5 Things Telecom Businesses Should Do To Successfully Handle Digital Disruption
It is an interesting time to be a part of the telecom industry. On one hand, the number of mobile phone users has increased dramatically in the past few years thanks to the declining costs of handsets. Consequently, the consumer base for the telecom industry has burgeoned. On the other hand, digitisation has crept into every aspect of the business. Stiff competition in this sector includes not just a range of service providers but also vendors who offer value added services like Skype and Whatsapp. What’s more, customers are demanding much more from their service providers than they ever did before. From high-speed mobile internet to assured connectivity to quick and efficient support – the customer today wants it all and is not afraid to hop from one provider to another if his or her demands are not met instantly.
It is imperative for those in the telecom sector to acknowledge this wave of digital disruption quickly and equip themselves with strategies that will help them stay relevant despite all the challenges. Here are a few things that they can focus on to continue being a prominent part of the evolving landscape:
- Reinvent The Way You Do Business – Traditionally telecom providers only focused on providing basic communication services like text messaging, voice calling and video calling. With value added services coming into the picture, offering only these facilities is not enough for sustenance. Telecom business owners should, therefore, start looking out for other parallel opportunities, especially those that have arisen due to the very digital disruption that has given them a run for their money. For instance, making the most of new technologies like the Internet of Things and creating brand new revenue streams using it may be a good starting point.
- Find Out What Your Consumers Want And Deliver It – The telecom industry has easy access to a rich cache of consumer data that not even search engine stalwarts and networking websites have. Use this information to find out preferences and needs of your consumer base. Aside from this, it is vital to understand what millennials are looking for since this is a generation that forms a major segment of any telecom business’s customer base. These young users seek flexibility. To appease them you may want to consider going contract-free or providing automatic device upgrades.
- Give Your Customer Support Strategy A Makeover – Once you have studied consumer usage trends you would know which online channels they rely on the most. Using this information you can build a new customer service framework. An app that helps users get quick information regarding their accounts, chat functionality that allows them to get instant assistance, and smart self-service kiosks at stores are some examples of elements that you can introduce as part of your brand new support infrastructure.
- Do Not Discount Cyber Security – While the prospect of renovating your existing IT infrastructure to service customers better is exciting, it is also critical to factor in the risk of cyberattacks and data thefts. Put your research teams to work. Ask them to figure out how to skirt any form of cyber threat and to put in place the most unbreachable security features that will safeguard consumer privacy.
- Try Bundling Services To Create Business ‘Stickiness’ – Offering a bundle of relevant services based on individual preferences and requirements and that too at attractive rates is an excellent way to retain customers. For example, some communication vendors go as far as clubbing together not just cable television, telephone, and internet services but also a range of security systems for your home and office. In the past, companies like T-Mobile and AT&T have also partnered with online streaming platforms like Netflix and HBO respectively to provide free subscriptions along with mobile plans.
Instead of fearing the upheaval caused by digitisation, it is in the best interest of all communication service providers to find ways to make it work for them. Using innovative ideas to expand service lines and to keep customers actively engaged and satisfied is what is most required to keep your head above the rising tide.