Retaining loyal customers needs to be a top priority for any communication service provider (CSP). Churn rates in the industry remain high – at around 22 percent a year – and seeing as it costs up to four times more to acquire new customers than retain existing ones, anything you can do to boost the […]
How 02 is successfully commercializing customer action data to better power big brand digital ad targeting.
Telcos generate a lot of data. Therefore, it shouldn’t be news to any firm that the first-party data they collect on their customers offers huge potential to generate additional revenue for both themselves and their partners. A strong data monetization strategy can provide a valuable source of income, enabling you to offer your chosen partners […]
A strong data monetization strategy is a vital revenue channel for any telco. With the right tools, you can take the trillions of first-party data points you collect on your customers and deliver critical insight that partners can use to provide more personalized messaging that offers a better return on investment. However, a key challenge […]
Keeping churn under control is always a top priority for telco firms. In the current environment, where it’s easy for customers to switch providers at a moment’s notice, firms need to offer more than the most competitive prices in order to keep customers at the end of their contracts. Indeed, the costs of churn continue […]
There’s more than one way to grow your business. But while efforts to tempt new customers away from competitors with enticing offers may take up the bulk of a telco’s marketing budget, focusing on the customers you already have can also prove highly beneficial. You’re already at an advantage with these people as you have […]
Smart service providers are already deepening their customer relationships by delivering services built around each person they serve. The key is robust, human-based data insights—that take the form of a deep and holistic understanding of every individual.
The coronavirus pandemic has forced businesses to innovate and re-strategise
approaches to ensure business continuity and keep them afloat. Whilst industries such as retail and the travel industry are most affected by this pandemic, the Telecoms industry is facing a different type of challenge in this turbulent time.
There aren’t many other industries staring down a future as uncertain as telcos. A stagnant growth and a global downturn on the horizon, Telcos are struggling to keep customers without having to resort to the obvious, giving more data and voice minutes for a cheaper price.
The battle for an emotional connection is the newest frontier in the battle for customer experience.Humans are emotional decision makers. It is not a great challenge to most people’s intuition to say so. When asked, most would accept that when making purchases, emotion plays a part in forming our beliefs and opinions, alongside rational thought and logic.
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.
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.