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Make the most of your conversational bot investment with our easy-to-follow guide featuring best practices that can be applied to your digital transformation journey.

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Six steps for conversational bot success: A helpful primer for chatbot implementation

See why cloud technology, data protection, AI, interactive voice search and navigation and omnichannel experience are the top digital CX trends in 2023.

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The top digital customer experience trends in 2023

Squeeze every drop of value out of your cloud deployment with tips on overcoming common challenges and optimization.

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How to maximize the full value of the cloud

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TELUS International, in partnership with Statista, surveyed 250 enterprise leaders to explore where they plan to invest in digital customer experience (CX) technology in 2023. Uncover the results.

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Survey results: Digital customer experience priorities for leaders in 2023

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Uncover the advantages of partnering with a trusted advisor to create and deliver your cloud vision in this IDC Info Snapshot.

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Partnering with a managed service provider can help companies achieve agility, scale, and business value with cloud

Upgrading a computing environment with TELUS International's Mainframe Cloud Services

Explore how TELUS International's Managed Cloud Services provided the client with greater flexilibity to support new lines of business as well as cost savings.

Explore how TELUS International's Managed Cloud Services provide flexibility, cost efficiency and enhanced security and control.

Upgrading a computing environment with TELUS International’s Mainframe Cloud Services

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Outsourcing Locations E-book Feature

Discover some of the top outsourcing destinations for consideration and the factors to keep in mind as you make your decision.

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Selecting the best outsourcing destination for your business

The words "product-market fit" have adorned tech industry pitch decks for some time. It's a simple concept, really, and something all successful businesses need to prove. To achieve product-market fit, the product(s) you offer as a business must align with the needs of the market. Without such a fit, you might have an idea, but perhaps not a business.

In fact, even if you have product-market fit, and therefore a business, you still might not have a long runway without profitability. This is particularly the case when challenging economic environments make venture capital funding more difficult to come by. That is precisely why scale-ups need to think beyond product-market fit, and strive to achieve profit-market fit.

Harvard Business School senior lecturer Jeffrey Rayport recently described profit-market fit on the HBR IdeaCast podcast. According to Rayport, profit-market fit is achieved when a venture not only shows that it can quickly ramp up revenue and its customer base, but also finds its sweet spot where every new customer brings in additional revenue and incurs only marginal cost. It's at this point, explains Rayport, that a venture "moves towards sustainability."

This major milestone isn't likely to be reached by accident, though. Rather, you need to be deliberate, and deploy strategies to overcome common challenges in the scaling journey.

Many companies, especially those in tech, can be successful in achieving product-market fit, says Rayport during the podcast interview, "But the wheels come off the bus in some way during the scaling phase."

Imagine you head up a start-up that seems destined for unicorn status. You have an app and it's topping the charts. You have customers and your number of active users is going through the roof. To date, your impressive numbers have earned you no shortage of admirers, and by extension, funding. But to get to where you are, you've needed to spend: Your servers, your offices, the growth of your team and a myriad of other costs outstrip the money that your product brings in. As a result, you can't sustain — let alone grow — your business without additional outside funding. Now, facing rising interest rates and economic pressures, that funding looks like it is going to dry up. Put simply, you haven't found profit-market fit — the relationship between the money and the product that enables businesses to steer themselves toward sustainability.

A strong profit-market fit helps you remove internal constraints on your company's growth, and makes you far less dependent on outside funding.

Challenges in establishing profit-market fit

There are, of course, challenges associated with scaling and reaching the point of profit-market fit.

Once there's a good product-market fit, a scaling company must keep up its generated demand and make strides toward product profitability. This brings us back to matters of efficiency — a word that's popping up all across the tech industry and one that's top of mind for start-ups, scale-ups and mainstays alike.  In fact, Meta CEO Mark Zuckerberg even went as far to say, "Our management theme for 2023 is the 'Year of Efficiency,' and we're focused on becoming a stronger and more nimble organization." For tech brands of all sizes, the pursuit of efficiency means keeping costs under control and doubling-down on activities that are generating revenue — but that's not where the work ends.

Other challenges include providing a consistent digital customer experience (CX) as your company grows, and maintaining a coherent organizational culture where people are on the same mission and where their efforts align.

