This is definitely is an exciting time for telecos because of rising opportunities to collaborate for growth. Telecos can be best partners to any government, city or local administration. Together they can not only solve connectivity problems but reduce the cost of delivering public services for example- increased security for women travelling at night, reduced stress for commuters trying to rearrange an appointment etc.
The long-permitted concept of omnichannel, in which various distribution channels are truly integrated, is finally becoming a reality; with mobile and web gotten seamlessly connected, and automation and personalization possible with advanced analytics. These factors present a chance to take customer engagement to a new level accelerating ROI.
This article (parts 1 and 2) touches upon how to improve sales and marketing efforts of telecos via Agile and Lean Kaizen.
But, firstly, let’s take a quick look at results of telecos SWOT analysis-
One of the threats that has exposed the old way of doing telecom business is from over-the-top (OTT) players such as WhatsApp, Apple’s FaceTime and Tencent’s WeChat.
Market research data indicates that the OTT players are growing quickly and could decrease customer spending on traditional fixed and mobile communication services by up to 36%, which will put a pressure on telecos market share as well as revenues.
Improved customer engagement using a strategically structured digital marketing and sales approach, regardless of their digital maturity, will bring-in a breath of fresh oxygen for these telecos; though companies that advance their digital customer engagement will experience the biggest upside.
Moreover, this digital sales and marketing process (improvement) is likely to ring-in 10 to 40% increase in ROI in the first year of implementation. So, how to make this possible?
Here are seven salient points of digital customer engagement for telecos to generate 10- 40% ROI:
- Drive customer acquisition by increasing incoming traffic (via SEO) and lead conversion.
- Transform internal processes to speed up value capture via agile marketing.
- Drive customer value through personalized outreach and cross-sell.
- Improve agency consolidations.
- Manage vendor relationships.
- Build cross-functional employee teams.
- Build technology stack, advanced analytics, optimized targeting and personalization at scale, leveraging both internal and external data.
To pursue such supercharged digital marketing- based customer engagement, the incumbent telecos must start out by the organization’s top leadership’s total commitment to this goal, choosing the right change management and business process improvement methodology to succeed attaining the initiative, keep the process improvement excitement brimming by appropriate employee engagement and investment into new ways of working.
Part 2 of this article series will touch upon the sales & marketing process problems (within telecos), recommended solutions, Agile and Lean Kaizen process improvement strategy to bring telecos marketing & sales up to speed and excel!
Learn more on Agile and Lean Kaizen:
- Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
- Continuous Improvement for Human Resources (HR) department via Lean and Kaizen
- How to improve business processes using effective tools: Capability Maturity Model Integration (CMMI) methodology
- 4 Vital steps of effective business process benchmarking.
- Role of Benchmarking in Business Process Improvement