Game-Changing Solutions for the Telecom Industry
Over the last few years, there have been myriads of changes in the telecom industry, the industry has effectively transitioned from traditional approached based around call center operations to data-driven decision making. Telecom organizations and Communications Service Providers derive huge amount of data from their customers, that, if used effectively, can help them draw insights and enhance customer experience and eventually use the insights to make informed decisions. These initiatives allow telecom operators to develop and implement bespoke offerings for specific audience depending upon their preferences. However, due to the rising customer expectations, even these techniques failing short of reaching the audience.
Even though the industry has come a long way for what it used to be around a decade ago, there are still areas for improvement. The services offered by the telecom providers are a part of our everyday lives. In this era of technological advancements and cut-throat competition, hyper-personalization has emerged as an essential tool for the players in the telecom industry in a bid to deliver superior customer experience. Through the data collected throughout the touchpoints, hyper-personalization allows the organization to implement artificial intelligence and machine learning algorithms to develop individual profiles for each customer.
With technological advancements, the average customer is much more informed than they used to be. With increasing competition, there are a plethora of choices for any customer to choose from. Forget about acquiring new customers, it has become extremely challenging for organizations to retain their existing customers, even more so when we are focusing on an industry as saturated as the telecom industry. Due to these challenges, it has become imperative for players in the telecom industry to provide top-notch customer service. This is where data analytics in telecom comes in, with data, organizations can gain a competitive edge against their competitors and provide that extra value that their customers are looking for.
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Social media has also become a superior source for discovering customers’ feelings when it comes to the telecom industry. Players in this industry can easily understand what their customers are looking for from a provider, not only this, but the social media platform becomes an excellent source for honest feedback. Did you know that there are 4.55 billion active social media users globally? This is a 10% increase in a mere year. In order to stand out in the market, organizations need to respond appropriately to customer feedback on various social media channels in order to carve a niche for themselves.
Organizations need to interact with their users and try to solve their problems and negative experiences to alleviate concerns. We, at Quantzig, have developed an AI-powered framework aimed at proactively solving the challenges of our clients in the telecom arena. Our framework leverages data to predict customer experience in real-time. Through our superior framework, our clients can deliver hyper-personalized CX through bespoke offerings such as, customer plans, deals, offers, and more through the effective use of Big Data, AI, and ML technologies.
About the Telecom Client
The client is based out of Germany, with operations across Europe. Being a leading service provider in the region, the client earns a revenue of over $3 million and boasts a strong workforce of 4,000+ employees. The client is prominent and known across Europe for its mobile, fixed broadband, and other network offerings that are capable of being customized according to the need of any business.
Data Analytics Challenges Faced by the Telecom Client
The industry veteran was unable to understand the customer sentiment. In order to increase their roots in the market and gain new customers, the client was planning on launching a social media campaign and wanted to understand the factors in influencing clients. Moreover, the client wanted to understand customer engagement and experience in real-time in order to provide hyper-personalized customer plans.
The client had a full-fledged mobile application available across operating systems to help its users manage their accounts, access new tailor-made deals, pay bills, collect rewards, and more. However, the plethora of engagement programs by the client, such as payment reminders, special deals, and billing notifications were being done manually. Though this process worked in the beginning, the increasing number of users, the client found it daunting to keep up with the users manually. In order to rectify the situation, the client was looking to scale their hyper-personalization initiatives and achieve a superior RoI.
The mobile application was not the only way for the client to reach their customers, and the client also targeted its users through e-mail marketing and SMS systems. Although, this seemed good on paper, this eventually started hampering the client’s efforts aimed toward developing an omnichannel strategy. Due to the confusion borne with two separate methods of reaching the customers, the client was unable to offer hyper-personalized plans and offers through a suitable medium, eventually leading to users dropping off the interaction channels. The client wanted to leverage the power of data analytics in telecom industry to develop a mobile marketing solution to generate hyper-personalized customer plans to enhance the customer experience of its customers.
