Suffering from sickening customer churn rates? Small data to the rescue

Add bookmark

Chanice Henry

Report small data in telecoms

We respect your privacy, by clicking "Download Your Copy" you will receive our e-newsletter, including information on Podcasts, Webinars, event discounts, online learning opportunities and agree to our User Agreement. You have the right to object . In addition, you agree to having your details passed onto the sponsor who may promote similar products and services related to your area of interest subject to their privacy policy. For further information on how we process and monitor your personal data click here. You can unsubscribe at any time.

Acquiring a new customer costs around 6X more than keeping an existing one -ThinkJar

The telecoms industry is beginning to take this reality onboard in the face of its dizzying customer churn rates. At the centre of the churn rates lies an apparent heightened interest in customer acquisition over retention.

As captured by this statistic, organizations that take customer experience seriously will stand out and win customer loyalty.

Although, customers do not merely judge an experience they have with a brand based on the industry the outfit is from.

Telecoms customer experience management

Instead, they benchmark the encounter against all of the “wow” moments they have ever received from any business.

This is pushing telecoms providers to look at the retailers, tech start-ups and digital disruptors that are dramatically reshaping customer expectations. It presents a real challenge for some as telecoms providers don’t necessarily have the agility or resources to replicate a model similar to digitally born, data-led start-ups that are hardwired with a customerfirst culture. In order to keep up with customers’ wants and needs, many will have to undergo a transformation of some kind.

See also: 5 Steps to improve customer service by making it personal

In the race to gain more visibility on customers, the ‘Big Data’ movement has seen businesses push to gather as much information as possible. But as many are discovering, data is a game of quality and not necessarily quantity. In CX Network’s 2018 Big Book Of Customer insight, Data And Analytics, finding relevant insights in a sea of big data was highlighted yet again as one of the top challenges faced by CX practitioners.

Many are now looking towards the power of ‘small data’ – smaller datasets that are valuable to a business for driving intelligent decision-making.

Download the PDF to continue reading

Also: Telecoms customer experience investment trends