Welcome to the first in a new series of blogs exploring the challenges and opportunities facing the telecommunications industry. From managing leads and growing subscriber relationships to simplifying service and optimising B2B sales, I’ll be investigating how telcos and MVNOs (mobile virtual network operators) can improve customer satisfaction and competitive advantage. This blog looks at how to unify the prospect journey to boost conversion rates.
Seizing the opportunity
Like everyone else, I’ve been keeping in close contact with relatives via video chat since the advent of COVID-19. In fact, I’m more dependent than ever on my telco provider to maintain my relationships with friends, family, and colleagues, and of course to work.
Subject to this increased need for bandwidth and massive pressure to keep services running at peak demand, it’s not been an easy time for the telco industry. But with customers recognising how important it is to have the right provider, it’s also a time of great opportunity when it comes to sales.
Disjointed experiences and poor follow-ups
Most companies in the industry still have a long way to go when it comes to managing and nurturing prospects, however. Many potential customers are lost by the wayside as a result of disjointed experiences across channels and a lack of follow-ups. These shortcomings aren’t just losing potential customers, but also driving up the cost of acquisition – telcos have one of the highest of all industries, at around $400-$600 per customer in Western Europe and the US. And it’s all down to siloed customer systems and data.
With every department working from disparate data sources, it’s impossible to provide prospects with a connected experience. For example, a potential customer might browse products online, pop into a shop to see them in person, then choose to make the final purchase over the phone. Without integrated data across these channels, the prospect has to start again every time they engage a sales rep, which can be frustrating and could delay a purchase.
A lack of integration also makes it really hard to follow up in a timely and informed manner. With customers more likely to buy from the company that responds to their inquiry first, providing sales teams with the data and capabilities they need to make these follow-ups quickly is crucial to conversion rates.
Consolidating systems and data to analyse, prioritise, and predict
By consolidating prospect and customer data across the organisation, however, telco providers can tell a very different story. You can analyse, prioritise, and predict. You can score and segment leads to enable more intelligent sales conversations; you can nurture leads with personalised and targeted emails; you can win more customers faster.
Each potential customer is unique, and to win them over, every single one needs to be treated as an individual. For some, the high-quality camera might be the winning factor, for others, it might be the unlimited bandwidth.
By capturing customer details and tracking their behaviour as they navigate the website, engage socially, and visit in-store, telcos can optimise how they handle leads and offer a unified prospect journey across channels. You can follow up at the right time and offer relevant additional services via the prospect’s preferred channel – whether that’s via a telephone call, email, or message on social media.
Winning more customers for less cost and less effort
This kind of experience isn’t really optional anymore - it’s what prospects and customers have come to expect. The retail industry, for example, is one step ahead when it comes to digitalisation and the ability to offer a unified journey. And customers expect the same seamless experience from their telco provider.
To win more customers, reduce acquisition costs, and boost satisfaction, you need to deliver a unified prospect journey that’s integrated, personalised, and pervasive. And to achieve this, you need centralised data and systems. Only then will you be able to give prospects and customers the seamless omnichannel experience they crave. It’s not only better for customers but also better for the business.
In the next blog, we’ll be looking at how telco providers can reduce churn rates and boost their NPS (Net Promoter Score) with more intelligent and personalised service.
To help your organisation gain a competitive advantage with a unified prospect journey, check out the Ovum Decision Matrix: Selecting a CRM Solution for Telecoms report.
