The global Telecom sector is at an inflection point today. In a hyper-connected and highly digitized world, it’s paramount for Telcos to stay relevant to the changing needs and preferences of its customers. It’s no longer just about just the ‘price’ or the ‘product’ but the trick lies in offering a great CX powered by digital technologies. An experience that’s enticing, exciting and engaging.
What better than a well-executed Loyalty Management program?
Customers feel instantly gratified through rewards, offers and discounts that are tailored based on their usage and behaviour. There is a sense of elevation and appreciation when contextual and personalised rewards are offered through a formal channel like Loyalty Programs. To stay relevant, Telcos should aim engagement at subscriber level in loyalty-based programs. Rewards and recognition are the crux.
Loyalty Programs – A Proven Approach for Customer Retention
Annual churn rates for telecommunications companies average between 10 percent and 67 percent (Source: Database Marketing Institute).
For Telcos, driving a full-fledged Loyalty Management program is the key to unlock a world of opportunities. The primary goal is Loyalty management is retention. However, there’s more to it than just preventing customers from leaving the network. Let’s look at some of the most viable benefits.
Create new revenue streams: Partnering with offline/online merchant implies earning opportunities through a new P&L.
Boost mainstream marketing efforts: A great value-add to the existing campaign management system. Loyalty programs complement everyday efforts by contributing to trigger-based marketing campaigns.
Add value to CLM: Adds a great deal to Customer Lifetime Management (CLM) by enhancing the lifecycle of each customer in the network.
Customer Experience: With Loyalty Management, a new dimension is added to the Telco’s efforts to remain customer centric.
Loyalty Management System – An Engine to Design Contextual Offers for each Customer
For uninterrupted continuity in effectively managing Loyalty Programs, Telcos need a highly capable and scalable Loyalty Management system. Here are some of the benefits of deploying Loyalty Management Solution.
Plug and play: The most well-known solutions are by large “plug and play” or a one-time installation which implies faster implementation and time to market.
Equips teams with real-time insights: With a Big Data Analytics backed tool at their disposal, campaign managers can design, forge, drive campaigns and measure them real-time for effectiveness.
Nurture merchant network: Most importantly, it allows the retail partner network to access a common platform and jointly participate in running loyalty programs with the Telcos. Offers a great sense of inclusiveness and ownership.
There’s more to Loyalty Management than just retention. Considering the competitor is always on the prowl for signing up disgruntled subscribers to its network, Customer Loyalty Management is a highly recommended approach for Telcos seeking newer avenues to customer centricity.
Looking for specific insights on how a Loyalty Management solution can help your Telco give a new meaning to CX? Write to hello@pelatro.com for a free demo/discussion.
