Market Report: How to Reduce Churn and Improve Customer Retention in Telecoms
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Every telecoms provider knows that it is much cheaper to retain an existing customer than it is to acquire a new one.
However, in a highly competitive market, where one tariff change or negative customer service interaction could lose you a customer, keeping customers engaged, satisfied and, most importantly, spending on your networks is no easy task. In light of this, more and more operators are introducing personalised loyalty schemes focused on retaining their customers for longer.
The truth is, loyalty and retention are probably some of the biggest challenges facing operators today, especially in the competitive global marketplace, where the current economic climate is such that customers are less willing to spend. The business of customer loyalty can be a complex decision making process. In order to achieve maximum profitability, operators must carefully mine their data and ensure they send out the most relevant targeted communications to their customer base, whilst driving efficiency and reducing costs across their business. They must also ensure they keep up with modern trends, in order to "catch their customers young" and develop lifelong relationships.
Furthermore, a recent CX Network survey saw 35 per cent of the 714 participants selecting ‘building customer loyalty and retention’ as a key investment priority for a more successful 2016. This should come as no surprise as often operators turn to building trust through capitalising on the rise of social media and the effects of digitalisation, however with the entire industry claiming to be innovating and managing churn in new and exciting ways, it can be difficult to understand the value add of the strategies put in place.
With an overview of the best practices to harness the power of retention and top tips for a loyal 2016, this report provides insight on the strategies network operators like Comcast, AT&T and Eesti Telekoms are currently using to improve their loyalty and retention.
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