How To Do A Weighted Average For Age In Excel Customer Experience Management – The Telecom Industry Ahead

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Customer Experience Management – The Telecom Industry Ahead

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The telecom service providers have been following the growth path in the last decade by increasing the number of customers as well as increasing the number of their revenue every year. They kept the pace with the competitors and played with impressive success in the past. But recently, they are facing a huge challenge in adapting to a mature and popular market with the impact of the global recession. Therefore, a paradigm shift to adapt their business model to the current reality is essential and the need of the hour is customer experience management to achieve higher retention rates.

Challenges in the Modern Telecommunication Industry – Customer Retention

In the modern telecommunications industry that has reached high levels of penetration, customer acquisition has become increasingly expensive. Industry studies say that only 25% of acquired customers stay with the company after one year and generally only 20 -30% of all customers are paid/earning customers. profit. This dug a deep hole in the telecom service provider’s balance sheet. Due to the effect of consumer volatility, there is a huge imbalance caused by the increase in consumption and income.

Way forward: Customer retention methods – Customer experience management

Therefore, the main challenge for telecommunications operators in the world is customer management. It affects the company’s profitability if the customer churns before the company can recoup the investment it made in acquiring the customer. Therefore, it is important to identify profitable customers and retain them.

Keeping profitable customers involves 2 steps:

1. Identification of customer revenue from the entire customer base

2. Manage customer experience and customer value for revenue generating customers

Identifying profitable customers

Telecom service providers need to define their business logic to identify profitable customers, for example: customers using more than ARPU are classified as value customers, or in case of prepaid, customers paying more than INR 250 per customer. month (In Indian scenario) is considered as income. Depending on the business rules the entire customer base needs to be divided into profitable and non-profitable customers. Managed customer ARPU Average revenue per customer. Managing customer data at the scale of 40 – 50 million is a challenge. This can be done with the help of various business analysis tools (eg SAS, SPSS, Teradata, etc.).

Customer Experience Management

After identifying value/paying customers, managing these customer groups is of utmost importance.

Focus on the customer, not the product

In recent years, telecom service providers have focused on introducing new products. They create new products/services and then find or create markets for them. But increased competition among existing service providers and lower barriers to entry for new players has led to increased predatory activity in the telecommunications industry. In addition, the cost of acquiring new customers has increased significantly. Therefore, in modern times, there is a gradual shift in focus from introducing new products to acquire new customers to managing the customer experience. Today, Telco’s need to focus on retaining existing valuable customers and target a larger share of each customer’s wallet by creating more value and improving the customer experience.

Example: In the UK, O2 aligned its operational silos to gain insights from its customers in making product decisions and developing promotional offers. They focused on retention by placing equal weight on innovation and acquisition. Therefore, the company reduced the churn rate to half of its current rate.

Nintendo has created an online community to gather customer feedback and offers incentives in response to customer feedback. In this Nintendo gained valuable insight into the market’s needs and preferences.

A customer-led manufacturing model

There is a perception that service providers will dictate the future of telecommunications products and services. But with the increasing power of customer interactions, there is a paradigm shift and service providers need to customize their models based on each customer’s preferences. Now the company will follow the lead of the customer in developing and promoting services designed to meet the needs of the customer. In this context, service providers need to identify the needs of individual customers, and then try to develop services that satisfy these multiple needs.

With this model, mass marketing will give way to customized market research and the survival of service providers depends on the company’s ability to respond to constant customer demand. In other words, the customer will dictate the terms of the service they intend to receive.

Multi-channel development

Service providers need to develop multiple channels for sales and support to improve the customer experience. Increasing the footprint by integrating with the shopping center is one of the options that telecom service providers have been doing for a long time. Traditional channels such as call centers have also focused on this. With the increase in competition and the economic slowdown, businessmen are looking for economical ways to serve their customers and maintain the quality of service. Finally, service providers want to move most of their online sales and services through the web for better economics. In addition to obtaining cost-effective solutions by moving the channel to the Internet, operators can empower customers to perform various activities at a lower cost than the retail channel.

Through Internet channels, customers can perform many activities such as:

– View invoices and pay online

– Online register of complaints for support

– Changes to price plans and subscriptions

– Browse product catalogs and purchase products/services online

In addition to the activities mentioned above, entrepreneurs can offer promotional services and sell other products on the Internet. Entrepreneurs can add money by managing the ticker on their website and advertising.

To provide a consistent and connected customer experience, operators need to integrate all available channels. When a customer walks into a store, the customer service representative should be able to recreate their past interactions across all channels to serve them in the best possible way.

Operators need to monitor/monitor how customers use these channels. Depending on the data that can be used for the use of these channels, the operator can identify the preferences of each customer and develop their services accordingly. In this way, operators can build a better customer experience by empowering them to take action and thereby increase the value of their services.

Conclusion

There are various ways to initiate customer centric and value transformation. Operations can begin with high-level initiatives such as balancing the costs of customer acquisition and retention with a greater emphasis on improving the overall customer experience and empowering customers. This transformation is the key for today’s telecommunications service providers to stay in the race and excel in the future. Therefore, the Telco needs to change the way they work and sell to manage the customer experience in a better and more effective way.

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