The Covid-19 pandemic was a driving force for businesses to innovate and pivot strategies. Telco and other service providers have long been viewed as utility companies by today’s consumers - customers might not necessarily love their service providers, but they do love the things they make possible. At the start of the global quarantine, service providers around the world were under immense pressure to deliver their services effectively to consumers.
Service providers are now in the spotlight, and the silent customers who didn’t care who their provider was, now became their most important customers almost overnight. How can Telco and CSPs find these customers before it’s too late? One new innovative approach is for Telcos to protect and enhance their customer relationships by leveraging their data goldmine - Network data. The answer to the personalization-privacy paradox. But this is a challenge in itself because Network data is:
- Massive. 463 EB of data are expected to be created everyday by 2025 (IDC)
- Complex. Made up of hundreds of real-time, unstructured, discrete metrics
- And most importantly, sensitive. It's an intimate record of everyone using your services, and data your customers have trusted you with
So how can Telco and CSPs make use of this data goldmine to deliver great experiences to their customers in a privacy-safe way? You need a new system that can embed privacy in its process to surface insights in near real-time for your organization to act on, swiftly and within context. There’s no point sending a customer a promotional offer when your customer has already been sent an overdue payment notification. They’ll want to know that you care for them, so it would mean a lot more if you gave a discount together with the bill - to ease financial stress. Imagine the joy you’d bring them knowing that they’ve got a provider who cares? And addressing the issue proactively puts you on the front foot in the conversation.
We spoke to Sheryl Kingstone, Research Vice President and General Manager from 451 Research about her latest research in Digital Transformation and the importance for Telco and CSPs to innovate their tech stack to meet the demands of today’s customers in our webinar, Navigating CX for Telcos: how to hyper-personalise in a privacy-safe way. Watch this on-demand and catch us discussing:
- The Alphabet Soup - why “the creation of a single source of truth for customer data hasn’t been solved by most Telco and CSPs
- Why volume isn’t the only challenge for Telco and CSPs, but also variety. A single view of the customer isn’t a one-dimensional, linear view - it’s complex and requires many different sources of data to get a complete picture
- And lastly, privacy. What can Telco and CSPs do to use Network data and not violate customer privacy rights, and break their trust?