While telecom companies have been striving to make themselves more customer centric over the past couple of decades, customer Experience Management(CEM) is the current hype in the industry. It is obvious that implementing CEM strategies in an organization helps customers. But how will ‘studying customer behavior and analyzing customer data to ensure that the customer has positive experiences across all touch points, during every interaction with the company’, help the business? Does it help improve sales? Let us find out.
Studies suggest that customers are likely to recommend a company based solely on the last experience that he/she had.CEM can helptransform the opinion of a customer who contacts the business with a negative image. For instance, an irate customer who contacts customer service to sort out irregularities with his monthly bill can be mollified and brought around by providing a good experience. Providing a great customer experience would invariably improve the company’s NPS(Net Promoter Score), which also means that the number of people who would recommend the CSP(Communication Service Provider) would increase.
Retaining customers is one of the main challenges faced by CSPs today.In a highly competitive industry like telecommunications, CEM is often the only differentiator. The most common reason for customers to churn to a different network is dissatisfaction with the services provided. Also, customers often leave without even contacting customer services or making a complaint regarding their problem. At the same time, these customers are not hesitant about sharing their experience on social forums. The reach a customer has today(thanks to social media) is mind boggling. The solution to solving this issue would be two step – identifying revenue generating customers and ensuring that the customer has a great experience during every interaction with the company, both of which are facilitated by CEM.
CEM involves understanding customer behavior through analyzing data that is collected during interactions that the customer has with the company. Doing so helps companies develop personalized plans and offers. Providing ‘one on one’ service to customers is gaining popularity in the telecom industry. Customers can be contacted with offers and promotions that might interest them, which conveys to the customer that the company values the business he brings in. Providing customers with personalized plans, not only improves the customer experience but also helps reduce churn rates.
Traditionally, a customer who has a complaint or an issue with the services provided, contacts customer service, and they try to fix the problem. However, analyzing customer data helps organizations deal with problems beforehand, and often avoid problems completely. For instance, a customer who forgets to pay his mobile bill would have his services barred, which would in turn make him irate. A call to remind him about the bill payment dates would prevent this from happening.Solving problems preemptively would go a long way in bettering customer experiences.
Physical network of towers and fiber optic connections as telecom’s key assets have been replaced by the relationship that the brand shares with it’s customers. Considering that the telecom industry is dynamic in nature and highly competitive, companies need to change strategies to draw in new customers and ensure great experiences that would help retain existing revenue generating customers.By practicing Customer Experience management techniques, organizations are able to provide differentiated experiences, resulting in better customer experiences, increase in revenue, improve customer retention and gain positive customer referrals.