Analytics Experts at Quantzig Analyze the Impact of Increasing Churn Rates in Telecom | Submit RFP for Comprehensive Insights
Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems brings to you comprehensive insights into the factors impacting customer churn in the telecom sector in its recent article.
What's in it for you?
- Understand the upcoming trends in the telecom industry
- Gain insights into factors driving innovation in telecom sector
By leveraging advanced customer churn analytics solutions, telecom companies across the globe can improve accuracy in churn prediction. Speak to our analytics experts to get started!
The customer churn rates in the global telecom industry are constantly on the rise, mostly due to increasing competition. To drive profitability, telecom companies must go an extra mile to earn new customers and satisfy the existing customers. However, meeting the customer expectation is evidently a more cost-effective option than acquiring new customers, which is why companies are adopting advanced customer churn analytics solutions to retain profitable customers.
Request a FREE proposal to gain comprehensive insights into the role of advanced customer churn analytics.
According to Quantzig's customer analytics experts, "The shift from product-centricity to customer-centricity in the telecom sector is one of the reasons why telcos are engaging with their customers effectively and efficiently right when they sign up or even before they decide to."
Factors Affecting Customer Churn Rates in Telecom Sector
1: Customer expectations
If a telecom service company consistently loses customers due to unrealistic expectations, it's time to revise their services and marketing strategy or make service improvements.
2: Customer investment
The ecosystem in the telecom sector mainly comprises the organization, the technology, the process, and the people associated with the organization. These factors are often interconnected to form a complex structure and highly influence how your customers interact with your brand.
3: Value provided
Are your customers getting the most possible value from their existing subscription plan? If they've maxed out their benefits at their current level, telecom service providers must take the time to speak with them about upgrading to a more comprehensive and better package.
The telecom service providers in their early stage were indulged in a fierce battle of reduced call rates and promotional offers to win over new customers. A few years down the lane when the telecom industry approached its saturation point, companies realized the importance of reducing the churn rates. It costs hundreds of dollars in marketing and administrative expenses to acquire a single customer in the telecom industry. On the contrary, when a single customer leaves, the company not only loses on the future revenues but also the resources they have spent to acquire the customer in the first place. Hence, retaining the customer base also provides the company with opportunities to up-sell and cross-sell the services.
Analyze, interpret, and manage business data obtained from multiple sources across the organization under the guidance of our customer churn analytics experts. Book a FREE solution demo to gain comprehensive insights into our customer churn analytics solutions portfolio.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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