1. A Well defined CRM Strategy
Clear and well defined business goals directly relevant to the CRM initiatives should be in place. So a clear strategy with respect to the following should be available: Customer acquisition, Customer development, Customer retention and Customer reactivation. A well defined CRM strategy will help in: Getting the employees motivated to achieve the goals and Getting the management buy in to implement processes and systems relevant to CRM initiatives.
2. Competitive Analysis
Telecom industry is a highly concentrated and competitive industry and each company has the financial muscle power to lure away customers. Competitive analysis should be done in the following terms: Years in business, Brand equity, Financial backing, Customer exclusivity (exit barriers and switching costs), Distribution channels, Product portfolio, Post purchase service and support, Commitment to technology and Sales force analysis. Competitive analysis can help telcos benchmark their own CRM practices and business processes.
3. Accurate Order Entry and Validation
Telecom industry is known for high order fallout rates. High order fallout rates lead to: Increased cost per order, Poor customer experience, Delayed processing cycles, Canceled orders and Lost billing days. A highly reliable and consistent Order Management system should be in place with all the necessary business rules updated as required.
Error free order entry and validation process ensures that customer orders are captured accurately, validated and monitored for timely and accurate service delivery.
4. Value based service
Varying levels of service an be provided based on Profitability, Estimated customer lifetime value and Propensity to churn. Predictive churn scores can be used to create highly targeted loyalty and retention campaigns to retain and increase the lifetime value of customers.
5. Smart Acquisition
Right prospects at Right Time in Right Channel. Better understanding of customers is required. Business Intelligence systems serving internal and external insights will reduce the cost of customer acquisition.
6. Proactive Churn Mitigation
Real time analysis of customer behavior. Detection of churn triggers like Frequent billing inquiries, High number of Service requests and Decline in usage. Personalized offers can be generated to retain these customers.
7. Migrating to profitable products
Proactively migrate customers from low revenue products to high revenue products by understanding customer usage profile and behavior. Multi channel marketing campaigns can be created to enable the change. The major benefits will be increased ARPU and stronger customer relationships.
8. Knowledge Management
Integration of all customer touch points. Customer knowledge management will transform customer info into actionable insights leading to better service experience.
9. Real Time Retail Channel Management
Real time information on New products, Marketing promotions and Incentive programs. Improved channel effectiveness and Improved customer experience leads to reduced customer acquisition cost.
10. Billing and Payments Management
Clarity of billing information is of utmost importance to retain customers. Multiple and convenient ways for billing inquiries and payments is a must for today’s customers. Reconciliation process should also be hassle free.
