In a highly competitive and saturated market, customer retention, rather than new customer acquisition, is crucial. To gain an advantage, telco providers must leverage and analyze massive amounts of data to understand a full picture of their customer and derive key insights for strategic outreach efforts.
Altair’s data analytics solutions enable wireless, cable, and other telco providers to drive retention, increase wallet share and market reach, anticipate fraud, and optimize resources and network investments.
In a saturated market, telecom growth generally doesn’t come from consumers moving from one provider to another, rather it comes from reducing churn and improving retention. Loyalty is highly influenced by customers searching for better priced plans and offers. For that reason, providers often respond by offering low-cost introductory plans to entice a customer to move over to their services, hoping that upon the plan renewal period the customer will not leave for another carrier.
Did you know that 11% of customer churn could be avoided if you just reach out to your customer? Every year, telco service providers lose millions in avoidable customer switching, but it doesn’t have to be that way! Communicating to the right client at the right time with the right offer can easily mitigate that cost.