Ring, ring… is anyone home? Dealing with customer churn in the telecommunications industry
Marketers in the $1 trillion global communications industry are facing unprecedented challenges retaining customers as cut-throat competition and new service models undercut pricing, prey on lucrative customers and disrupt established markets.
Service Invention to Increase Retention is the inaugural study released by the Customer Experience Board (CEB), a strategic interest network of the CMO Council. The 80-page global benchmark reveals a high level of concern among marketers in telco, wireless, cable, satellite and ISP sectors, who are reportedly scrambling to retain subscribers, induce loyalty, improve customer satisfaction, and deliver appealing revenue-producing services.
According to CEB members, interactive digital media channels, social networks, mobile messaging devices and online communities are permanently altering the telecommunications marketplace and redefining customer experience.
By their own admission, marketers also understand that customer churn is largely due to unmet customer needs and expectations. And while marketers are providing strategic direction for IT system investments, they continue to see deficiencies in IT systems that are subverting marketing claims or are failing to meet customer demand, further highlighting the need for deep alignment and partnership between the office of the CMO and that of the CIO.
The survey of nearly 150 senior marketing executives in the communication service provider space is available for download. While the report is an assessment of the communication service provider space, the challenges, strategies and solutions to optimize and manage the customer experience resonate across all industries.
To download the report from the CMO Council, click here.