Big Data has become one of the hottest buzzwords among businesses today, and with the data landscape more complex than ever before, it represents a huge opportunity for growth and innovation.
The telecommunications industry is in a unique position to harness Big Data, and telecom operators across the globe have identified leveraging customer retention through the use of data as a way to offset the dwindling revenues provided by voice services.
Sitting on a goldmine of call reports, location data and internet usage, mobile operators have access to streams of information concerning customers’ likes, dislikes and preferences. This represents a significant opportunity to build a 360° view of the customer in order to truly personalise offers – a form of communication consumers have come to expect from brands. Prioritising retention over acquisition is a wise move for businesses; persuasive research from Marketing Metrics highlights that the probability of selling to an existing customer is 60 – 70%, compared to just 5-20% to a new prospect. Meanwhile, it costs six to seven times more to acquire a new customer than retain an existing one, according to Bain & Company – with a likely reason being that firms already have masses of data to work off for their existing customers.
Telcos should therefore look to their contact centre vendor in order to gain a better insight into their customer base, and provide a more satisfying, customer driven experience. Being more proactive with customers will help in cross and upsell of profitable products and services; for future profitability, telcos must embrace the data revolution, shifting their perspective from product performance to customer performance.
Are You A Chief Data Officer Or Data Leader?