Suffering from sickening customer churn rates?
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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.
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