Building customer loyalty and retention - PwC Customer Loyalty Executive Survey 2023
PwC’s Customer Loyalty Survey reveals opportunities for CMOs and marketing leaders to build loyalty enabling them to attract and retain customers.
How telecommunication companies can leverage customer attraction for growth
Today, it’s imperative for telecom companies to extend their focus beyond merely providing connectivity to delivering quality connected experiences. Despite multibillion-dollar investments, many telecommunications companies struggle to identify new sources of revenue. The spike in inflation has only increased pressure on subscription businesses in a saturated US market.
More than half (54%) of telecommunication decision-makers and influencers say that improving customer experience (CX) was the top transformation initiative for their company in 2022, according to IDC. These companies are looking for inspiration beyond their immediate peer group to build customer trust and offer convenient, personalized, user-friendly experiences.
This is the moment to focus on loyalty by giving customers the option to customize their service packages and by offering attractive bundles.
Key strategy: Elevating customer experience
PwC’s survey of US consumers and customer loyalty found that:
- 32% say they will stop doing business with a company if it provides inconsistent experiences.
- More than half (55%) say they will drop a company they liked after several bad experiences.
- 82% say they are willing to share some personal data for more personalized service.
What is a CX-driven strategy? It starts with simple and intuitive customer platforms designed to drive a connected buy flow and foster consumption of services across devices. It underscores value for network coverage and performance. Investments in networks and enabling technology have become the new baseline, but unless telecommunications companies can translate these expenditures quickly into a richer CX and value-added interactions, they’ll likely stagnate.
70% of customer interactions will involve emerging technologies, such as machine-learning applications, chatbots and mobile messaging by the end of 2022.
Customer attraction in action:
Three ways to use technology to grow revenue
- Define moments that matter
- Enable a 360-degree view of customers
- Use AI to predict behavior and drive sales
Define moments that matter
Across sales and service interactions, customers have come to expect proactive, predictable and seamless communication with their digital service providers. To meet this demand for an omnichannel experience, telecommunications companies should clearly understand where and when they deliver value to their customers. They also should avoid offering multiple buy flows.
To do this well, companies should invest time in selecting the right tools and capabilities for customer relationship management (CRM). For example, CRM platform optimization can serve the dual purpose of reducing unnecessary customer touchpoints both directly (e.g., by providing real-time context into channel-specific interactions) and indirectly (e.g., through automated workflows and routing).
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Lori Driscoll
Technology, Media and Telecommunications US and Global Consulting Leader, PwC US
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