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FOMO: Fear of Missing Out on Digital Service Revenues - CSG International - ContactCenterWorld.com Blog

FOMO: Fear of Missing Out on Digital Service Revenues

There are several American consumer brands whose recent ads focused on FOMO (fear of missing out).  More than just an abbreviation you might see on Twitter, I suspect it’s a global phenomenon that’s spreading quickly, especially among cable companies and mobile operators, content producers, broadcasters, and movie studios. With content monetization models in flux, you’d be crazy NOT to fear missing out on the critical incremental revenues to be gained by exploring skinnier bundles, new streaming channels or direct-to-consumer offerings. Especially as these provide a means to retain customers that might be flirting with other service providers.

CSG International and Pipeline Market Research recently polled approximately 100 CSPs worldwide about the opportunities and challenges of offering digital services such as movies, music, M2M communications and more to find out the state of their Transformation to Digital. Not surprisingly, the majority (52%) said that most of their service offerings are digital today and that completing a full business transformation to becoming a digital service provider (DSP) had significant potential to increase their top-line revenue – and 28% ranked it their number one revenue growth area. But respondents know digital isn’t a sure path to boosting revenues.

Since consumers have no shortage of choice when it comes to purchasing digital content, particularly movies and other forms of entertainment, survey respondents expressed that their focus is on aligning very large and complex arrays of systems, processes and technologies to develop compelling offers for  digitally-savvy consumers. But, multiscreen content portability remains a challenge today, and 69% of survey respondents plan to invest in creating a differentiated multi-device experience.


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So how can you channel your FOMO appropriately to produce revenue?

  • Start today. Consumers are still figuring out what blend of channels works best for them. The average consumer has some mix of broadcast, OTT subscription, etc. Don’t get hung up on first mover advantage, there’s plenty of revenue and profit up for grabs if you get in the ring and fight for your share.
  • Support choice. From business models (subscription, transactional, streaming, etc.) to device (TV, PC, tablet, phone) to payment methods (credit, gift cards, loyalty programs, etc.) – every time you have to tell a consumer you don’t accept or do “x” you’re turning away revenue.
  • Get closer. Successfully building long-term relationships means getting to know someone, and this includes selling to the customers you already have. Some of the greatest opportunities exist in expanding relationships.  Blend experiences across physical and digital, or ensure that if consumers are used to accessing content in one fashion that you don’t disrupt, but rather, expand that relationship.   Arms-length relationships won’t work if you want to grow revenues and create lifetime value. Explore personalization and direct-to-consumer offers.
  • Don’t run your organization ragged and your bottom-line below ground trying to upskill and chase every device or feature that hits the market. You’ve got partners who can do that. Leverage them – leverage us!

Want to learn more about how CSG is helping cable, carriers, and OTT providers overcome their FOMO and transform digitally? Visit Ascendon.csgi.com.

Ready to read more survey results to understand the state of Transformation today? Download the Infographic and Survey results at info.csgi.com/digital_transformation

Source: http://blog.csgi.com/fomo-fear-of-missing-out-on-digital-service-revenues

Publish Date: May 6, 2016 5:00 AM


2021 Buyers Guide Recruitment Products/Services

 
1.) 
Emmersion

Automated Language Testing
Emmersion offers automated assessments to quickly and accurately test speaking, writing, and grammar fluency in 9 languages and counting. We help contact centers improve CSAT scores by screening for top talent and retaining top performers.

2.) 
MainTrax

HireTrax
HireTrax, MainTrax's standalone pre-hire virtual interviewing solution, automatically analyzes the behavioral characteristics found in each candidate's VOICE to help you select reps better suited for the specific job at hand. After all, agents speak with your customers for hours each day so it's vital they possess the behavioral characteristics and personality traits necessary to be successful. By picking those with tendencies of empathy and positive behavioral traits, you'll have a higher caliber of candidates who will perform better on the job and stay.

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Orion Learning Services Inc.

Assessments for Recruitment, Talent Management, Succession Planning
Looking for assessment tools to help you recruit faster, better and more accurately?

Orion Learning offers a full suite of assessment tools designed to target and report on candidate potential. Our tools are used for recruitment, talent management, succession planning and coaching/mentoring. All of the tools are delivered online and the reports are available online and will provide you with an amazing view of the candidate/individual's potential, interview questions, coaching/mentoring steps and much more.

If you're looking to find the candidate/individual with the highest potential, call Orion today!

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VADS Recruitment Services
VADS Indonesia provides a recruitment process with strict selection with various requirements according to client needs. VADS Indonesia also has a database of trained candidates so that it can meet the agent needs quickly and in large numbers.

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SalesMatch Ltd

Contact Centre Behavioural Assessments
SalesMatch is an intelligent web based sales and contact centre behavioural assessment platform. It is based on the well known, tried and tested DISC psychometric theory, used by thousands of organisations round the world.

- Reduces Agent Attrition - By selecting the right agent for the role
- Increases Performance - By matching the character profile to the task
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stress
- Reduces Recruitment Costs - By early identification of the right candidates

Putting the right person in the job role has become the key focus in the drive...
(read more)

6.) 
TactiCall Recruitment Services

TactiCall Recruitment Services
Permanent Placement
Temporary / Labour Hire / Contingent and Contract Hire
Recruitment Consulting Services
Assessment Centre Design and Facilitation
 



View more from CSG International

Recent Blog Posts:
The Power of Consistent Customer CommunicationsNovember 14, 2017 5:00 AM
Survey Says: If Content is King, Customer Experience Management is the Power Behind the ThroneMay 18, 2016 5:00 AM
FOMO: Fear of Missing Out on Digital Service RevenuesMay 6, 2016 5:00 AM
March Madness in the Multiscreen EraApril 1, 2016 5:00 AM
APAC Service Providers Weigh in on the Region’s Digital JourneyMarch 14, 2016 5:00 AM
MWC 2016: Is ‘Digital Transformation’ a Mirage?February 26, 2016 5:00 AM
Can CSPs Still Beat Netflix?February 11, 2016 5:00 AM
The Internet of Things: is the Game Worth the Candle?January 14, 2016 5:00 AM
Optimize Operations for Digital Growth – a Managed Services PlaybookDecember 4, 2015 5:00 AM

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