With the ability to easily compare and switch providers, telecoms and utilities marketers are challenged to compete on price and experience. It’s not surprising that many have adopted loyalty programs to boost retention, but that’s only just scratching the surface of what’s possible.
With customer ratings and feedback affecting consumers’ supplier choices, it is no longer price alone that influences the decision to switch. Factors like long hold times and mismanaged communications can really impact a purchase decision. With this shift, data-driven marketing has never been more important as it enables marketers to shape the best experience for consumers to boost retention.
Customer relationships will become telcos and utilities’ most important asset, and customer data – previously only used for billing purposes – will be the foundation for building those relationships to both retain and attract new customers. While most telecoms and utilities marketers recognise the immense value of data, with 91% saying data management is a priority for their organisation, our recent research shows that they have barely scratched the surface of what’s possible.
Despite appearing more confident than other sectors, only 14% of telecoms and utilities marketers said they apply full-cross channel personalisation and only two in 10 marketers said they are using advanced attribution techniques, highlighting that there are still clear opportunities to advance.
Transforming data into value and turning insight into action isn’t straightforward. Most telecoms and utilities marketers are challenged with a data skills gap, with 43% saying this is the top challenge to improving data management. But overcoming these challenges is well worth it.
Click here to view the telecoms and utilities research report for more insight as well as eight top tips to improve your data-driven marketing.
To see how telecoms and utilities compare to other sectors, take a look at the full research report.