic downturns. Read on to discover how your business can build a recession-proof CX strategy.

 

Make CX Strategy Your Priority

In the face of a recession, businesses often look for where they can cut costs. But just because consumers are holding on to their valuable dollars, that doesn’t mean your company should pause your CX strategy.

Seeking ways to enhance your customer service team will be a considerable advantage for your business. When your competitors reduce their investment in customer experience strategy, your brand will be the obvious choice to replace them.

Follow our tips to help build your business continuity plan in the event of a recession:

 

Focus on Your CX Team’s Efficiency

Depending on your industry, you may receive an influx of customer requests during a recession. For example, telecom or cable providers are likely to hear from both existing and new customers looking to reduce their monthly expenses or cancel their service.

Outsourcing your CX team is an excellent way to reduce costs while increasing efficiency and quality. Choosing a nearshore or offshore outsourcing partner will give you an entire team of customer service experts at a fraction of the cost of an in-house team.

Not to mention that working with an outsourced call center allows you to serve more customers by delivering bilingual customer service. Speaking to customers in their native language is an excellent way to relate to them and build rapport. Doing so can also calm them down when they’re feeling overwhelmed.

 

Leverage the Latest Customer Experience Technologies

Having the right customer experience technologies will be paramount for your brand’s success due to the flexibility and cost savings they offer. By outsourcing your customer experience team, you can avoid the cost of hiring and training new employees, as well as the expense of maintaining a physical contact center.

Businesses without an outsourced contact center spend over $1 trillion on customer support calls every year. A significant portion of these calls are relatively simple requests that a conversational AI assistant can help with. This frees up your employees’ time while also delivering quicker responses.

It’s estimated that for every second that chatbots can reduce from average call center handling times, businesses can save up to $1 million in annual customer service costs. Check out our video below to learn about our Radius Interactive Virtual Assistant (RIVA) and how it can offer fast, accurate responses to your customers:

 

 

Give Your Customers the Flexibility They Crave

Speaking of CX technologies, you can leverage self-service technologies to make your customers’ lives easier:

  • Conversational AI chatbots
  • Self-service portals
  • Mobile apps
  • Automated call centers

Not only do self-service technologies deliver scalable service, but they are also cost-effective for your business. Self-service options appeal to customers because they can get 24/7 support for billing inquiries, common questions, and account updates. This flexibility is essential, particularly when consumers are overwhelmed during a recession.

However, it’s important to not overdo it when it comes to automation. When your customers are stressed, they may prefer to speak to a live agent. While automation offers lightning-fast responses to simple requests, it cannot offer the empathy and in-depth responses that agents can. This is why we recommend striking a balance between automation and human interaction that works for your customers.

 

Prepare for a Recession with a Dedicated CX Team

When preparing for a recession, it’s ideal to have as much support as possible. Outsourcing is a proven strategy for reducing costs, providing flexibility, improving customer service, and allowing businesses to focus on their core operations while weathering economic downturns.

At Radius Global Solutions, we have over 4,000 employees across 18 locations prepared to overcome your top business challenges. Contact us today to gain a flexible and experienced customer experience team dedicated to your success.

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