Customer Lifecycle Value or CLV is a critical KPI to track for any business. A healthy customer lifetime value is the hallmark of customer-centricity efforts and speaks volumes about the organisation’s focus on customer relationships. The telecom space is rapidly changing with more emphasis on vast digital services. Customers are no longer swayed by unlimited calling or data bundles. The propensity to churn is very high, with almost no brand loyalty. In such a scenario, ensuring high customer lifetime value is of utmost importance. In one of our recent blogs, we have detailed the relevance of CLV to a telecom operator and its multitude of uses in telecom marketing and customer care.
Let’s dig deeper into this blog and understand how contextual marketing and loyalty management are helping telcos enhance the customer lifetime value and generate higher revenue.
Understanding your customer behaviour and their preference
Contextual Marketing and Loyalty Management solutions are centred around providing the optimum customer experience by using customer data and segmentation principles. This improves the cross-sell or upsell campaign outcomes, resulting in high customer uptake. Contextual campaign solution helps design hyper-personalised offers based on the context or relevance to the customer, and loyalty management rewards subscribers for their trust, usage, promptness, and age in the network.
Enabling customer segmentation for easy targeting
Customer Lifetime Value allows easy segmentation on multiple parameters such as high CLV or Low CLV customers and engages them with a different strategy. Marketers can create a campaign strategy based on ascending ARPU and target customers at various junctures. Customers with a low CLV can be grouped and launch specific plans and offers to increase ARPU.
Customising hyper-personalised offers and plans
Telcos can use Clustering and Machine Learning techniques to design campaigns and make offers at the N=1 level. Segmentation and personalisation offer a sense of “gratification”, resulting in improved acceptance and uptake among subscribers.
Allow churn prevention and retention
Big data analytics and AI/ML have allowed deep insights into customer behaviour. Churn prediction models built using customer data offer inputs on a customer’s propensity to churn. This equips Marketing or Campaign Managers to design preventive offers for a longer relationship and better CLV.
Pelatro’s mViva Loyalty Management Solution has added a level of dynamism in Loyalty Management for a leading Telco. It has enabled Loyalty Management teams to identify potential churners and launch loyalty offers to a signed-up base of 13 million subscribers delivered across multi-channel/multi-language communication.
Optimising campaign costs and tuning campaigns
In today’s complex world with dynamic subscriber behaviours, real-time analytics plays a crucial role to help the Customer value management teams make timely and data-driven decisions. An interactive dashboard can provide a ringside view of the campaign performance allowing managers to intervene at critical junctures. New-age Contextual Marketing solutions with intuitive UI for slice and dice of data help optimise campaign costs and fine-tune campaigns for best results.
Rewarding loyal customers
Timely rewards to loyal customers help telcos nurture the relationship and add value to a customer. With the help of a Loyalty Management platform, rewards and offers can be designed and delivered by analysing preferences and behaviour. A capable Loyalty Management solution should also offer data monetisation opportunities through partnerships with online/offline retailers for exclusive offers.
Happy and satisfied customers often go the extra mile to promote their positive experience with the brand, the network, and services and create the necessary word of mouth.
