How data-based insights help you retain valuable customers and increase revenue in telecom industry?
What is big data analytics?
Big data has assumed a significant role for the success and growth of a company. The only challenge, however, is to use it optimally to improvise the business processes in such a way that you get desired performance from business and data thus collected. The need of the hour is effectively use big data technology to understand customer’s buying choices and preferences and eventually generate better revenues for your organization.
How big data analytics is important for your telecom business?
Data analytics can help customers gain subscribers and propose solutions to existing customer base by analyzing the masses of data produced every day. By analyzing big data, it is possible to find new insights to drive higher business performance. Let’s talk about figures now. In recent past big data has helped a leading telecom industry player re-craft their market measurement product, data integration processes, automation of workflow, and developing custom user interfaces. As a result, the new product, thus created, helped telecom giant reduce the amount of support required by 55%, which meant more revenues and business.
Benefits of using big data analytics in telecom sector
Let’s now discuss the benefits of using big data for telecom sector.
1) Gaining marketing responsiveness with smart promotions
The use of big data analytics allows you to determine a better way to entice and retain value-conscious telecom customers. By partnering with the right big data analytics company, you can create targeted customer promotions, which can help you generate better revenue.
2) Learn and capitalize on customer behavior
In recent past, marketing was all about cramming mailboxes of potential customers, making unwanted phone calls and producing highly expensive TV commercials. These approaches were based on a disorganized approach and the company could only get few people to respond by getting in touch with more than 10,000 contacts. However, big data analytics allows you to reach out specific customers, gain understanding of their requirements, and approach them with a solution in the most appropriate manner.
3) Enhance customer experience
Big data analytics allows you to gain access to customer’s location and travel patterns and thus come up with real-time promotions and advertising. Additionally, you can also enhance the quality of network operations and provide enhanced customer service to their most crucial customers after collecting, storing, and analyzing data from across millions of customers and transactions to achieve marketing effectiveness..
4) Keep fraudulent logins and activities in check
By opting for big data analytics, telecom companies can gain a real-time visibility into the each consumer that logs into any application. This allows them to prevent suspicious or fraud login to application by 70%. The companies can analyze operational data immediately that come from multiple data sources and systems and thus generate a consolidated view of data.
In a nutshell, the big data analysis helps you measure various parameters such as customer recharge, negative feedback, call comments, and help you perform data profiling and storage. This allows telecom companies to come up with better targeted solutions based on these parameters and thus generate increased revenue and retain customers by ensuring personal attention.