Brian Hannon, global head of customer experience innovation - technology at TELUS International, points to the value of experience when facing challenges in the scaling journey. "Achieving profit-market fit is difficult. It's even harder when you're learning every lesson the hard way," explains Hannon. "You can build up a lot of momentum as a hit tech company, but it's easy to run into real challenges if you don't have a firm grasp on how to scale in a sustainable way."

Outsourcing digital CX to reach profit-market fit

One way to scale with efficiency in mind is to outsource aspects of your digital customer experience.

Keeping your CX in-house means dealing with sudden peaks and dips in demand that quickly become costly on the hiring front, to say nothing of the complexities that come serving new markets and establishing operations in new geographies. What's more, outsourcing can save scale-ups from having to bear the full cost and risk associated with big and potentially transformational technological investments.

You can't overlook the value in an outsourcing partner's experience either, explains Hannon. "They'll have worked with countless companies before, and will be able to provide direction from lessons learned. An outside perspective on where you can introduce greater efficiency can be a real asset as you grow."

Today, conversations about efficiency have a way of leading to automation like robotic process automation (RPA). This form of automation provides around-the-clock capabilities, produces replicable results at scale and handles repetitive tasks so your team members don't have to. These capabilities enable automated service channels — such as chatbots and intelligent FAQs — that play an important role in a modern digital customer experience operation. With the expertise of a proficient outsourcing partner, introducing automation becomes less resource-intensive.

"It can feel safe to stick with what you know. But to make the progression from product-market fit to profit-market fit, brands need to keep an open mind to new technologies, and new ways of bringing efficiency."

Outsourcing with TELUS International for next-generation, digitally led customer experiences means benefiting from 18 years of history and global reach that has served more than 650 global clients in 30 countries of operation. Reach out today to learn more about how we can help your scaling company achieve profit-market fit.

You've heard of product-market fit, but what about profit-market fit? Learn the difference and how scaling tech brands can achieve it.

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Why achieving profit-market fit is essential for scaling brands

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Help your agents reach their full potential with automation

Even consumer robotics companies can benefit from a little help deploying customer experience (CX) automation. Learn more about TELUS International’s solution to improve a client’s agent efficiency and engagement.

Learn about how we helped a consumer robotics company improve their digital customer experience with agent-facing automation.

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Deploying automation to assist agents at a consumer robotics company

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Uncover how TELUS International’s business process consultants helped a leading financial services brand optimize its operations, enhance its customer experience (CX) and begin its digital transformation journey.

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Streamlining operations and kickstarting the digital transformation journey of a leading financial services brand

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The future of content moderation: Strategies and tools for 2023 and beyond

Organizations have a responsibility to create and maintain digital experiences that are truthful, welcoming and safe. Learn how brands can keep pace with the growing levels of user-generated content (UGC) to build trust with their customers and protect their reputation.

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Prioritizing accessibility isn't only the right thing to do; it's also the smart thing to do. See why investing in accessible CX makes business sense.

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Why accessible CX should be a priority for brands in 2023

Player support outsourcing isn't just for Triple-A studios. Learn about the benefits of outsourcing for growing games companies.

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What growing games companies can gain from outsourcing

Germany's diverse and talented workforce make the European nation an ideal CX outsourcing destination. Read up on all the benefits.

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Don't overlook Germany as a CX outsourcing destination

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Resource CaseStudy GoogleCloud M4CE

Discover how TELUS International’s Managed Cloud Services helped a client with the migration of virtual machines from their on-premises data center to Google Cloud.

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Leveraging Google Cloud’s Migrate for Compute Engine (M4CE) to unlock new levels of cloud transformation

Contemplating a cloud migration? Moving digital assets to the cloud demands a smart strategy. Discover best practices to get your business cloud ready.

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How to tackle six common cloud migration challenges

Despite what we may wish, nobody has a crystal ball. We don't know who is going to win the next game. We don't know, at least with any real certainty, what the weather is going to be like a week from now. Truthfully, there are a lot of us that don't even know what we're going to eat for dinner. But just because we can't see into the future and know what it holds without a shadow of doubt, it doesn't mean we're totally in the dark.

Illumination comes from research, and from authoritative sources you can trust. It is by surveying over 250 enterprise leaders, for example, that we can start to understand digital customer experience (CX) priorities in 2023. In the same manner, it is by consulting proven, experienced thought leaders that we can glean what is likely to be most important to the future of CX.

