Filipinos’ English fluency, neutral (and highly trainable) accent, low labor costs, highly competent workforce, and government incentives are all advantages that can’t be had elsewhere. Having these advantages at your disposal, allows you to focus on a unique CX.
For many global businesses, outsourcing to the Philippines was a hidden competitive advantage. It didn’t take long, however, for the world’s best firms to recognize that the Filipinos’ English competency, moderate (and highly trainable) accent, advantageous labor prices, highly qualified workforce, and government incentives are remarkable combinations they couldn’t find anyplace else.
.. and the demand for Philippine-based BPO partners hasn’t waned.
Many overseas corporations’ cost-cutting initiatives, along with the global economic recession, signify more demand. According to the IT and Business Process Association of the Philippines, or IBPAP, the industry can easily generate up to US$35 billion in revenue by 2023. This is because firms will continue to outsource, and many will choose to employ global business services to satisfy cost-cutting goals.
(And if you’re curious to know, as per an IBPAP poll, the game development and animation industry, cybersecurity enterprises, contact center agencies, financial technology services, internet providers, healthcare, IT solutions, and shared services centers are areas set to experience the most growth. Manila, Cebu, and Davao remain to be the ideal locations for technology-business process management (IT-BPM) sites. But companies should be pleased to discover even more profitable possibilities in Iloilo, Pampanga, and Laguna.)
Post pandemic? Things are also looking up. According to IBPAP, the BPO industry has exceeded its 2022 goals. Full-time employment climbed by 8.40% (121,000), bringing the overall industrial headcount to 1.57 million in 2022. Revenues of $32.50 billion have also been posted for 2022.
In terms of office space, Leechiu Property Consultants said that IT-BPM accounted for 466,000 sqm of office real estate utilization, or 48% of total office space demand countrywide.
This projection implies an 81% increase from 257,000 square meters in 2021.
Why should firms relocate to the Philippines?
Despite the volatile political backdrop, the Philippines’ business climate has improved significantly over prior years. Many advancements are closely related to BPO programs, national and local government support, and a committed academic community.
Furthermore, being one of the country’s primary income generators, the Board of Investments (BOI) has provided BPOs with local fiscal and non-fiscal incentives such as tax holidays. There are Special Economic Zones (PEZAs) in existence that enable BPOs to enjoy tax exemptions, tax income holidays, and permanent resident status for foreign investors and family members.
With this strategy, what should your next step be?
A unique customer experience (CX) powered by a Philippine-based business process outsourcing partner is it!
It takes a lot more than placing a fantastic product on the market to go ahead and remain ahead. Organizations must prioritize their customer experience strategy to compete in an increasingly competitive environment. With a Philippine BPO partner, you can achieve just that.
Most, if not all, successful organizations understand that they are in the customer-experience industry. Organizations that adhere to this philosophy range from online retail giant Amazon, to the Walt Disney Company (now a behemoth that began as a small California studio), the US Air Force (which uses a unique B2B interface to provide support for ground troops under fire), and taxi businesses, food stalls, and various retail outlets.
However, just because your organization is in the customer service sector doesn’t mean you’ve got your CX down pat. Services as a product don’t mean that creating a functional product (your service) allows you to effect organizational transformation.
The key to achieving corporate objectives is to create a Customer Experience (CX) that delights clients and customers. Cliché? It is. Vital? Absolutely.
When we think of “Customer Experience(s),” we see a seamless transaction across the whole sales process. CX, or Customer Experience, technically refers to everything a corporation does to provide value, growth, and exceptional experiences to consumers. It is at the core of a company’s interaction with its customers. Customer experiences may differ from one firm to the next, but in any case, this goal communicates an organization’s overarching vision and finally leads to uniform frontline conduct.
Why should CX be a priority for you?
- DIVERSIFICATION – A strong customer experience plan sets your company apart in an increasingly competitive market. This is what makes a firm stand out from the crowd while also drawing new clients.
- CUSTOMER SATISFACTION AND LOYALTY – When consumers have a pleasant experience with your firm, they are more likely to be satisfied and loyal. You want your consumers to be brand advocates. When you satisfy them, their own CX may result in recurring business, higher client lifetime value, and favorable word-of-mouth.
- COST SAVINGS – When clients are pleased, they do not need as much support. You will not be required to deal with returned goods or repeat services. This alone results in lower customer service expenses and increased operational efficiency.
- REVENUE – Happy clients are more inclined to spend more money with you in the long run, even if they can find a lower-cost option elsewhere. This results in higher revenue and profitability.
- BRAND REPUTATION – When a Customer Experience strategy is focused on your customers’ specific demands, you not only raise brand recognition but also improve brand reputation. This is an excellent jump-off point for future development and expansion.
A unique Customer Experience solution is critical to meeting your company objectives. It leads to increased income, cost savings, and a better brand reputation. It’s the secret sauce to standing out, making your consumers happy, and encouraging them to tell others about you.
Set yourself distinct by implementing a Customer Experience plan that ensures a competitive edge. Come to the Philippines! Join forces with NEARSOL.
NEARSOL is a US-based BPO and service company that offers clients custom-design solutions. With major hubs in Manila and Iloilo, it began operations in 2011 and has since gained a strong presence in the Latin American regions, the Caribbean, and the Asia Pacific, winning many awards for quality and service along the way. Most recent of which is its Great Place to Work-Certified™ Recognition, a global accreditation that tells stakeholders what employees think of the company culture.
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