Looking for ways to increase your business profits and customer experiences? The solution lies in monetization of the huge amounts of under-utilized data available with you. Every telecom company operating today is a data company. Most of you have access to an array of data on customers.
Data on its own has tremendous value, but insights derived from data substantially further enhances that value. Having business transformation potential, the data and the derived insights can be put to diverse uses, leading to maximization of top-line and bottom-line revenues. Therefore, to transform data into meaningful decisions, invest and adopt automation and analytics tools.
Here are a few proven strategies for monetization of customer data :
Improved customer retention
Is customer churn posing a big challenge for you? The solution lies hidden in the customer feedback data! Combine call centre information and customer-data to understand the biggest customer pain points. By analyzing customer complaints related to network issues, such as dropped calls and slow connections, and correlating it with customer-data to see which customers have left, your company can better understand which network problems have the most impact on your customers. Armed with this information your customer service teams can prioritize addressing hot issues and reduce churn. Improved retention boosts revenues. Marketing automation tools like moLotus with advanced data curating and analytics features make data mining and analysis a cakewalk for you. The analysed data can be structured in the form of crisp and comprehensive reports for you to decide upon and strategize further.
Data-driven Hyper personalization
Rich subscriber data is a key enabler of hyper-personalization. Due to the vast mobile subscriber base and mobile phone users, mobile phones have become the primary medium for customer interaction. By creating hyper-targeted customer offers and ads you can tap this vast array of subscriber base and maximize revenue. Use mobile advertising platforms like moLotus and you are successful in running personalized and customized offers or campaigns. Your content reaches directly to the message inbox of the subscriber and stays there until deleted by the subscriber himself. Top global telco brands have already reaped the benefits and monetized a vast array of their subscriber data. It’s your turn now!
Proactive customer care
Analyze customer data to reduce unnecessary in-person appointments, service calls or truck rolls – which cost several hundred dollars each. Resolve customer issues on the first call.
To do this you must be able to accurately predict which kinds of customer issues tend to result in the unnecessary truck rolls and develop a system for handling them more effectively through call centres or automation tools.
With accurate data analytics and customer video interactive capabilities of moLotus platform, you are well equipped to predict and address the customer issues. Resources can be allocated accordingly resulting in monetary savings.
Rolling out new services
Eyeing on rolling out new services like machine-to-machine (M2M) services as a new source of revenue? You need to leverage information on customers to identify the customers who would be most willing to purchase these services and provide them with offers to encourage the take up of these services. Contextual structured data, compiled via moLotus platform, has the potential to reveal information about customers that could be further identified as potential buyers for such services.
Optimizing buying behaviour
Customer Data can boost your commercial performance. Structured Data could help you predict customer behaviour. If customers (reached through a certain channel) will subsequently accept an offer; contribute to individual pricing capability, and enhance upselling and cross-selling models. Data enables you to map households and markets – for example, the number of devices and individuals in a given house, the services a household is likely to demand, and the value that it is expected to produce. Most of these capabilities are being implemented via next-generation automation platforms like moLotus to optimize revenues or profits.
Bottom-line
Data is key to the success of any telco marketing initiative and must be utilized for the business to achieve any revenue growth. Beyond the areas where telcos are currently active, growth opportunities abound.
Of the above-stated strategies, you can launch campaigns according to your needs and resources. The strategies are independent of one another and can be pursued in isolation. Alternatively, they can be combined to unlock further opportunities in their areas of overlap. Just step up and pursue them!