Telco Customer Experience and Marketing teams are failing to make emotional connections with their customers. They are frustrated because they are unable to use all of their data to develop rich customer insights. To add to their frustration they see other companies using data in a more personalised and engaging way than they are – we call this the Great Competitive Paradox.
The biggest problem that telecom operators face is keeping up with the demands of the connected customer. The bar isn’t being set by traditional competitors but by the renowned FANG (Facebook, Amazon, Netflix and Google) companies that have stolen wallet share and commoditised telcos’ offerings.
Data lakes have been around for eight years, and while the original concept was promising, many of the lakes have unfortunately turned into data swamps. This has prompted criticism of the concept itself.
This week we were in New York to attend Forrester’s CX NYC, the 10th running of the event, with around 1300 business leaders converging to hear success stories and challenges with all things CX-related.
New artificial intelligence and machine learning techniques will help telecoms businesses make transformative changes to customers’ experiences of their brand. There is a new opportunity to become ‘customer first’, led by a human-like connection with each and every customer.
We were at the Customer Experience Conference for Financial Services #CXC2017 this week where the focus was on design, relevance and GDPR. Kudos to the organisers for bringing together an interesting selection of speakers.
It seems unlikely that telcos are a rich breeding ground for the next set of breakthroughs in AI, but they are, they just don’t know it.
Nowadays words like “agile”, “lean”, “scrum” or “kanban” have been abused so many times that some of its initial values or ideas have been lost. Many people think (and say) they are agile because they do stand-ups; some others are trying to come up with new “smart” acronyms (SAFe, LeSS…) for unknown reasons (because the old buzzwords don’t sell anymore?)
It’s 2017, and you would have thought that creating evidence-based systems of decision has never been easier. After all aren’t the FANG (Facebook, Amazon, Netflix & Google) doing this day in day out? Aren’t closed loop digital systems all hooked up with continual measurement, and isn’t every vendor under the sun promising you it’s easy? It can’t be that difficult!
This is the dream: you put vast troves of data to work, accurately predicting each customer’s wants and desires, creating individually tailored marketing, sales, and service. You solve problems before they become problems. You operate like a nimble and personalised small business, but at massive scale. Your customers love you. Your competitors wither away.
Are you a troubled developer because your boss heard about BigData and is asking you about it? Are you a CEO who just wants an understandable explanation about the CAP theorem? Are you the partner of a developer who just wants to understand what he/she is doing?
If attention is the new currency, there simply isn’t enough of it to go around. Click-through rates are in the gutter, adblock use is growing, free reach on social isn’t free anymore, and organic search traffic is declining.