The telecommunications industry is a competitive one. For companies looking to forge a more reliable path to profitable growth in this climate, customer and enterprise value management present a clear option that emphasizes long-term performance.
Key components in the CVM strategy is personalization and engagement, but when it comes to telecoms, many businesses stumble on these points because they neglect to focus on them in a sustainable and strategic fashion.
This guide will provide some pointers for executing personalized customer value management throughout an entire customer lifecycle — greatly improving its efficacy and boosting the value this strategy offers to your bottom line.
Better Understanding Customer Value and the Importance of Personalization
Before jumping into various personalization strategies, you’ll need to have a grasp on what CVM is designed to address and how personalization plays a role in those objectives. Generally speaking, customer value management tackles three hurdles that telecom businesses often face:
- Acquiring new customers
- Retaining new and current customers
- Increasing customer value over time
Over time, the ease with which you can execute on the first point diminishes, so emphasizing retention and value increases is a must. Regardless of how saturated the market might be, however, personalization helps with both attracting and retaining customers. It’s for this reason that its emphasis should be throughout an entire customer lifecycle, and not limited to a campaign-by-campaign afterthought.
Strategies for Personalization Within Telecoms
Telecommunications bridges wide gaps. It makes sense, then, that there are numerous opportunities for employing personalization to help aid with your goals. The following examples run the gamut of hypothetical mobile phone, television, and internet customers:
For example, you can use data and predictive analysis to identify customers who are likely to jump ship, then employ personalized offerings at the right moment to persuade them to reconsider. This will help limit churn and plays into point number two mentioned above.
Alternatively, your analysis of customer actions may help you identify customers who, based upon their recent actions, may be highly receptive to upsell and cross-selling offers. Once again, personalization plays a role; y can tailor offers to these customers that will maximize their likelihood to purchase more, which feeds into our point three from the previous section. And it doesn’t end there. Additional personalization strategies might include:
- Personalized onboarding experiences to improve retention
- Proactive retention with specialized offers on “high-risk” customers
- Personalized digital experiences to boost conversions
The list goes on, of course, but the overall point should be clear: personalization must be a priority at every stage of a customer’s interaction with your business if you want to maximize the benefits that CVM can bring. Be sure you’re looking for these unique opportunities to employ personalization efforts and improve the customer experience.