Growth in a Hypercompetitive Industry
The telecom industry is a highly saturated, hypercompetitive space where growth has typically come from winning customers from competitors through often unsustainably low prices. Today, however, telcos are realizing that in order to grow ARPU (average revenue per user), reduce churn, and gain new customers, they must focus on two key initiatives:
1. Improving the omni-channel customer experience across B2C, Triple-Play, and B2B markets
Telcos can improve the customer experience by offering simplicity and transparency in pricing; offering an optimal price and quote, for the right offering(s) to the right customer(s), at the right time; providing flexibility in contracts; personalizing and optimizing the buying experience.
2. Creating new services and revenue streams — especially for the B2B market
To launch new offerings (i.e. non-traditional wireless services powered by 5G, IoT, etc) profitably and quickly, telcos must determine optimal prices despite not having price history, by considering customer willingness -to -pay, pricing strategies, and market trends. Telcos must also ensure that their pricing strategies are efficiently, effectively, and systematically executed across all channels. Finally, telcos must be able to quickly leverage data to evaluate, learn, and modify offerings to stay ahead of the competition.
Top 5 Insights in this Executive Brief
- By improving sales processes, one of the largest U.S. telcos achieved an 85% reduction in quote time — from 6 days to under 1.
- Through improved price management, a telco reduced the time to change product offerings from 2 weeks to under 2 days.
- One of the largest European telcos, serving over 23 million consumers and businesses, improved product launch time by 75%.
- A telco reduced maintenance and update of their catalog of 166,000 configurable products with over 250 price plans from weeks to days, saving millions of dollars.
- Through a new, multi-channel platform, a telco now supports over 2,000 concurrent users with a 99.9% uptime.