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Real Time Marketing Is The New Buzz-Word For Telecom
Jio made quite a disruptive entry into the telecom world last year, bringing with it dirt cheap 4G data packs and free unlimited voice calls, thereby setting ablaze all conventional rules that the industry lived by
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Jio made quite a disruptive entry into the telecom world last year, bringing with it dirt cheap 4G data packs and free unlimited voice calls, thereby setting ablaze all conventional rules that the industry lived by. For a business which is already struggling with falling revenues due to tariff wars and monstrous infrastructural investments, this is not a welcome change. In the present scenario, sustainability and incremental revenues are new puzzles that need to be solved. Thus in an environment of such uncertainty CSPs are heavily dependent on the existing subscriber base’s recurring revenues to close the widening target-achievement gaps and build growth.
Marketers find it challenging to communicate at the instance of low customer attention span and that too through a cluttered and distracted medium. Long processing times to get access to new customer information or launch new promotions or offers backed with conflicting customer data is leading to data latency limiting the ability to react while an issue is still relevant to the customer. Secondly, lack of an enterprise view of customer communications leads to an inability to know which messages and offers each customer receives and opted. As consumers ourselves, we all know the frustration of service-call transfers that require repeated explanations of the problem at hand, retail experiences that are initiated with no knowledge of existing needs or problems, and poorly timed offers with no relevance of needs and almost zero personalisation. Subscribers are getting exposed to a new digital world with high expectations of receiving enhanced experience with every interaction and every penny spent on the network.
Real time marketing is a combination of behavioural analytics and automated marketing to provide customers with the right offer at the right time based on specific customer behaviour. The solution senses the real time need of a customer and showcases an offer instantaneously based on highly advanced analytical algorithms which are capable of predicting the probable offer that is most suitable at the time. Real time marketing in conjunction with connected personalisation enables a telco to respond to the needs of a particular customer. Segments of groups will now become segments of one and marketing will be targeted to the individual instead of to customers with similar profiles. An event processing approach known as ‘Fast data’ automates decision and initiates action in real time based on statistical insights from big data platform. Reports from analyst firms Ovum & Gartner also confirm that in the financial year 2017-18, top CSP investments would be on big data, predictive analytics and real time marketing.
The key of Real Time Marketing lies in being proactive based on predictions which are derived instantaneously from advanced analytical models and tools. Scenarios like unprecedented call drops need to be captured, analysed and followed up by an apt offer recommendation to enhance subscriber experience. The solution needs to be backed with tools for Data visualisation for data acquisition, preparation & analysis which helps marketers to analyse the trend on new product launches & measure subsequent absorption rates. The solution also needs to support access to Service integration which means immediate live feed being captured from call centre/app/social media/end of call channel and the solution also needs work with these input nodes to activate relevant offers and services. The solution also needs to support event-based marketing campaigns that use Geo-location, allowing differentiated responses basis the recent location and interactions. Thus Digital maturity is truly the need of the hour and the solution need to be smart enough to track and accommodate the network movement of a subscriber along with device related input like change of handset, switch off and on, Wi-Fi mode, etc. This will truly help the marketer to track each and every interaction of the subscriber and push the most relevant offers.
Solution should also handle dynamic subscriber behaviour by offering highly contextual offers at the peak of subscriber’s attention span over end of key notification like call, data session, data threshold, recharge session, balance on demand, device change and latch on event. The platform should be equipped with customer analytics powered with advanced platform to understand the customer behaviour at every stage of interaction. The solution should dynamically looks through a pre-defined campaign catalog, applies advanced predictive/prescriptive algorithms and delivers the best offer contextually suited to the subscribers. Non-intrusive notifications push with instant fulfilment of offers in real time should be a hail budge for the telcos.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.