In this blog, you will be getting an insight on the role of CRM in Telecom industry. CRM evolved from being used by just the Customer service team to solving customer inquiries, requests and complaints across the organization. CRM has caused a huge transformation in end user experience using effective Communicating Sequential Processes (CSP).
Role of CRM in Telecom Industry
- Today, we see a significant changes in the expectations of the customer who is just not happy with the basic levels of service. Customers now expect service that is proactive rather than reactive.
- Today, the customer expects a CSP to know if he/ she has a good network, accurate billing, a good voice and data experience, service experience and finally if he/ she is getting the appropriate return for investment. This becomes more challenging with the evolution of multiple technologies like 2G, 3G, LTE and LTE Advanced.
- A Customer Experience Management (CEM) solution is the one stop solution for CSPs today to be competitive in the market, to provide a great customer experience and to define the future road map for technology, process and people.
- We see a CEM solution as one which not only helps in customer experience enhancement but has a huge potential in revenue enhancement as well.
- An integrated Customer experience solution will go a long way towards changing these customer perceptions and enhancing the Life Time Value of the customer. In today’s world of cutthroat competition, it is very essential to not only exist but also to excel in the market.
- Today’s market is more & more complex so, to survive in the market the companies not only have to satisfy its customers but also delight them.
- Now, the challenge for telecoms is to balance the ever-increasing need for sophisticated IT with the need to keep IT costs reasonable. In other words: making IT a driver of value.
- Telecom companies are facing some unique set of challenges that stem from customer demands and technology trends. The convergence of applications, networks and integrated user experience are the main points in the telecoms’ industry.
- Ranosy’s telecom solutions help you identify and address the challenges and opportunities created by convergence.
Features of Telecom Solutions
- It consists of features such as powerful project planning, collaboration, document management and resource management functionalities for enterprise project monitoring. Our solutions help you identify and address the challenges and opportunities created by the convergence of applications, networks or content.
- As a conclusion we could say that the telecom industry is investing heavily in technological innovation and in the development of technology. The growth rate is continuing at a fast pace, new value added products and services are driving the consumer spending behavior.
- Few companies have already realized the opportunity to improve the relationship with a customer while performing marketing research. CRM could help in Creating customer satisfaction, Building brand equity i.e. name awareness, perceived quality, brand loyalty, the associations consumers have towards the brand, trademarks, packaging, marketing channel presence and last but not the least Creating and maintaining relationships.
- Telecom managers, working in a highly competitive environment as a result of deregulation, find that effective mass-market CRM is a top priority. Just as improvements in technology led to an explosion of landline phone service, advances in communication systems have generated a huge and growing market for both land-based and wireless services.
- With marketing budgets in the multiple-millions, telecom providers have employed sophisticated electronic messaging and direct mail promotion tools to generate and serve customers. Yet most telecom companies are still playing catch-up in their use of CRM.
Goal setting process in Telecom industry after CRM Implementation.
- Increase Sales
It goes without saying that most sales people would rather not add to their already-substantial burden. While their focus should be on generating and executing sales, CRM in telecom is often perceived as a distraction or a means for management to babysit. As reported by The Tas Group, approximately 67 percent of salespeople miss their quota in any given month. At the same time, an impressive 65 percent of those same people meet their quota when using a mobile CRM. The telecom industry is known for having high fallout rates. High fallout rates lead to an increased cost per order, delayed processing cycles, and poor customer service.
- Expand Business
Seeking new leads isn’t just a salesperson’s task; it entails a variety of manual and automated actions across multiple channels. Telecom CRM is integral to this process. It helps employees cultivate leads from seminars, conferences, trade shows, and webinars; it helps generate leads from email lists and website visitors; it allows managers to forward those leads to salespeople so that follow-up can be done immediately, while the business is on a potential customer’s mind. CRM can also direct telecom employees to cross-selling or up selling opportunities. It can, furthermore, be used to improve efficiency so that top-of-the-funnel opportunities are maximized.
- Competitive Analysis
The telecom industry is both highly concentrated and competitive. There are a lot of companies with the financial muscle to lure away customers. Competitive analysis is a necessity for any telecom business that wants to succeed
- Increase Customer Retention
The right CRM solution allows for information to flow smoother and quicker within a company. The result of such expediency is far more than happy sales representatives; it also means increased sales numbers, happier clients, and a bottom-line that seems to balloon.
- Manage Customer Information
In the telecom industry, customer service representatives are faced with restricted time to make a sale. It’s important that they have all of the customer’s information at their disposal from the moment they pick up or place a phone call; after all, time is of the essence. CRM allows this.A CRM also allows reps to quickly reference a customer’s most ordered items, upsell based on previous interactions, and identify popular products to cross-sell across multiple buyers. It provides a quick and easy method for recording sales activities and then documenting and sharing information among sales professionals. A CRM can identify specific information about customers that then allow employees to develop products, services, and marketing targeted at those individuals. In a crowded landscape of businesses competing for customers—especially small and mid-size enterprises—this can be invaluable.
