Now that true omni-channel communications have been made possible with the acceleration of Martech over recent years, telecom companies really have the opportunity to up their game when it comes to marketing and dealing with the customer.
Martech has certainly been a disruptor (heck, we even have our own portmanteau for it, in case the full stack of ‘Marketing Technology’ is too much of a mouthful), and the telecom industry is certainly no stranger to disruption. The more traditional players such as the MNOs, with their own legacy infrastructure, and even more legacy attempts to acquire customers through traditional cold calling and high-street sales, are on the defence. But from who?
Telcos are Under Attack!
In a recent article, McKinsey talked about ‘Digital Attackers’, companies that are solely, or largely online businesses. They may be relative newcomers without the years of experience earned by the incumbents, yet they are not burdened by the heavy overheads of maintaining hardware, complex legacy ecosystems or large employee headcounts.
OTT players such as the various messenger offerings and social media apps, are also taking large bites out of traditional revenue streams.
Either way, the sentiment across the industry agrees, as was evident in our findings from the roundtable sessions that Exponea ran at the Customer Experience Management in Telecom Global Summit event last month, that the new kids on the block can teach the old guard a thing or two.
So how are these companies succeeding in breaking these markets?
Telecom Marketing must be more Agile
Agility is the key, and these companies are nimble enough to thrive in the face of apparent adversity.
Agile, as a formalized project management framework came out of DevOps strategies developed in the 1990s, and was designed as an approach to ensure a more rapid software delivery. Now, fast forward to the 201xs and we’re now in the world of Agile Marketing, with content scrum teams and campaign sprints.
So how are these young dynamic companies driving these changes?
Three Pillars to Advance Digital Customer Engagement
McKinsey says that the biggest upsides for telcos come from increasing customer engagement, which can be addressed by three pillars:
- Buy-In and talent: Buy-in from the C-suite, organizational change, and hiring the right talent are the cornerstone of any digital transformation process.
- New ways of working: establish an agile marketing practice, driven by data to continuously improve.
- Technology: implement Martech that uses internal and external data to optimize the customer experience, and introduce a loyalty program to increase the customer lifetime value.
Telcos can Leverage Customer Engagement with Exponea
At the core of Exponea’s CDXP is the Customer Data Platform, the central repository that unifies customer data from all sources, and creates a truly unified Single Customer View. With advanced analytics we can understand customer insights and take action on those insights, right from inside the platform, to engage customers at the right place and time.
McKinsey details different types of engagement and levers that marketers can use to advance those engagements.
Driving customer acquisition
- Increase incoming traffic – With omni-channel marketing automation, telcos can reach and re-engage existing customers, and use our Adtech to reach audiences on social media, driving these leads back to their site.
- Drive lead conversion – Nurture campaigns that target customers with personalized messaging while on-site and across different messaging channels can provide the customer the next-best offer, on the right channel and at the optimum time, enhancing the customer experience. These campaigns can be continuously A/B tested and optimized for conversion.
Evolve operating model
- Transform internal processes – Exponea enables digital marketing to be more agile by centralizing the customer profile and behavior in one place. With advanced analytics, powerful segmentation, AI-driven predictive capabilities and event-driven marketing automation, marketers can launch intelligent data-driven campaigns quickly, and without needing support from IT.
- Revisit agency partnerships – Exponea Customer Data & Experience Platform is platform agnostic. Telecom companies can build on their CMS or commerce tools of choice, and only need one Exponea partner to build up the Single Customer View, and generate the insights needed to drive the omni-channel personalized messaging campaigns
Drive Customer value
- Personalize outreach and cross-sell – Having a full view of your customer, their purchase history and browsing behavior enables companies to build up behavioral models that can be used to deliver relevant, in-context offers to customers at different touchpoints in their journey. With Exponea, you can combine what you know about your customers, for example, their current tariff limits, contract expiration and data usage with on-site behavior, such as knowing what phone brands they browse the most. This means you can help steer their choices by displaying phone and tariff offers most relevant to them. If you know they have a mobile phone contract, you can offer broadband or a TV service as part of a bundle.
- Reduce churn and grow advocacy – Personalizing the customer experience is a key strategy to reducing churn. Telcos need to be flexible enough to be able to offer services that meet the needs of their individual customers, and be able to effectively communicate those offers so that they come back for more. If your customers feel that you really understand them, they will advocate for you and promote your brand. Exponea enables you to know your customer and reach out to them effectively.
Marketing Technology and Infrastructure
- Build technology stack – Building up a full Martech stack takes time and investment, and a lot of testing to make sure your technology components actually talk to each other. Even the large marketing cloud platforms on the market today have been put together from technology acquisitions and still suffer the same challenges, as if they were being implemented as separate products. Exponea was developed from the ground up as a cloud based suite of tools that ‘just work’ together, reducing the burden on IT and bringing faster time to value.
- Manage vendor relationships – As the Exponea platform has been built from the ground up as a suite of pre-integrated tools, it eliminates the need for implementing multiple point solutions to achieve the same goals, reducing the need for working with multiple technology partners.
Marketing ROI Optimization
- Performance steering – Exponea can help you plan your marketing activities, measure results against define goals, enabling you to make more impactful decisions for your marketing strategy
- Advanced ROI Approaches – The cloud based and collaborative nature of the Exponea Customer Data & Experience Platform means marketing departments become more efficient, and get time to value faster, meaning ROI on your marketing campaigns can be realized sooner.
Building Blocks to Success
Understanding the customer, and having an agile approach to responding to customers’ needs and wants in real-time is key to developing the Customer Experience.
Telecom companies are often struggling under the weight of complex legacy systems, with customer data spread over multiple databases, accessed by different teams for different reasons. Resolving different customer identities into one individual profile becomes a nightmare, and providing a consistent customer experience is impossible.
So a system is needed with the capability to grow with your business.
You need to be able centralize your customer data into a single customer profile, provide insights into your customers and have the ability to take action on those insights, automatically, and in real-time, on any channel. This will drive customer engagement, and help your company survive, or thrive.
Contact us to find out how Exponea Customer Data & Experience Platform can make your marketing more agile.