Copenhagen based SaaS company Nexcom can pride itself on its impeccable client retention performance. In addition its new trio of cutting edge technological products enables users to provide innovative, cost effective solutions which stand out from the crowd.
One of the oldest and most consistent challenges in business is to keep customers happy. Getting the customer experience wrong has had a negative impact on companies no matter how large and global they might be. Nexcom is combining a genuine understanding of how to delight customers with innovative technology to provide a software offering that no user has ever said no to once they have tried it.
Founded in 1997, Nexcom, a Software as a Service company has continuously maintained its focus on a simple, but exciting ambition. “We help our clients deliver a customer experience to their customers that is quick, correct and complete” explains CEO, Rolf Adamson.
With headquarters in Copenhagen and offices in New York, USA, Nexcom typically works with clients with large customer bases, including the likes of Telia, Telenor Group and GroupOn. Its growing product range which assists these organisations automate and improve the way they support and interact with customers, is successfully growing an impressive global footprint. With 40,000 users servicing customers every day, Nexcom now provides its services in 23 different languages to clients based in 11 different countries.
The company’s focus on improving customer satisfaction, customer retention and lifetime value has not only seen Nexcom’s revenues grow consistently, but has also led to the company not losing a single client in over nine years. This zero per cent churn rate is something that causes most people to double take and re-read to ensure they’ve not misunderstood this – but the impressive fact is that Nexcom have not had a customer leave them, for any reason, in almost a decade.
With this level of trust and engagement from their own clients, Nexcom has an exciting future planned which is heavily focused on rapid growth over the next few years. The journey has already begun with a listing on the NASDAQ exchange First North in early 2021, and Nexcom has delivered a H1 this year of a 50% revenue growth year on year, and expect an annual revenue growth in 2021 of approx. 70%.
Why is Good Customer Experience so Difficult?
Given that customers are one of the most crucial elements in determining a company’s success, it is perhaps strange that providing those customers with a great experience is sometimes difficult for brands to achieve. Everyone has a horror story of how a company has treated them at some point, and when we get treated badly, we usually tell quite a few others about that terrible experience.
It is estimated that poor customer service costs companies upwards of $62 billion every year and that in the past 12 months over 50% of customers will move their business from one brand to another as a result of less than perfect experiences. What’s more interesting is that of those 50% who switched, 81% of them state that the switch could have been prevented if the company that used to have their business had provided a better service.
Whether it’s loss of sales or an impact on share price because of a struggling brand reputation, a poor customer experience can destroy a company. As the way in which customers interact with brands evolves and becomes more complex, it can be challenging for companies to cope with multiple, inter connected contact channels. Add to that challenges such as slow processes, poor training and the odd global virus pandemic, and delivering a consistently excellent customer experience has never been harder or more essential.
It’s in this reality that Nexcom believes there is an exciting, and profitable, opportunity for their high quality software.
A Trio of Technological Products
At the heart of Nexcom’s offering are three technologically driven products that look to simplify the complex challenges of customer service and help companies provide the end customer with an effective and enjoyable experience. For Nexcom, it’s simple – it’s all about helping brands make their customers happy.
The first of these three software products focuses on something that customers around the world expect from any brand that they interact with – speed. eTray is a workflow management platform that allows a company to have their customer service centre dramatically increase their daily performance. It does this by automating those tasks that traditionally are manual and routine.
Not only does this allow companies to respond to many customer enquiries with increased speed, but it also frees up time and resources to focus on more complex, higher value customer interactions.
The other partner in great customer experience that goes hand in hand with speed, is quality. That’s where Nexcom’s RevealCX offering allows users to stand out from the crowd. Nexcom are firm believers in the power of understanding the data of your business and using that data to gain powerful insights. RevealCX is a state of the art software system that allows companies to drill through all the noise and find out information about the factors that really matter when it comes to providing excellent customer service. With ongoing accurate assessment and analysis, companies can then be extremely efficient when making improvements to the customer journey.
The final part of the puzzle that complements speed and quality, is power. Nextgen AI is the power that amplifies the potential of tools like RevealCX by using voice-transcription technology and machine learning to identify specific areas of improvement for a company’s customer experience. Brands today generate a huge amount of recorded content from a range of sources. In this recorded content there is hiding a vast amount of information and potential learnings to help brands improve the way they engage and serve their customers.
Keeping Innovation at the Heart of Everything
As is clear, Nexcom believes in the potential of technology to help solve big challenges. But it’s their commitment to innovation that is allowing them to improve their technological offering over and over and provide customers with a cutting-edge solution.
Nextgen AI is a great example of how Nexcom continues to push hard to use the latest tech to achieve ever improving results for customers. The tool itself is smart but what really makes it stand out is its intuitive sentiment analysis.
Translating audio to text files is useful. Analysing those text files for patterns is even better. Being able to identify sentiment – the nuance of human speech and meaning – is something that companies around the world have struggled with for a long time. Being able to predict complaints or customer churn, as well as identify areas of dissatisfaction quickly Nexcom’s solution has solved this issue and in doing so is able to help their clients gain a whole new level of understanding of their customers and their needs.
For Nexcom though, innovation isn’t just about new clever software. It’s about understanding a client’s problems and helping to solve them, together.
Nexcom works hard to align their own product development roadmap with their customers’ needs. They actively co design solutions with clients and hold quarterly sessions with them to ensure that there is a steady flow of feedback, discussion and ideas to inform Nexcom’s own plans for the future.
Ambitious Growth Plans
It’s this commitment to customers and innovation that has given Nexcom the confidence to commit to some very ambitious growth plans. Currently generating revenues of about 10.5 million DKK, the company is forecasting annual revenues of 41 million DKK within three years.
This rate of growth could seem unachievable for some but Nexcom has good reason to be confident. Their current status has been reached mainly through reputation but with recent investment in a talented direct sales and marketing team in both the USA and Europe, the leadership are excited about the future. Q1 and Q2 goals in 2021 were surpassed, and with a global market estimated to be worth more than $16 billion, Nexcom is confident it can own a significant slice.
To learn more about Nexcom and its range of intuitive products and services, please visit https://nexcomglobal.com