The tech revolution has given consumers a natural intelligence and telco providers aren’t keeping pace. They’re failing to make full use of their behavioral data, to personalize each individual online experience and to ensure that the customer journey is understood across all channels.
As telecoms products (broadband, handsets, cellular/ web data) have become commodities, price wars between firms have resulted in a detrimental race to the bottom. Focus on price has led many companies to forget about the consumer, resulting in an unsustainable level of customer churn. And with rising network costs threatening revenues, making radical improvements to CX should be seen as a fundamental, urgent priority.
Escaping from the price wars
Improving CX is the best way to differentiate, be competitive, rationalize revenue and eradicate churn. The most effective way of doing this is by investing in personalization; from personalizing the first point of contact with the customer, to letting them personalize their own experience of the product. Intelligent, intuitive personalization demonstrates an innate understanding of consumer pains, shows that you value their time and enhances their unique experience of your brand.
Think about the next stage in the evolution of personalization. Think about moving from personalizing the experience from known, existing customers towards personalizing every single customer journey; including those of unknown, anonymous web visitors. Optimize their real-time web journeys, raise conversion rates.
Artificial Intelligence that works for your business
And think about Artificial Intelligence; it is the tool most likely to facilitate this evolution within your company. Here are 3 ways that AI will solve telco-centric issues; from personalization to product.