Description
Customer experience (CX) is becoming the primary factor impacting customer loyalty and the key differentiator deciding a business’ fate. Demand for outsourced CX services is growing steadily in today’s consumer-centric marketplace as customers demand more personalized, relevant, proactive, and engaging experiences. A superior end-to-end CX journey builds loyalty and provides upselling opportunities.
The LATAM CXO services market was significantly hit by the pandemic in 2020. However, the negative impact was not as significant as in other economic sectors. Some positive trends were accelerated, bringing renewed business prospects. Social distancing regulations across the region did not allow consumers to visit shopping malls and physical stores, thus leaving the remote connection as the only way to engage with brands. This situation generated significant growth opportunities for many CX and BPO vendors and elevated the status of the CXSPs in the economy. Moreover, as people spent more time isolated in their homes, they yearned for human connection and reached out more often to brands to speak with human agents.
While Frost & Sullivan research on this market includes close to 100 SPs, this Frost Radar™ profile the 13 more significant players in terms of market reach, user adoption, growth rates, product innovation and customer experience. The analysis is based on a set of 10 criteria, as follows:
Growth index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user-focused sales and marketing strategies.
• GI1: Market Share (previous 3 years)
• GI2: Revenue Growth (previous 3 years)
• GI3: Growth Pipeline
• GI4: Vision and Strategy
• GI5: Sales and Marketing
Innovation index (II) is a measure of a company’s ability to develop products/services/solutions that are developed with a clear understanding of disruptive Mega Trends, are globally applicable, are able to evolve and expand to serve multiple markets, and are aligned to customers’ changing needs. Key elements of this index include:
II1: Innovation Scalability
II2: Research and Development
II3: Product Portfolio
II4: Megatrends Leverage
II5: Customer Alignment
The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
Author: Sebastian Menutti
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