Enrich your insight to boost upsell and cross-sell marketing campaigns.
The sophistication of the upsell and cross-sell strategies employed by telcos today varies enormously. Historically, however, telcos have tended to be more focused on customer acquisition as their primary means of growth – and this can mean lower and lower margins as operators seek to compete on price and value. However, with the right insights, you can make upsells and cross-sells a valuable, highly cost-effective part of your marketing.
Making upselling a core business priority
One of the difficulties operators often have when focusing on upselling and cross-selling for revenue generation is that it is seen as a more challenging, complex operation than attracting new customers with exciting introductory offers. However, in the long term, focusing mainly on acquisition can lead to greater churn and higher cost per customer.
Telcos have huge quantities of first-party data on their existing customers, and are aware of the value of the insights this data can provide into their customer interests and drivers. However, at the moment, the majority of businesses aren’t making good use of this to identify opportunities for targeted, tailored campaigns to increase their overall revenue and customer lifetime value per user.
One of the main reasons for this is that they aren’t confident in how to leverage this data to derive genuine customer understanding that can be used to guide upsell and cross-sell activities. But by using this data to put existing customers at the centre of their marketing strategies, telcos can deliver improved overall margins from these efforts.
Targeting users with true personalization
The messaging that’s likely to be most successful when offering upsell or cross-sell opportunities to customers will differ depending on who you’re talking to. Individuals’ personality traits play a major role in what tactics they’re likely to respond best to and it’s important you can recognize and respond to these.
For example, if they’re the type of person who typically signs up for products such as insurance and warranties, this may indicate they’re naturally cautious or anxious. Meanwhile, those who spend a lot of time browsing social media sites may be more interested in staying on top of the latest trends and fashions. These traits must be factored in when planning an upsell campaign – but first, you need to be able to identify them.
However, this type of personality profiling isn’t something that telcos have great visibility into at the moment, and this is where tools like Intent HQ’s Insight Explorer, part of the core Intent HQ platform come in. Our tools allow you to identify these personalities, then run segmented messaging treatments in your existing martech stack for the same campaign that resonate better with different audiences.
When it comes to driving upsells and cross-sells, there are various strategies that can be enabled through this deeper customer knowledge. For example, if a mobile user frequently exceeds their data allowance, it makes sense to try and upsell them to a higher-level package. But customer understanding can show exactly why this might be the case – for instance, if they are streaming music or HD films. This, in turn, allows telcos to determine a range of options for messaging and upsell products that are most likely to appeal to them, or to recommend the most relevant cross-sell products or services.
The richer your customer insights, the more resonant your relationship will be with your customers. And in turn, this will lead to improved response rates to campaigns, higher margins and happier, more loyal customers.