- Provide Immediate Feedback
A CRM offers managers a better understanding of the sales process so that they know how individual representatives are working. This affords them the ability to provide immediate feedback to improve the sales process and increase a sales team’s efficiency.
- Manage More with Less
In the fast-paced environment of the telecom industry, it’s easy to drop the ball with customers. Often, 80 percent of a company’s business comes from 20 percent of their customer base because they know them really well. Unfortunately, the remaining 80 percent of customers are neglected, leaving management with little knowledge of what these people need or want. As a result, many opportunities for growth are missed.Many companies want to discover efficient ways to access business in the ‘long-tail’ of their market. With marketing automation and CRM, it is possible to prospect in the long-tail that would otherwise be nearly impossible given an organization’s resources.
- Minimize Risks
In an industry such as telecom where employee turnover occurs frequently, it’s easy to have dropped deals. When one person takes over from another, it becomes apparent that numerous customers weren’t contacted or issues weren’t resolved. This oversight leads to missed sales targets and unhappy prospects who not only take their business elsewhere but also fuel the complaint cycle.With a CRM, managers can easily reassign tasks and shift accounts when employee turnover takes place. With a seamless transfer of responsibilities, customer satisfaction improves—and so does employee satisfaction. A CRM also tracks employee activity that may indicate later problems.
Business benefits CRM introduces into telecommunications industry
CRM enables us to accomplish crucial business goals. It provides robust functionality and leads a company into the future. CRM systems provides telecom business representatives with the following benefits:
- There should be dedicated personnel with authority to answer the inquiries and take immediate action. Constant integration with billing, order, and service management systems provides the information and tools to ensure customer satisfaction.
- Ensure full integration for solid customer data within the company.
- Alter launched campaigns into more effective and productive ones, thus, making them much more profitable.
- Increase the business profitability by effective analysis of database marketing response rates using successful strategies to engage new customers, reinforcing cross-selling and up-selling, and lowering churn.
- Gain sustainable competitive advantage. CRM solution renders sufficient customer sustains and disposition, as well as professional forecast of customer behavior, and accelerated time to market.
- Trend analysis, Customer demographics and interests, and dynamically reallocate development resources. These are the measures taken to design product and service offerings that will meet future demands.
CRM functions in telecommunications industry
Open Source CRM software has particular supplementary functions, except for conventional account, contact and activity management in telecommunications industry. Telecom CRM systems assist in controlling customer churn as they study data gathered from other functional spheres like sales and service. Elinext Group has worked out several functions crucial for CRM systems engaged in telecommunications industry:
- Database of the customer allows rendering data exchange productively due to the explicit customer profiles that provide all needed data including facts and figures concerning interactions via e-mails, letters, phone calls, etc. Total unification with billing, order, service and financial management systems allows gathering information and arranging inquiries competently and fast. The incredibly simple usability adds more value to the customer database.
- Customer care and billing system makes billing information easy to access and transform. It allows observing customer histories, checking out invoices and accounting balances. The system accepts payments, makes credit advice, and reconnects services. Moreover, it instantly responds to requests for information. It also distributes booklets with product description and contract details.
- Problem solving system helps to solve service issues by bringing about trouble tickets, reviewing, singling out, and escalating problems. The system assists in mitigating issues and closing trouble tickets.
- Dispute Handling system creates a guided solution for each complaint in a customer centric view. The case contains all relevant information – such as who is involved, links to transactions and optically archived documents, access to a notes function, and a history of the dispute.
- Detection of follow-up activities and tracking of cases implies a well-tested process via workflow to authorized handlers.
- Marketing tips allow launching highly focused campaigns, adjusting products to supposedly most concerned customers. They increase profitability and decrease costs. CRM aims at optimizing the productivity, profitability, and effectiveness of marketing campaigns and promotions through audience segmentation tools, lead management and reporting.
- Management of Sales and contract based on the required functionality to reduce the sales cycle trends. It also increases revenues, maximizes productivity and optimizes direct, indirect, and online channels. It helps to plan and forecast sales activities with greater accuracy and organize territories according to a range of criteria, such as size, revenue, product lines, or strategic accounts.
- Partner relationship management makes shares critical information on sales forecasts, order flow, and delivery schedules. It ensures that everyone is working toward total customer satisfaction and following common marketing strategies.
- Commissions-management functionality enables to create incentives for company’s partners. This makes it possible to roll out new products and services quickly and easily, supported by innovative remuneration models.
- Analytics features give a window into every aspect of customer-related strategies – so it is precisely clear what works and why.
As a conclusion we could say that the telecom industry is investing heavily in technological innovation and in the development of technology. The growth rate is continuing at a fast pace, new value added products and services are driving the consumer spending behavior. Few companies have already realized the opportunity to improve the relationship with a customer while performing marketing research. CRM could help in Creating customer satisfaction. Thus it is evident that the CRM plays a crucial role in transforming the telecom industry to a new dimension.
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