3 key objectives for digital transformation in the telecom industry
The telecom industry is going through a challenging phase. As multiple key players have implemented significant digital transformation initiatives, their efforts have sent ripples across the industry and catalyzed radical changes in the landscape. In fact, after the media industry, telecom is more than likely to experience the largest digital disruption as user-centric technologies are starting to permeate every aspect of the customer journey.
The right digital transformation strategy is essential to helping the telecom business stay in the game. To move forward in the right direction, take a look at the three key objectives telecom businesses should aim to achieve through their digital transformation roadmap.
Generate data-driven audience analytics
To deliver data-driven, successfully personalized customer experiences, a robust audience analytics framework is key. Telecom businesses need to focus on consolidating all the customer data that exists across multiple sources into a single database, all while ensuring compliance with privacy laws and regulations.
This will lead to a unified, secured view of the customer across touchpoints. It empowers sales, marketing, and other customer-centric departments in the telecom business to cut down on guesswork and optimize resources through smart decision making informed by evolving, real-time analytics. In fact, studies have shown that telecom businesses that mine customer behavioral and interaction data for insights tend to outperform their peers who don’t.
By effectively utilizing their customer data, telecom companies also stand to achieve better results as they roll out new product offerings. As voice calling and texting become increasingly affordable, telecom businesses have to look for new avenues for revenue generation. Many are diversifying their product lines to include data assets and other services not traditionally offered in telecommunications.
This does present a fresh challenge: How can the telecom business identify the right potential customers for its new products?
By centralizing the wealth of customer data at its disposal—demographic, geolocational, psychographic, propensity, and more—with relevant tools such as a powerful customer data platform, the telecom business will able to not only build highly precise audience segments but analyze the data to figure out the right individual most likely to be interested in specific products—in real-time.
Digitize order management
It’s not enough to just offer digital transactions. With rising customer expectations, telecom businesses have to provide a transaction experience that is streamlined, accessible, convenient, user-friendly and tailored.
To achieve this, they need to pair their customer data management capabilities with technology that can help them automate communications. They can also offer self-service portals where customers can easily access end-to-end services and explore the full range of products available. More importantly, these portals should be constructed in a way that is conducive to a seamless order management flow—from the initial capture of service requests to fraud checks and KYC processes to billing and payment.
A significant number of telecom businesses have launched full-service apps that assist customers in their purchase journey. These apps make this possible, in part, by offering the right product bundle at the right price and time based on each customer’s past consumption behavior and other factors such as their interests. The adoption of such apps as part of the customer journey will reduce service costs and churn risks, all while optimizing the ROI of the telecom business.
Provide a unique customer Journey
Customers are expecting more and more from brands when it comes to personalized experiences. The challenge in providing such experiences is that customers today are interacting with brands across multiple devices. Consumers expect to be recognized across any number of channels they prefer, and it is critical that their experiences are always contextualized by their past online and offline interactions with the brand.
Telecom businesses need to undergo a paradigm shift from treating customer experience as a chain of unrelated exchanges to something more holistic. AI and machine learning, embedded into the right solutions, allow the telecom business to continuously orchestrate, automate, analyze, and optimize individual omnichannel customer journeys as they evolve. This means it is able to adjust how it engages each customer based on their shifting behavior and profile in real-time, leveraging the power of data and automation to deliver the personal touch that so many demands.
As they undergo the necessary digital transformations to stay on the cutting edge of their industry, telecom industries will have to bid farewell to certain legacy approaches, processes, and tools. Maintaining a focus on critical initiatives such as data-driven analytics, digitized order management, and a unique customer journey will lay the foundation for a successful roadmap.
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