And, that's exactly what we did. Keep reading for digital customer experience insights from three TELUS International leaders.

Between the pandemic, labor shortages and widespread economic challenges, brands are grappling with the task of building out effective customer experience strategies in a less predictable environment.

"When trying to make plans for a future that isn't entirely clear, it's vital that business leaders have operational strategies in place to help them successfully navigate the ambiguity," says Brian Hannon, global head of customer experience innovation (technology) at TELUS International in an article for Forbes.

Hannon goes on to describe a number of strategies:

Focusing on the customer journey: "In times of financial flux, it is especially critical to identify how the current economic climate may be affecting your customers' spending habits and purchasing behaviors. Encourage your customer support teams to listen closely and ask questions when addressing customer queries as well as to have processes in place to ensure this feedback is shared across departments."

Leveraging intelligent automation: "[Robotic process automation] can deliver the efficiencies needed to weather tight economic conditions, from the ability to perform around-the-clock to producing replicable results at scale and absorbing the kinds of repetitive tasks that tend to weaken employee engagement."

Winning and keeping customer trust: "It stands to reason that in times of uncertainty, customers will gravitate toward brands they know and trust. However, that trust is easily lost. In our increasingly digital world, where more and more interactions occur online, brands must prioritize keeping their social channels and platforms safe and welcoming."

You don't have to keep everything in-house

Brands feel enormous pressure to come up with their own in-house solutions. More often than not though, they're just reinventing the wheel at great cost. The hard truth is, if you can dream it, it probably already exists — and can be licensed or subscribed to for a far more reasonable cost than the DIY approach.

In digital CX outsourcing, many brands discover a sensible way to create innovative experiences without breaking the bank. An Execs In The Know article penned by Pete Tapley, vice president of customer experience innovation at TELUS International, lists ways to get more from your customer experience outsourcing partnership. Consider the following:

Co-innovation: "Working with an external partner brings new perspectives that enable companies to predict and meet consumer demands at an accelerated pace. As an added benefit, co-innovation also tends to reduce risk through the sharing of resources, best practices, industry insights, and cross-industry experience."

Process improvement: "The right CX provider will strive to understand your customer journey inside and out. Their team of experts will be able to guide and support your business strategies by breaking down barriers, connecting disparate organizational silos, and identifying the right priorities to enable a successful business transformation."

Employee management and engagement: "Your CX partner is nothing if not an expert in employee management. Tap into that wealth of knowledge to help facilitate customer-centric cultures, streamline operations, and reduce attrition by sourcing, managing, and training top talent."

Speed and scale: "Fast-growing companies need to be agile and smart with their time and resources. An experienced outsourcing partner will be able to ramp up your operations by leveraging their global footprint, along with the tools and expertise to forecast and meet demand."

AI and automation: "Many businesses who have acted upon the automation opportunity have seen exponential year-over-year cost savings. The goal, however, should not be to introduce tech for tech's sake, but rather to work with your trusted outsourcing partner to discern how AI and automation can make things faster, easier, and better for your customers and team members alike."

Deep domain and industry expertise: "A top-tier CX partner will have earned experience in your industry and in others, too; the idea that makes a big impact for your business may come from an unexpected industry or source."

The more complex your tech becomes, the stronger your digital strategy needs to be

Generative AI, NFTs — it's hard to know what trends in customer experience are here to stay and which ones are flashes in the pan.

For instance, despite a great interest in the metaverse, brands are still reluctant to go all-in on investing in metaverse CX, likely because it's hard to grasp its commercial prospects.

It's a subject that Michael Ringman, chief information officer at TELUS International wrote about for Fast Company. He explains, "In order for brands to realize their full potential, they must create environments where consumers feel both safe and authentically engaged."

Advocating the importance of good data and a considered strategy as fundamentals to metaverse initiatives, Ringman later continues, "On the quest to meet and exceed these customer expectations, fortune favors the planners. Brands must build their metaverse on a solid foundation of data about its customers and their needs and desires. During this crucial early phase, brands should be as specific as possible to effectively action the findings. Their analysis should also include identifying metrics for accurately and continuously monitoring metaverse CX after the launch."

Upgrading a computing environment with TELUS International's Mainframe Cloud Services

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