Summary: This podcast discusses the evolution of customer experience management (CX) in Canada and challenges the perception that Canada is solely a cost-driven market. The guest, Michael Morrison, Chief Revenue Officer at NCRI, explains that in the past, Canada focused on supporting US clients due to favorable exchange rates. However, as the exchange rate shifted, the industry had to reinvent itself and prioritize domestic delivery for domestic clients. Morrison also highlights the need for a shift in the sourcing model, moving away from a race to the bottom pricing approach and instead focusing on value and transformational themes. He also mentions the emergence of new industries, such as health tech and fintech, as potential targets for CX partnerships.
Key Points:
- Canada has experienced shifts in the CX market due to changes in the exchange rate and the emergence of new technologies.
- In the early days, Canada focused on supporting US clients, but as the exchange rate became less favorable, the industry had to prioritize domestic delivery for domestic clients.
- The industry faced empty call centers and challenges in attracting larger global players.
- There is a perception that Canada is a cost-driven market, but companies are now exploring ways to drive cost out of operations through new technologies and approaches.
- Buyer maturity is an issue, with some RFPs still focused on price rather than value and transformational themes.
- There is a need for earlier engagement with clients to inform the sourcing process and offer alternative solutions.
- There are an increasing number of startups in emerging markets, such as health tech and fintech, creating new opportunities for CX partnerships.
Key Statistics:
- Number of health tech startups in Canada: hundreds
Key Takeaways:
- The CX market in Canada has shifted from supporting US clients to prioritizing domestic delivery for domestic clients.
- There is a need for a shift in the sourcing model, moving away from a race to the bottom pricing approach to focus on value and transformational themes.
- RFPs need to be more aligned with the evolving industry and focus on alternative solutions rather than just price.
- There is an opportunity to engage with emerging industries, such as health tech and fintech, for CX partnerships.
- Canada’s CX market should not be solely seen as a cost-driven market, but rather a market with potential for innovation and value creation.