CRM is the strategy of creating, expanding and sustaining the customer relationship.
CRM in the telecommunications industry focuses on the following objectives:
- Helping companies to become the provider of choice and gaining the closest customers relationships
- Delivering the best treatment for each customer at the right time through the most suitable channel at the appropriate cost
- Creating business value by maximizing customers lifetime
- Applying customer centric philosophy in all company’s activities & interactions with customers in an effort to:
- Improve further Customer Experience
- Reverse current Churn trend
- Increase Net adds
- Increase loyalty and SOW
An integrated CRM strategy should win customers, build a relationship and intensify it by anticipating customer needs and concerns through all phases of its lifetime.
Lifecycle management integrates all appropriate activities that should be applied during customers lifecycles in order to maximize lifetime value.
Next Best Activity
Customer intelligence should be assembled and used in every-day business operations of an organization to achieve an integrated customer management strategy. The knowledge extracted by data mining can contribute to designing the Next Best Activity proposal. More specifically, the customer insight and information gained by data mining, may enable the setting of personalized marketing objectives. The organization should decide on the best next marketing activity for each customer and select an individualized approach which might be:
- An offer for retention, mainly for high value at risk customers
- A promotion for the right add-on policy and a targeted cross / up selling offer for customers with growth potentials
- Imposing limitations and restrictions for customers with bad payment behavior
- The development of a new policy / new product offering tailored to the specific characteristics of an identified segment, etc.