Let us now consider the CRM practices in the Telecom Industry. So, scroll down to learn more about the topic.
Customer retention is one of the most important practices in the telecom industry. Although, it has been a challenge for many telecom organizations to retain customers. It is because of the technological changes, which are taking place at a very fast pace. Such as, with the introduction of new technologies, people are changing their phones and subscriptions more often. To retain their customers, organizations have to adopt effective customer retention practices.
Challenges in Retaining Customers
The challenges faced by the telecom customers can be broadly classified as:
- Lack of awareness about product or service offerings from the company
- Lack of satisfaction with customer care or support services provided by organizations
- Untimely resolution of issues faced by customers
What Are The Benefits of CRM Practices in the Telecom Industry?
The major benefit of effective CRM practices is that they can help organizations to retain their customers.
As mentioned earlier, one of the major challenges faced by the telecom industry is the technology changes. With the introduction of new technologies, people are changing their phones and subscriptions more often. If the organizations can retain their customers, then it will help them to build a loyal customer base.
Moreover, retaining customers is much more profitable for the organizations than acquiring new customers. Acquiring new customers is very expensive for organizations. So, if they can retain their existing customers, then it will save a lot of money for them. In addition, retaining customers will make them more profitable and productive.
What Are The CRM Practices in the Telecom Industry?
There are several customer retention practices adopted by telecom organizations to retain their customers. Let us have a look at some of these practices:
Awareness Building Activities
Organizations are conducting awareness-building activities to increase awareness about their product or service offerings among their existing as well as prospective customers. They are also conducting various contests and programs to increase the retention rate among their customers. For example – Airtel has launched various programs such as Airtel Green Rewards and Airtel Champions League T20 to promote its mobile products among its existing as well as prospective mobile subscribers.
Customer Satisfaction Activities
Telecom companies are conducting various customer satisfaction activities such as regular surveys and feedback sessions to get feedback from their existing as well as prospective customers about various services that they are providing. For example – BSNL has conducted various surveys and feedback sessions intending to improve its customer care services. It has also used social media tools such as Twitter, Facebook, and YouTube to get feedback from its customers regarding its services and products
Problem Resolution Activities
To resolve issues faced by its existing as well as prospective customers, organizations are using various problem resolution techniques such as direct call transfer feature, SMS alerts, etc. For example – BSNL has implemented smart solutions for problems such as missed call alerts on prepaid mobile subscribers and SMS alerts on postpaid mobile subscribers to resolve issues related to voice connectivity on mobile phones
Incentive Scheme Activities
Organizations are using incentive schemes such as loyalty programs and cashback offers to increase the retention rate among their customers. For example – Airtel has launched Airtel Rewards which allows its subscribers to earn cashback offers on their purchases of prepaid recharges and data cards etc.