Leapfrogging the Competition in the Age of the Customer

A stellar experience at each juncture of the customer lifecycle is imperative to accomplishing reduced churn and leapfrogging the competition according to Voice & Data.  Customer-centric organizations embrace the value of its user base, and know how to capitalize on transforming customer information into analytical insights to drive increased satisfaction and revenue.

With continued consolidation in the industry, there are only four or five major mobile carriers to choose from, and with the commoditization of cellular phones and service, customers struggle to perceive a difference between carriers value. They all have 4G LTE, albeit some offer better coverage, and they are all at relative parity with call quality. While some offer more robust rural coverage which is a differentiator, in general, they all cover a large portion of the country, especially in heavily populated areas. In a mature industry undergoing commoditization there is a way to really stand out from the competition to recruit new customers and minimize customer churn – offer superior customer experience.

What a Superior Customer Experience Looks Like

To create a tremendous customer experience throughout the entire customer lifecycle, mobile carriers need to crystalize their vast amounts of data into game changing analytical insights utilizing an Enterprise Data Analysis platform. Such a platform ensures data quality before the analytical analysis – poor data quality is the number one reason for poor quality analytical results – and embeds the results into existing processes to execute programs with higher yields which transform the customer lifecycle analysis into ROI.

The Tools for Customer Experience Success

A platform must deliver a combination of three techniques to deliver accurate customer insights upon which action can be taken:

• Identity Matching & Behavior Profiling: Discovering the true identity of your customer is the first step to protecting your business and growing your bottom line. Many times, a consumer appears to be a new prospect, but is actually a returning customer. By accurately identifying the customer, you reveal all past information from previous encounters with that person.

• Predictive Models: They work by looking at past data to learn which cause-and-effect relationships will drive future events. Predicting human behavior through data analysis yields valuable insights in the fields of customer lifecycle management to drive more informed decisions. 

• Propensity Scoring: This combines business data with the results of advanced analytics  to predict future business outcomes. With propensity scoring, you can more effectively plan marketing campaigns, increase revenue per customer, stop fraudulent activity, prioritize debt collections, and improve operational processes.

The customer experience is crucial and the ability of an enterprise to harvest the incredible amount of transactional and historical data is what will define which organizations stagnate and which ones prevail to become category leaders.

To learn more about how customer lifecycle management can help you leapfrog the competition, explore this insightful white paper: