November 10th, 2020
The IT space and its related industry is a fast-evolving business where physical improvements, for example, processing speed, clustering techniques, storage efficiency in terms of volume/cost...etc. make it feasible to create new types of products exploring spaces not yet covered, solving new types of business problems, but often very close to traditional established spaces.
Amongst these relatively new spaces there are: Customer Journey Analytics, Marketing Hubs, DMPs, CDPs (and its subtypes Data, Analytics, Campaigns, Delivery), which are starting to grow in between more established categories such as Contact Center Platforms and CRMs. A relevant coming popular label #CX #customerexperience is becoming a puzzle with more pieces.
In the case of Communication Platform as a Service (CpaaS) and Contact Center as a Service (CCaaS), a new problem emerges, whereas before they could become “de facto a telco” offering DIDs for B2C communication channels as voice and SMS, now with the chatbot/voice assistants coming into trend, the incumbent channels are closed and capturing part of the value (WhatsApp Business). Vendors need to adapt providing new steps of the #CX chain value,
Big players are taking position to retain and grow, as much as possible, their enterprise customer-base IT budget for customer service and its new satellite areas. In the CPaaS/CCaaS area we recently read of the acquisition of Segment by Twilio
, in the CRM market Salesforce acquired Evergage
, According to Gartner a consolidation trend is expected by 2023
. Alternatively, powerful vendors prefer the “build” option as CDP is a neighbour space and commercially the “solo vendor” is attractive for a number of enterprise customers. Furthermore, the “build” option by an established vendor (CRM, Communication or Contact Center platform) is biased for the current main product and it is a more defensive move of “adding features” rather than real innovation creating new market-first-cases.
At Whenwhyhow, a small tech company in Spain, we have created a CDP focused in customer-mindset insights discovery
by crossing actions and external events modelling to understand the whens, whys and hows of each customer to serve them better and add digital empathy to the channels. We foresee a lot of opportunities for new types of CDPs and the opportunity of differentiation.
It’s time for open innovation; joint co-creation between established vendors and new niche players and start-ups which will make it feasible for the incumbent vendors and challengers to capture the newly generated value from the faster-than-expected (thanks partially to Covid) digitalization of customer-enterprise interactions.