Telecom industry is getting aggressively competitive, resulting into an increasingly high number of players are getting competitive through mergers and acquisition and gain leverage over other industry-players. Increase in convergence of multiple services offers a variety of options to the customers, as they get numerous choices and bundled up plans to choose from. This results into different pricing and strategy options for telecom providers. So, in order to chalk out effective business strategies and gain competitive advantage, several telecom providers are increasingly adopting data processing partners to feed their Business Intelligence (BI) platforms.
BI in telecom industry: It gives a major thrust to customer retention and satisfaction!
Increase Customer Retention Rates
Knowledge about “what went wrong” and most importantly “how to fix it” forms the core of any BI tool. You can turn these insights into actions. The actionable insights acquired by BI tools can be further applied to evaluate the reasons behind failure of a campaign and find the loopholes that resulted into an alarming number of customers seeping out.
How Data processing followed with a BI solution improves retention for telecom industry?
- With useful insights, telecom companies can identify installations and disconnection activities early on. This helps them to modify the strategies and reach out to discontented customers. The number of disconnection helps in evaluating finance dept., to check how big the impact would be on the revenues.
- Equipped with BI-produced data and reasons for increased disconnection, the marketing team can formulate personalized advertising campaigns that fix or alleviate the particular concerns. This offers a more personalized and relatable experience. Thus, helps you to retain the declining number of customers.
- BI enables the telecom executives to respond quickly. The customers can be provided with subsequent follow-ups and can be further communicated about the “next steps” in no time.
Enhanced Customer Experience
Actionable insights gained from BI enables telecom managers to optimize the customer experience by:
- Scrutinizing data within the BI platform to identify customers that would benefit by bundling their services. Customer feedback information can be studied to intensely spot areas of poor cell service or other performance problems.
- Business intelligence applications can be leveraged to identify minor problem areas, having potential to become exponentially severe, with time.
- Both structured and unstructured customer feedback data gathered from diversified channels, is processed and fed into the BI solution that is used by customer service dept. to build a strong rapport with customers on an individual or group basis, with customized and relevant responses.
- Incorporating BI with CRM systems and other applications provide employees a tool to address customer needs in a very effective manner.
On the technical front, telecoms can leverage processed data and business intelligence applications to spot possible spikes in demand, and even take corrective steps, if necessary. Moreover; by adopting advanced BI tools, telecom companies can efficiently divide customers, by offering the existing customers that makes the most logical sense. They even can send messages to prospective clients based on how far they intend to move in the brand journey. BI provides insights based on analytics at the most basic level, which apparently helps the marketer to reach out the targeted customers, in an effective manner.