Customer Experience Management - The Telecom Market place Ahead

Abstract

The telecom agencies have always followed a growth trajectory during the past decade through rise in subscriber base as well as adding considerable numbers on their annual revenue. They've got kept the interest rate using the competitors and also have unquestionably game with amazing success during the past. However in the latest times, they may be facing by having an enormous challenge of adaptation towards the matured, highly penetrated markets coupled with global recessionary effect. Therefore, a change in paradigm to adapt their business models to the present situation is highly required and the necessity of the hour may be the customer experience management to realize a greater retention ratio.

Challenge in modern telecom industry - Customer retention

In the modern day telecom industry that has attained high penetration level, having a customer is getting even costlier. Industry analysis states that only 25% of the acquired customers keep with the organization after an year's some time to with an average only 20 -30% from the entire usage is revenue earning/profitable customers. This dugs an in-depth hole in the balance sheet of the telecom providers. Due to the churning aftereffect of the customers, there is a huge imbalance made in gross additions from the customers and net addition.

Forward path: Way to customer retention - Customer experience management

Therefore, the key challenge to the telecom operators around the globe is managing customer churn. It affects profitability of the company if the customer churns ahead of the company can earn back the investment it incurred in establishing the consumer. Therefore, it is extremely necessary to indentify the profitable customers and retain them.

Retaining the profitable customers includes 2 steps:

1. Identifying the revenue earning customers from your entire customer base
2. Handling the customer experience and customer value for the revenue earning customers

Identifying the Revenue earning customers

The telecom providers need to define their business logic for identification with the revenue earning customers, for example: absolutely free themes with usage greater than ARPU are high valued customers, or perhaps in case of pre-paid, customers recharging more than INR 250 each month (In Indian scenario) are thought as revenue earning. With respect to the business rules the whole usage has to be segmented into revenue earning customers and non-revenue earning customers. Managing customer ARPU Average revenue per customer. Managing customer data in scale of 40 - 50 millions is a challenge. Accomplished by using various business analysis tools (eg: SAS, SPSS, Teradata, etc.).

Customer experience management



As soon as the identification with the valued/revenue earning customers, managing those identified band of customers are of utmost importance.

Centering on customers as opposed to products

In the last years, the telecom agencies have dedicated to introduction of the latest products. They have originated new products/services after which sought to locate or produce a market for them. But increased competition one of many existing service providers reducing barrier to entry for brand new players has ended in the expansion in predatory activities within the telecom industry. Moreover, the price of acquisition of new customers has grown considerably. Hence, in the current times, there exists a gradual shift in focus from introduction of recent products for acquiring new clients to customers' experience management is noted. Currently, the Telco's should pay attention to retaining the current valued customers and targeting more wallet share of every customer by creating more value and improved customer experience.

As an example: In UK, O2 has aligned its functional silos to get its existing customer's perspective in making product decisions and designing promotional offerings. They've devoted to retention by putting equal weight for renewals and acquisitions. From this the business has reduced its churn figure to 1 / 2 of its existing number.

Nintendo has built an online community for capturing customer insights and offers incentives in exchange of customer information. With that Nintendo has gained valuable insights into market needs and preferences.

Customer led customization model

It has an underlying assumption that this agencies will dictate not able to telecommunication products. However with the growing bargaining energy absolutely free themes, you will find there's shift in paradigm and the service providers should customize their model determined by individual customer preferences. The actual business follows charge from the customers in designing and promoting services meant to meet specific needs from the customers. Under this circumstance, the providers must know the unique needs of the individual customers, after which try and develop services which satisfy those multifaceted needs.

With this particular model, the mass marketing gives strategy to the customized general market trends along with the survival in the providers depends on the company's capacity to meet customer's demand on an ongoing basis. Put simply, customers will dictate the terms of service they intend to receive.

Developing multiple channels

The service providers should develop multiple channels for sales and support to further improve the consumer experience. Increasing the footprint by having on retail outlets is probably the options that the telecom agencies have practiced since ages. Traditional channels like telemarketer firms also was in focus. Using the boost in competition and economic slowdown, the operators are seeking economical ways to serve the clientele and the service quality intact. Eventually the providers would like to move tastes its sales and services online with the web to realize better economics. In addition to attaining an affordable solution by moving to web channels, the operators can empower absolutely free themes to do various activities at a much cheaper price than the retail channels.

Over the web channels, a customer are able to do a number of activities like:

- Bill viewing and internet-based payment
- Online register of the complaint for support
- Altering price plan and subscriptions
- Viewing the product or service catalogue and buy products/services online

In addition to the previously listed activities, the operators can offer promotional services and cross-sell other products over the internet. The operators can have added revenue by ticker management on their websites and advertisements.

To supply the customers can use a frequent and connected experience, the operators have to integrate every one of the existing channels. When a customer walks-in with a store, the consumer service representative can retrieve his/her past interactions over everything the channels to serve him/her in the very best way.

The operator must analyze/monitor how the customers utilize these channels. Depending on the available data of customers' use of these channels, the operators can know the preferences of the people customers and mould their offering accordingly. From this the operators can build up customer experience by empowering the crooks to perform activities and thus improving the service value to them.

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31.07.2019 18:41:37
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