Customer Experience Management (CEM) in Telecoms
With mobile telecoms markets nearing or above 100% penetration and intense competition rife, managing churn and building life-long loyalty is not a “nice to have” strategy any more, it is a matter of survival. Yet very few of your customers are truly passionate about you and churn easily in search of lower prices, better network coverage or higher voice quality. Customer ‘loyalty’ comes with a high price tag in terms of subsidies, special offers and giveaways. Developing life-long loyalty among telecoms customers is not just about putting in place retention activities to maintain market share and manage churn in the short term. Most of today’s so-called ‘loyalty programs’ do very little to sustain or enhance customer passion for telco brands over the long term, and telcos are losing the brand race to other high-tech and lifestyle brands such as Google, Amazon and Apple.
The telecoms market is rapidly becoming even more complex, with new communication-centric services available every day from a wide variety of providers both within and outside telecoms, increasing the risk of churn still further. With your control over your customer relationships now under threat from all sides, now is the time for you to begin developing customers as true assets to your company. This is likely to involve a total re-think of your current customer relationship strategy and a complete realignment of your organisation with your customers’ expectations, delivering total satisfaction at all times.
Building true loyalty involves taking the ‘R’ in Customer Relationship Management further than ever before to develop a proactive, holistic, ecosystem-wide approach to total Customer Experience Management so that your customers become advocates for the products and services that you and your partners offer. Your customers are your assets: understanding their value drivers and delivering on those, nurturing their experience from Day 1 of their journey with you and delivering on your brand promises at every touchpoint will build their trust, loyalty and ultimately deliver a return on investment by reducing churn management costs and increasing customer lifetime value and profitability.
Looking for training in CEM?
Telecoms Academy will be running a 2 day Customer Experience Management in Telecoms on 2-3 October in London you can find more details by visiting the course page.