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If you’ve worked in the telecom industry, then you already know that staying relevant is a major challenge in today’s time due to the increasing competition. Moreover, this increasing competition and technological advancements have resulted in lower subscription rates, resulting in loss of revenue and reducing growth across the globe. The client was also stuck in a similar boat, where they were stuck between high competition and reduced profits.
Another area where the client wanted support was reducing fraud through better risk management. Being a veteran in the industry, the client has realized that better risk management was the solution to increasing sales and subscription rates. The organization was aiming to completely overhaul their digital transformation strategy through telecom analytics and ultimately reach their goal. After attending one of our webinars, the client decided to connect with us to solve their woes and achieve a superior RoI.
Revolutionary Solutions for the Telecom Industry
Once the work of our research experts was done, it was time to focus on the solutions. Firstly, we started to focus on our client’s primary concern, i.e. understanding and adapting according to their customer sentiment. We implemented natural language processing (NLP) process to automatically extract, recognize, and adapt according to the information and emotional states of the customers through customer analytics and sentiment analysis.
Our sentiment analysis tool is a leading program when it comes to examining the opinions and responses to the client’s products. Our solution enabled the client to asses their customers’ social media interactions, especially after the launch of any new campaign to reveal its performance. This allowed the client to leverage invaluable data to follow for any subsequent campaigns.
Not only this, but the sentiment analysis tool allowed the client to effectively gauge customer experience in real-time. Subsequently, the client was able to create marketing campaigns according to the data from previous ones, assess the performance keeping the older campaigns as benchmark, and supply hyper-personalized and targeted interactions to the customers.
Once this challenge was handled, our experts started working on developing a hyper-personalized CX strategy allowing the client to collect data such as user’s preferred device, user’s location, peak usage time, user’s industry, and more. Through this data, the client was able to create bespoke recommendations and customized plans according to the customers.
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We all know the value of keeping the costs in check, so our experts also devised a three-pronged approach – implementation approach, implementing scalable processes, and introducing innovation – to help the client reduce the total cost of operations (TCO) while maintaining the quality of service.
Finally, our AI-driven strategy allowed the client to gain a better understanding of its customer, ultimately enabling the client to automate their tasks and derive real-time insights based on the actions of the users. Ultimately, our client was able to deliver a hyper-personalized at scale across various touchpoints, including push notifications, announcements, and social media platforms. Ultimately, the client was able to:
- Smartly target customers
- Analyze customer sentiments
- Assess customer preferences
- Create subscriber profiles
- Calculate profitability for each customer group
Impact Analysis of the Data Analytics Solutions Delivered
Through Quantzig’s data analytics solutions in the telecom arena, the client was able to identify patterns for new market opportunities faster. Due to the emergence of IoT services, the telecom industry is rapidly evolving and the client needed to leverage this evolution.
Through the better understanding of its customer base, the client can generate better insights for NPD, effectively retain customers, acquire new customers, scale according to market demand, provide faster and better service than their competitors, and more.
Our marketing solutions also helped the client improve its customer knowledge and deliver a superior CX through hyper-personalized offerings. The client was able to achieve the following benefits:
Personalized data plan report: Providing users data consumption details and usage history.
Personalized alerts: Users were informed about high data usage, missed call alerts, upcoming bills, and more.
Personalized App Alerts: The client was able to deliver tailor-made plans and offers for the customers according to their device usage preference hours.
- Improved scores of different CX key performance indicators (KPIs) such as Customer Satisfaction (CSAT), Customer Effort Score (CES), and Net Promoter Score (NPS).
- Improved the click-through rate (CTR) for the onboarding campaign by 10%
- Reduction in TCO by 30%
- Reduced churn rate by 25%
- Improve the efficiency of business operations by 3x
- Leverage advanced telecom analytics for monitoring key performance metrics
- Identify new up-selling and cross-selling opportunities