The Business Challenge
With rapid advancements in technology changing the telecom landscape, players in this sector are poised to witness increasingly tough times. In fact, the telecom industry is set to face major digital disruptions over the next few years, making it crucial for businesses to reimagine their business models, rebuild a market position, and offer innovative solutions to its customers. Though several opportunities can be unearthed using customer segmentation analytics businesses are not well equipped to identify and capitalize on such opportunities.
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With the growing competition, the telecom major was seeking to improve its churn rate and customer loyalty. To achieve this they decided to examine the customer segments in order to identify and target the high-potential customer groups. By challenging the existing customer segmentation structure, the telecom major wanted to sharpen its customer segmentation analytics capabilities by raising the following questions regarding the benefits of leveraging customer segmentation analytics:
• Do the existing customer segmentation strategies need to be revamped?
• Do the existing customer segments need restructuring?
• Are there hidden business opportunities within untapped customer segments?
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Solutions Offered and Value Delivered
To help the client address their challenges Quantzig developed a comprehensive customer segmentation analytics framework to help them improvise their customer segmentation strategies and target new users through personalized marketing campaigns. We also leveraged propensity modeling techniques and robust statistical tools to glean comprehensive insights into various customer segments. As a result, there was a major improvement in the response for the personalized campaigns and the client achieved a 60% increase in customer loyalty when compared to the previous year.
The customer segmentation analytics solutions also helped the client to:
- Redesign their customer segmentation approach from demographic segmentation to customer needs-based segmentation
- Tighten characteristics of the existing customer segments
- Recognize new, distinctive customer groups