Telecom Industry Trends 2014: Customer Opportunities and Challenges
A new year means innovation, but it can also mean customer resolutions to switch to another telecom provider. After all, competitors could be offering better incentives, plans and features, which means you’ll either have to follow suit or be left behind when customers close accounts en masse.
By understanding exactly what customers want with a new year, you can structure better offers around telecom industry trends and the challenges of keeping customers “sticky” in 2014.
One of the major challenges telcos face in retaining customers is matching data amounts to sufficient pricing. The days of unlimited data are giving way to data caps, which can help save on the bottom line but could result in disgruntled customers looking for a way out. Using competitive pricing and phasing existing unlimited data customers into limited plans could be keys to moving toward a usage-based pricing model. In the end, customers want the most data for the best price, which could help you upgrade existing customers to better plans.
Upgrading devices and services
By the time a customer gets a new device, it’s already out of date. Smartphone manufacturers are veritable idea machines that specifically time new-product releases based on current user desire for more features. Already, two highly anticipated phones are slated for release this year — the iPhone 6 and the Nokia Android. New devices mean upgraded services — better speed, more data and unlimited video, picture and text messages, for example. After all, if telecom industry trends don’t allow customers to use all the cool new features on the phone, what’s the point in upgrading at all?
Upgraded devices can be the perfect opportunity for you to be more aggressive when creating targeted offers. By matching a customer’s device to available plans and upgrades, you’ll keep customers while increasing profitable plans at the same time.
Let’s face it: Mobile users simply expect more of their telecom provider. Whether it’s stellar customer service or more bang for the buck, 2014 should bring about more fickle customers who are likely to jump ship if and when a better offer comes along.
Preemptive customer service, such as suggesting better plans, offering incentives and monitoring service efforts for quality, can help foster customer loyalty. You can’t force a customer to stay, but you can make it hard for them to leave because of the excellent customer service they receive.
The telecom industry is notoriously hard to predict, so expect even more innovation during 2014. But your first priority in any year should be keeping the customers you already have.
Image source: Stock.xchng