Better Data Means Less Churn To combat the danger customers will switch to a competitor—a process widely known as ‘churn’—industry experts generally agree telcos need to better understand their clients’ needs. Telecom companies typically list churn as one of the highest—if not the highest— concerns on their list of credit risks, and since the cost of switching is low, buyer power has risen. As competition has grown fierce and products have become commoditized, customers have placed more demands on their carriers for greater data-delivery speed and higher service quality. They also expect to experience the same level of service despite location or device used. Churn may be mitigated through strategies such as financing arrangements, as well as by uncovering, targeting and better responding to customers’ behavioral usage patterns. Decisioning and analytics tools can also help maximize the efficiency of marketing campaigns and service quality, which in turn can further reduce customer loss. Telcos that have developed more effective advertising tactics, who are better tuned-into current trends to determine future demand, and who offer individually-tailored products and financing options are most likely to keep their churn rate low. “The better you understand your customers and their needs, the more you’ll be able to develop the right products, set the right stock levels, tailor your marketing, improve your customer service, identify trends and forecast demand, and ultimately outflank your competitors.” -Verizon Source: Strategy Desk
As competition has grown fierce and products have become commoditized, customers have placed more demands on their carriers.
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