The Future = creating and delivering amazing experiences for our customers. The Past = losing $75 billion dollars.
Our experience is that companies that invest $1M in CX get a $3-4M return. Companies that don’t invest in CX see their players leaving to go play other games or entertainment choices.
How We Created Officium—and Why Now Is the Time for this Idea
My co-founder, Scott, and I came up with the idea for Officium over several walks around San Francisco in the spring of 2019. As we walked, we talked about the enormous opportunity to use CX to help companies—especially the gaming companies we know so well—maximize their revenue. We discussed the vast network of CX resources and capabilities that are currently untapped and hampered by traditional CX resourcing models. We recognized that it was time for a new, innovative CX model to help companies protect or generate value. It was time for a break with the past.
We envisioned a future mesh-network CX marketplace that drove value by connecting networked demand nodes (clients) directly with the best fitting networked supply nodes (be they technology providers, BPOs, or individuals), while giving the supply nodes the means to compete with each other on both price and merit. We decided to create Officium Labs to build this much-needed CX marketplace.
We knew that once we connected supply nodes into a network in an efficient way, we could add demand nodes to the network. It will take some work to create these connections; however, once the connections are made and connection value is demonstrated, we envision a mass network effect opportunity that can be managed through a CX marketplace—not too dissimilar from the network effects in Uber, Bitcoin, Amazon, and other marketplace and network-based companies.
What makes this idea possible at this time in history are three key transformations currently in progress:
Transformation 1 is happening in the workplace. Transformation 2 is happening in the payments industry. I discuss these two trends in more detail in my recent blog post: “Gig Economy, A Lightbulb Moment for the CX Industry.” In short, the emergence of the gig economy is changing how and where people work, and the development of virtual currencies is changing the way people are paid for that work.
Transformation 3 is a mindset transformation happening with customers, who now expect far more from companies who wish to keep their business. Here, I describe a gaming example of the customer expectations transformation.
Where Officium Labs Stands Today
Over the past months, we have been focused on proving out our concept by leveraging these transformations and also by manually creating the CX supply and demand nodes discussed above, while creating a commercial model that supports our beta CX marketplace. As it stands, we have 10,000 marketplace workers and five strategic partners that are powering best-in-class CX transformation work for our six clients, which range from small to Top 10 gaming companies worldwide.
In 2020, we have an enormous opportunity to finalize the manual work of network creation and connection and then to start building product solutions that will enable our CX marketplace to manage the CX network and eventually start to realize network effects. These effects will bring enormous value to forward-thinking gaming and entertainment companies that love their players and customers.
We see the CX marketplace and the network that powers it as our engine, and we see transformations in workforce, payment, and customer expectations as our enablers. These enablers are not our true purpose or why we exist, they merely increase the capability for us to help companies protect and grow their $75 billion.
We are here to make a difference, disrupt, and revolutionize how customers and players are supported worldwide.
Officium’s Mission, Vision, and Values
To improve people's lives with the world's best gaming and entertainment customer experiences
We enable companies to leverage CX to maximize customer value and revenue
Scott and I believe that creating and growing the CX marketplace will provide four key benefits:
An avenue for skilled CX workers around the globe to maximize their value
A way for companies that want to be best in class to tap into and leverage vetted and qualified CX workers
Enormous customer value and revenue for companies
The ability for CX workers to be paid in ways commensurate with next gen payment methods (i.e., crypto, virtual)
When it comes to CX, many companies are investing in AI and tech rather than their human workforce. We believe the future of CX requires innovative solutions for both AI and human workers, with AI and tech driving down costs and helping companies manage repetitive tasks while well-trained, empathetic human workers drive brand loyalty, becoming key differentiators who help companies retain and gain new customers.
We believe the skilled and flexible workers in our CX marketplace will change and disrupt the $350B+ CX industry, and we also believe that those workers should benefit from their participation in the marketplace. As we build and grow our marketplace, we commit to making socially conscious decisions to ensure it delivers immense value to both the demand and supply network nodes.
We have an enormous opportunity to capitalize on this moment and become the gold standard in supplying CX workers to companies who sorely need them. We will be able to help companies maximize value and revenue through CX. And more importantly, we can improve people's lives with the world's best gaming and entertainment customer experiences.
If you are interested in learning how we can help you protect and grow your $75 billion in customer value and revenue through our CX marketplace, we are here to help!