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The State of the Telecommunications Industry in 2017

· Telecoms Industry

The telecommunications Industry's growth is enormous. It continues to evolve at a rapid rate, driven by high customer expectations, regulatory compliance and constant change in the business landscape.

With change brings new opportunities, and it's never been more important to engage your customers at every touch-point throughout the sales cycle and beyond. This all starts with a CRM which brings all these touch-points together in one customer view, staff activity, business reporting and targeted marketing campaigns.

What are the ways that a telecommunications specific CRM will drive business growth and customer satisfaction? The main areas of note are:

  •  Provide solutions which address customer challenges to accelerate acquisition

  •  Identify cross-sell opportunities to increase wallet-share

  •  Increase customer retention and reduce churn

  •  Manage a successful channel partner program

  •  Create an amazing customer experience

  •  Address regulatory compliance

  •  Better business visibility

Since the entrance of Google and Apple into the telecommunications arena it has changed forever. Now it's all about mobility and cloud-based apps. Customers are expecting more from their telecommunications provider when it comes to helping them navigate the new digital era, and provide ongoing support that is second to none, creating an amazing customer experience; such an experience that they want to share, networking with friends and colleagues, selling your business for you.

This leads to discussion on how to streamline processes and touch-points to accelerate customer acquisition. This is where a CRM will assist in growing your business, through cost-effectiveness and efficiency. So, let’s take a look at exactly how a highly customised and automated CRM may benefit your business.

ACCELERATE CUSTOMER ACQUISITION

Your prospects are being bombarded with cheap offers left, right and centre, but do you think cheap is what they’re really after? Some yes, but most, absolutely not! Just like you, they are also having to navigate this new business landscape of mobility, digital media, and cloud-based apps, and what they require more than anything right now is a partner that can provide solutions which solve their business challenges. A partnership that not only provides solutions but does so cost effectively, efficiently and delivers a customer experience above and beyond the norm.

Customer acquisition is not just about selling contracts and devices, it’s about understanding your customers and solving their business challenges with solutions that take their business to the next level. With the right CRM for your business, the customer experience you help create for your clients, becomes professional, supportive and seamless.

Leads may come in from multiple channels such as outbound activity, website, social media, email and call centre, by integrating these channels you’ll save time by automatically assigning the leads to the right sales teams or representatives based on their expertise or simply distributing them in a round-robin. Lead nurture strategies can be automated, communicating information relevant to the customer which will drive faster lead conversion. With this in mind, a well designed CRM helps your business work more efficiently, proportioning less time for conversions to effect.

Building these relationship can involve many forms of engagement from multiple representatives via phone calls, outbound visits, and emails all the while you’re capturing information that helps you better understand your customer challenges. Streamlining these processes and touch-points will accelerate customer acquisition, increase wallet share and customer stickiness.

Having CRM discovery workflows in place will empower your sales team: knowing they are working with the best systems, to uncover opportunities and promote product. Your customers will be more likely to move with confidence.

CROSS-SELL AND INCREASE WALLET-SHARE

Everyone wants to increase their revenue, and we know that one of the easiest ways to effect this is through cross-selling. When it comes to cross-selling products to existing customers, you’re four times more likely to close the sale, merely through the fact that they are with you already and have a trust-base established. With these kinds of stats it just makes sense to have a strong focus of cross-selling and increasing wallet-share for each of your existing customers.

At this point you already know a lot about your customers, and you can leverage your CRM database by segmenting your customers, depending on what products they have already purchased, or by industry vertical, business size and so on. This will enable you to execute marketing campaigns quickly, with relevant offers at the right time to your existing customers. A CRM, particularly one that is specific to the telecommunications industry, is capable of segmenting all the appropriate data, automating marketing campaigns, delivering support and content to the client at triggered times (based on data metrics).

There are further benefits to cross-selling other than pure wallet-share focus:

  • increased overall revenue

  • stickier customer relationships

  • improved moral of sales representatives leading to greater staff retention

  • shorter sales cycles and conversions, which increases productivity

  • end customer satisfaction through supporting their potential needs

  • improved ROI in marketing campaigns

Increase customer retention and reduce churn

Customer retention is crucial in growing a sustainable telecommunications business. It’s wasteful business practice to be spending precious time, funds and team energy on customer acquisition, when they may be just leaving through the backdoor. It is overwhelmingly cost effective and efficient to retain existing customers than acquiring new ones.

When deploying a telecommunications specific CRM in your business, it contributes to building customer relationships, with proactive account management, targeted marketing, and timely upgrade and cross-sell opportunities, all contributing to reduction in customer churn.

SUCCESSFUL CHANNEL PARTNER MANAGEMENT

 Channel Partnerships within the telecommunications industry are a great way to:

  • Reach customers and grow your business.

  • Keep relevant data up-to-date and all in the one system.

  • Segment channel partners so they can only see their opportunities and customers.

  • Set targets for each channel partner and report on pipeline and address any forecast shortfalls quickly.

  • Work closely with channel partners to deliver Local Area Marketing initiatives.

Imagine the possibilities of collaboration with a CRM that enables such a platform, to share ideas and information!

CUSTOMER EXPERIENCE WHICH CREATES RAVING FANS

There are many ways customers (we are ALL customers, consuming our way through life) experience their experience! It often depends on their personality type, but we can narrow it down to some very practical ideas that translate to helping provide an excellent experience, to rave about (word of mouth marketing). Your telecommunications specific CRM can help your business stay on top by improving:

  •  Helpful, consistent communication across the business. Customers come to know HOW they will be spoken to and that two-way communication flows well.

  •  Solutions - quick assess to, being able to find/source appropriate info quickly, to help customer in a timely, professionally manner.

  •  Compliance with regulatory bodies in the industry, customers know dealings are legitimate, through consistent language used by representatives.

  •  Customers being able to reach out through varied mediums, selecting one of their choice for practicality and comfort, such as: email, messaging, voice calls through a dedicated call centre, FB, and live chat functions. With a telco specific CRM all of these modes of contact can be integrated into the platform.

  •  Visibility of customer communications through to all staff through NPS, translates to continuity of care for customers.

BETTER BUSINESS VISIBILITY ACROSS ALL DEPARTMENTS

Now there's a lot of activity in all departments of the business, and you have a lot of data in your CRM. But how do you make sense of it all? Let's take a look...

 

With a telecommunications specific CRM all the Key Performance Indictors reports would already be cofiguered for you. This will give you live dashboards and detailed reports so you can see the performance of teams or individual staff, or business as a whole with truly beautiful, easy to understand reports.

  • Live Dashboards and reports which can be customised easily

  • Employees know what is expected of them and how they are tracking with their KPI targets.

  • Employee engagement - accountability - with phone system integration you can see the number of calls incoming/outgoing per staff, leads generated, leads converted, number of outbound visits to leads/contacts, number of appointments, tasks completed on time, number of support tickets created/closed/still open, and how long they've been open for.. Number of upgrade opportunities and close rate, number of new opportunities and close rate, what's expected to close this month - segment data by industry, lead source, business size, products purchased.

  • Run more effective meetings with your teams and management, ability to see exactly what is happening across channel partners, staff, departments and be able to easily follow-up on actionable change where needed.

  • Which areas of the business are performing well, and which need more attention.

  • What action shall we take this week, month, quarter, year: planning and goals!

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