By Joel Sylvester, Chief Client Officer, Five Star Call Centers
Recent financial analyses show annual inflation rates skyrocketed, above projections of 8.8%, to 9.1% in June 2022. That’s the highest the U.S. has seen in 40 years. Meanwhile, stock prices are declining as interest rates are increasing. Some economists predict a 1% interest hike—the largest since 1980. All these compounding factors have businesses wondering if we are on the brink of another recession.
Luckily, consumer spending remains healthy, and unemployment rates are at near-historic lows of 3.5%.
While the future looks promising, and most economists don’t predict a financial nosedive in the near future, mitigating risk is always a priority.
Executive-level managers should seek ways to help their brand become recession-resistant to secure robust longevity. Embracing innovation is paramount to propelling your company forward and surviving any bumps in the road.
Contact us today and take your company to the next level of innovation.
Recession-Resistant Innovation in Business Strategies
The U.S. is no stranger to recessions. We have made it through 19 recessions, with 12 occurring post-WWII. According to National Bureau of Economic Research data, modern recessions can last between two and 18 months.
The varying duration and economic uncertainty can leave companies feeling as if they are treading water, waiting for the economy to rebound. On the plus side, being prepared is a crucial lifeline in times of distress.
Whether a recession is around the corner or decades away, it’s time to employ innovation-driven strategies now.
Tech and Customer Engagement Propel Businesses Forward
To survive a recession, there are two points of focus: maintain consumer engagement and invest in technology that can improve efficiency. Businesses should drive innovation tactics with those goals in mind.
Here are four ways C-suite executives can strengthen their companies:
1. Cultivate Customer Relationships with Call Center Outsourcing
Keeping consumers engaged and spending builds robust businesses, secures healthy employment numbers, and encourages economic growth.
Creating loyal customers is essential to riding out potential recessions:
- 73% of consumers will remain loyal to a brand with courteous customer service.
- 77% will recommend a company after only one positive interaction.
That’s why companies should invest in programs that enhance the customer service experience before a recession is a reality.
Companies have partnered with consumer-focused call centers to deliver expert customer care to stay ahead of the curve. Agents dedicated to client needs can immediately answer questions and solve problems. This can go a long way to cultivating customer satisfaction and brand loyalty.
2. Invest in Automation and Artificial Intelligence
AI technology boosts productivity and efficiency, minimizes errors, helps store consumer data, and compiles sales forecasts. It frees core staff from mundane tasks, allowing them to focus on high-value assignments.
AI also comes with advanced customer service functions, which provide customized communications with consumers. 72% of businesses polled in 2022 felt AI tech makes their jobs more manageable, and 59% of executives believe AI streamlines big data management.
3. Develop and Track Key Performance Indicators (KPIs)
Keeping abreast of marketing metrics is key to understanding customer satisfaction and spending habits. Developing consumer-focused KPIs can help monitor trends in real-time. Companies can quickly pivot marketing and service strategies to adapt to changes in consumer habits.
Incorporating data tracking of purchases, product issues, and consumer engagement is a great way to get a handle on habits now.
4. Embrace and Strengthen Digital Interactions with Omnichannel Solutions
Customers choose to interface with brands in myriad ways. While 28% of consumers prefer in-person or phone communications, others appreciate the option to interact with companies digitally.
Utilizing omnichannel customer service strategies allows patrons to communicate with businesses in the manner they find the most comfortable. Plus, omnichannel options can help build customer loyalty. Companies employing omnichannel solutions saw an 89% customer retention rate.
Partnering with an omnichannel call center allows companies to enhance digital interactions without pulling from their existing workforce. Plus, with 24/7/365 availability, these call centers improve customer service efficiency.
When thinking about innovation tactics for your business, it’s not always about implementing something completely divergent from the norm. Frequently, innovation is more about fine-tuning the existing structure. As the examples above illustrate, boosting customer engagement and streamlining practices can take minimal effort and investment.
Innovative Outsourcing Call Center Solutions
Five Star Call Centers provides businesses with expert agents skilled in all levels of customer service. But we don’t stop there!
Our services include omnichannel solutions, business consultations, and more. With over 40 years of award-winning experience, we are well-versed in providing customized solutions for businesses of all types. From healthcare to finance, retail to product support, and everything in between, we will tailor our services to your unique needs.