Jason Mosakowski discusses India’s role in expanding BI Worldwide during his visit to India in October 2022
Q1. What brings you to India? BI WORLDWIDE successfully completed 10 years of commercial operations in India with a 40% CAGR growth, what are your future expansion plans for India. Are you looking at any Mergers & Acquisitions?
For BI WORLDWIDE, India is one of the top markets growing steadily in last 10 years with an excellent 40% of CAGR. We are going to double our revenue in next 5 years through innovation, hiring and developing talent, amplifying service delivery, investing in research, and new products and technology. Launching new business streams – learning, brand merchandise and gamification to inspire our client’s key stakeholders.
We leverage the power of behavioural science, data, technology, and customer centricity. GTS – Global Technology Solutions, our COE for developing and delivering world-class technology solutions, has moved into a new tech-centre for greater collaboration & innovation. Focusing on customer centricity, we’ve a fully operational call center with comprehensive portfolio of solutions backed up technology ensuring total participant delight. We are open to exploring opportunities with organisations having relevant synergies, a purpose to help clients grow, and a laser-sharp focus on delivering measurable results.
Q2. What drives the leadership position for BIW in India and internationally? What innovations (products/tech/process) BIW has brought into the market for driving results wr.r.t employee engagement and channel loyalty programs?
BI WORLDWIDE, is a global leader & India’s foremost in delivering measurable loyalty & engagement solutions inspired by applied behavioral science, serving over 8.6 million participants and 300 clients (7 out of the top 10 fortune 500 companies) across 164 countries.
In India, we have close to 100 fortune 500 brands, 90% renewal rate, 86.5% participant satisfaction score. and 18+ international and global awards for best-in-class programs. Owing to our culture, and employee value proposition, we received the Great Place to Work certification 2022-2023.
India is amongst the top 3 growing markets for us, to ensure accelerated growth we expanded India leadership team by having Sukesh Jain as the CEO while Siddharth Reddy continue as the Managing Director.
BI WORLDWIDE’s flagship employee engagement platform – DayMaker, can help brands decode the hybrid workplace intricacies around engagement, recognition, and manager awareness by giving them tools to deal with this changing work environment effectively.
Recognition NOW! – Clients can easily send appreciation, give points, or shop for rewards in work programs like Outlook, Facebook, Teams, Slack or Yammer.
Equity & Inclusion Advisor – Individualised manager insights for more equitable and inclusive recognition.
Recognition Advisor – Guide managers on how and when to provide recognition i.e., more meaningful to employees from start day and beyond.
Q3. With your recent launch of Global Technology Solutions Centre at Chennai, how do you see India office driving BI Worldwide’s business globally?
BI WORLDWIDE’s Global Technology Solutions (GTS) tech-centre designed for smart collaboration, innovation, and for developing tech talent within the organisation, is a game changer for us. GTS serves all markets and clients of BI WORLDWIDE internationally with program technology deliveries, product development, analytics, and rewards marketplace. It is a great value proposition for all international BIW markets to access exceptional tech talent, better cost efficiencies, and saving time for project deliveries.
Q4. Loyalty & engagement programs have been around for a while, what has changed in the recent past and how has covid forced the brands to look at these strategic interventions differently?
From Digital transition to great resignation, virtual world for everything business has forced consumers to accept the new order of the world. What did not change is how brands look at loyalty, retention, and engagement to keep growing.
BI WORLDWIDE had everything ready – digital engagement products, virtual events platforms, programs apps, online learning, product launches, digital recognition, contests to drive sales, and a comprehensive online rewards marketplace to ensure brands continue to drive engagement.
Q5. We hear that you use Behavioral Economics & design code to devise loyalty & engagement solutions. Can you give us a better understanding of this.
Behavioural Economics is at the core of everything we do. From program design including tier structuring, incentive design, contest frameworks, to delivery including communication, rewards, promotions, learning, to optimisation including data mining, cross-up-sell, gamification– everything is driven by behavioural economics principles.
Design Code is BI WORLDWIDE’s proprietary human centric program design methodology, developed by infusing design thinking techniques, into our domain expertise on employee R&R, behavioural economics, and EVP. World’s fastest-growing companies in IT, ITES, Retail, Travel, Finance, Agriculture sectors have leveraged it to create comprehensive solutions focusing on employee-empathy, leading to measurable results.
Q6. What are the emerging trends when it comes to rewarding people? Does cash score over non-cash rewards in driving engagement with program participants?
‘Experiential’ reward is trending. The range starts from local experiences to events to travel, people are willing to go extra mile to experience these. With travel experience, 93% of people are motivated by more choice in destinations, 88% of people are motivated by more choices in when they can travel and 85% of people are motivated by experiences led travel – e.g., concerts, sports, outdoors.
Cash rewards motivate to a certain extent, it is non-cash rewards that inspire brand’s key stakeholders to the highest level of performance. We work with eminent academicians from top global universities such as Dr. Ran Kivetz from Columbia University Business School, & Dr. Joe Gladstone, University College London and more to understand what really motivates people and bring that research into practice to drive change in behaviour.