Leveraging Analytics to Launch Dominant Products in the Telecom Sector
There are few business verticals that are as versatile and competitive as the telecom industry. There are constant technological innovations here and the incumbent players attempt to vest control by routinely offering new products and services. Telecommunications companies are locked in a battle for dominance and can really benefit from predictive analytics to launch dominant […]
There are few business verticals that are as versatile and competitive as the telecom industry. There are constant technological innovations here and the incumbent players attempt to vest control by routinely offering new products and services. Telecommunications companies are locked in a battle for dominance and can really benefit from predictive analytics to launch dominant products and services.
Why? Because, this is a game of arbitration and regulatory authorities such as the Federal Communications Commission (FCC) in the US and Ofcom in the UK ensure a degree of fair competition amongst the combatants. However, the public at large aren’t that magnanimous and will drop an ill-fitting service or product without a second thought. Telecom analytics helps the proponents in the telecom sector understand what their target audience is looking out for, and customize their offerings accordingly.
Quantifying Data- Where is it Coming From?
As a marketer, you are presented with three distinct channels for data that help you understand the opacity and vulnerabilities associated with your marketing campaigns for the launch of a new product or service-
Internal Sources- If the product is absolutely new and not an updated iteration of an existing concept, then historical data might be hard to find. However, insights can be drawn from other products that have some resemblance in terms of the target demographic, applicability and/or production standards. The data thus sourced is invaluable and offers productive insights when launching the new product or service.
External Sources- A plethora of sources put forth various forms of data that may hold great value for your marketing efforts. From social media, online/ offline surveys, Google trends and SERPs, a massive quantum of information is generated. Additionally, valuable insights can also be sourced from sales outlets, agents and other individuals involved in the customer facing positions.
New Sources- This constitutes absolutely new data that isn’t tracked from internal or external sources. Queries received on your corporate website, by way of an enquiry- signup- application form, provides valuable information about a potential customer. With a progressively incrementing bucket size, this data can serve to help you understand your potential customers better.
When launching a new product or service, telecommunications companies can utilize the insights drawn from the aforementioned data to better plan their marketing and promotional objectives. True, drawing actionable insights from such a far-reaching heap of information may be a daunting task, however, amidst cut-throat competition in the industry, telecom analytics should be a vital component in every telecommunications companies’ marketing arsenal.
Calculated Risk Taking (With training wheels on, of course)
Launching a new telecom product is scary- especially for a marketing team that is up against stiff competition and impossible deadlines. However, the resourceful marketer must experiment, and find a niche that can be profitably exploited. Herein, telecom data analytics could prove a great asset- helping the marketing team setup realistic expectations against the backdrop of seemingly limitless opportunities. Herein, collaboration with an analytics and advisory expert will immensely help the process.
With vast experience and proven domain expertise, Quantzig has worked with companies in the telecom sector and helped them utilize analytics to the best productive use. Sporting a highly-qualified analyst team, and presence across multiple influential markets across the world, Quantzig is an ideal advisory and analytics partner for a telecommunications company that is looking to streamline, scale and foolproof their operations.