The current market is customer-centric creating value around customer lifetime management. Industries are concentrating their activities around their most profitable clients resulting in successful customer retention. Customer Value Management enables telecom companies to create a consolidated framework to identify the most favorable target to implement the right strategies at any given point in time. Big Data analytics is an influential instrument in this data-driven world. The competition among organizations has increased the search for more powerful and constructive ways to reach the target audience. Customer data is more widely available than before. Leveraging this drives smarter decisions and better vision.
Companies developing strategies using big data to improve customer relationships are key ingredients for customer value management. According to the report generated by Grand view research, telecom companies can reduce customer churn rate by 50%, while improving their repeat customers by 15%. This has resulted in CSPs focusing on CVM which improves cost utilization and removes cost blockers.
The main purpose of this automation through Customer Value Management is for telecom operators to accelerate their marketing while also enabling self-serving analytics. Big data analytics scrutinize the collected data to unveil patterns, trends, and deeper insights into customer behavior. Such information is vital to make profitable business decisions which creates an impact in the market. This can be done by understanding customer behavior, patterning customization, and personalized touch points. In the telecom industry, digitalization has enabled CSPs (Communications Service Providers) to enhance their services by using such powerful tools to create customer value. Keeping an existing customer is significantly cheaper than acquiring a new one, and with such cutthroat competition, it becomes critical to increase revenue while reducing customer churn. Several business analytical tools now enable companies to avail solutions that match their requirements. Tools like analytical skills, statistics, and SQL are now more accessible.
Customer Value Management Software is Vogue
This software helps simplify the strategy implementation process by delivering value to businesses by identifying their most valuable customers and accelerating growth. Every day billions of data come through the web when mapped is a gold mine hidden in plain sight. Multi-channel campaigns management platform creates a higher customer engagement rate which is identified through tools like RPA with AI/ML techniques. Today self-serving analytics have become a part of CVM. This allows businesses to identify the consumer’s delight and pain points accurately. NPS (Net promoter score), CSAT, and EI enable businesses to reward customers with personalized offers with a dual-loop strategy.
Reward management solutions for the telecom industry help identify individual behavior and experience. Assessing this in advance ensures that the respective actions can be taken by following up at regular intervals. Gamification allows consumers to feel rewarded for their application usage. Games like Spin and win (The game allows the audience to spin the wheel displayed in the application for a chance to win a prize), Shake and win (Users are asked to shake their phones to win discounts and prizes), Guess the brand (Consumers are asked to guess brands that allow them to avail discounts) and Quiz (The game quizzes users to let them win prizes for their right answers ) highly engages the users.
The gamification market is projected to grow from USD 9.1 billion in 2020 to USD 30.7 Billion in 2025 at a compounded annual growth rate of 27.4%. The main growth drivers are rewards and recognition to employees by the provision of lucrative offers to customers producing a higher ROI. At present CSPs have stopped relying solely on measures like advertisement revenue and market share to assess their growth. To get a holistic view, business operators are now measuring Customer value management to evaluate their lucrativeness. It shows the customers in their cycle which helps identify their position which further helps telecom companies segment their consumers.
Where is this Revolution Taking Us ?
The key driving factor of this tool is to increase customer loyalty. It allows customers to consider that certain brands represent higher service quality than others.
Companies are now focused on loyalty and retention schemes. Incorporating customized mechanics allows advertisers to target specific segments of the customer pool. Gamifying repetitive and monotonous tasks engage the audience making them more likely to revisit the page. Providing a sense of achievement, and creating and managing multi-level goals stimulates reward-seeking. Big data solutions produce predictive tools that allow companies to prepare for upcoming trends creating higher customer retention.
6D’s MAGIK, a complete customer value management platform with big data analytics, is focused on the customer 360 approach. The platform helps businesses to start targeting unique customers rather than just unifying the data, and gain deeper insights into consumer preferences to understand consumer behavior. This creates a one-shop stop for handling inquiries and delivering experiences throughout the customer journey. Platforms like MAGIK have transformed companies by identifying and targeting customers through social media at any point in their journey.
MAGIK helps enhance customer engagement and enhance their experience among its other features. Quickly detecting aspects of customer experience that contribute to building aspects of targeted programs can be game-changing for marketers. CVM helps detect what customers enjoy and creates and supports ongoing business processes. Spreading commitment toward customer interactions is critical to giving them the best possible experience.
Contributing Author – Vishalini Nandakumar. Vishalini is a digital marketer with a speciality in content writing. With a key eye for innovation, she has helped companies publish content for their websites and social platforms. Her analytical skills and creative writing complement her ability to design deliverable content across numerous channels in various markets. As a passionate dancer for over fourteen years, Vishalini loves to solve challenges in creative ways.