Chris, 30-odd something lives in New York and works as a Principal Consultant with a leading PE firm. Just like any digital-age customer would, his expectations from all his services providers are high, ranging from personalised services/offers to top-notch customer service.
Chris has been an active subscriber with a leading CSP and uses multiple services including roaming. He’s highly disappointed with standard plans and sees no value in continuing with a mediocre approach to his needs by the CSP.
He is a prime customer with an average monthly ARPU of $$+ and has been on the network for a little over 10 years.
So, what really went wrong?
For a valued subscriber like Chris, it was perhaps a culmination of issues led by lack of excitement/motivation to “Stay back”. He expected the Telco to track his usage, follow the relationship closely and maintain a more personalised approach to keep him excited.
Like Chris, there are millions of new-age customers whose expectations are on the rise. In the backdrop of cut-throat competition, Telcos need to act swiftly and contextually.
What could have been done differently?
Telcos are today sitting on terabytes of valuable Customer Data and perhaps not doing much about it. Even if the data is being “worked upon”, they are processed and analysed in silos, giving a fragmented view of the customer profile, not relative enough to drive personalized offers.
There is a dire need to integrate data sources, unify them on a single platform to help Telcos get a 360-degree view of the subscriber to tailor offers and plans.
How Telcos treat Customer Data currently?
Telcos and CSPs are home to data from multiple sources such as CRM, CDRs etc. being used in silos. This isn’t helping much as it offers multiple views of the same customer and there are high possibilities of not achieving the data mining objectives. A Unified Customer Profile will help campaign managers drive relevant and contextual campaigns.
A Customer Data Platform (CDP) does just that.
What is CDP?
According to CDP institute, “A Customer Data Platform is packaged software that creates a persistent, unified customer database that is accessible to other systems”.
This definition has three critical elements – packaged software creates a persistent, unified customer database and access to other systems.
If data is the new oil, CDP is a new engine ready to drive the next wave of changes in Telecom Marketing. In our next blog, we’ll tell you how CDP is specifically helping Telco marketers drive result-oriented marketing campaigns.
