Telecom industry to boost sales with Business Intelligence :
Telecom industries are faced with the huge challenges of ever changing market conditions. They therefore need information to anticipate these Changes and quickly make informed Smart decisions.
Decision-making in the telecom industry today demands high-quality intelligence. This is where business intelligence (BI) solutions play their critical role.
Any business can be successful only if the sales end is strong.
The same holds good for telecom industry, especially with telecom service providers.
Here with telecom service providers Business intelligence plays a large role in making profit because it deals with large amount of customer data .
Hence getting this customer data in a useful format is Business intelligence.
As mentioned previously for any business to be successful sales plays a very prominent role and sales always is supported by strong marketing practices.
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Well next question would be how is this possible?
Some of the focus areas are:
· Providing strong marketing support.
· Sales Analysis
· Improving customer loyalty services.
· Building customer retention models.
1.Providing strong marketing support:
To give a good marketing support it is necessary to understand the market well. Having a good strategy is the foundation for a strong marketing.
Two basic Strategies, which can be pursued, are:
. General strategy
. Customer strategy
General strategy
Companies here comes up with a product, which is common, and try marketing to the masses. Advertising plays a major role here. Even though this has been a major practice, profit margin out of this has been very low, because individual needs of the customers are not taken into account.
Customer strategy
Basically understanding the customer needs and tailoring to their individual needs have overcome the disadvantages in general strategy. Thus business intelligence plays a major role here by analyzing the customers that optimize profits by nurturing value added customer relationships.
Thus strong customer relationships are attained by customer centricity: Customers drive business, thus understanding the customers plays a very important role.
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· Customers’ requirements
· Customers’ expectations.
· Customers’ changing behavior pattern
Thus by understanding the above points it is possible to build a strong customer strategy model.
This customer strategy model directly influences
· Product pricing / tariff plans
Product pricing plays a key role in pushing business, by understanding
the customers it possible to categorize them into different groups based on their needs . Thus pricing can be decided by striking a balance between customers group needs and profits to the company.
This can also be easily tested with help of business intelligence – by implementing the model for a trial period and comparing the sale figures it is possible to get the profit margin.
By business intelligence useful information can be provided to different departments for making the right decisions with in very little time thus analysis becomes easier and designing the product pricing(tariff plans)becomes efficient.
· Advertising plans
Advertising plays major role because major money is involved in this.
Thus channeling advertising according to customers is very important. Since it conveys the right message to right mass and this can be achieved by profiling the customer’s data and checking their behavior patters.
This can save lot a revenue, thus any saved revenue is profit for the company.
2. Sales Analysis
Analysis can be in terms of
· Customers
· Performance
· Revenue
· Volume
· Margin
This can be viewed in terms of reports or charts thus competitive plan can be developed .
By this analysis any strategic decision taken by management will be based on proof and not by just guessing and thus can also predict the performance of the company for the next quarter or so.
Improving customer loyalty services.
· Fraud control
· Call records
· Billing and other services
Fraud control
With Business intelligence it is possible to track the pattern of calls their duration etc thus any abnormalities in call pattern can be detected.
Thus timely intervention can reduce the loss to the company.
Call records
With Business intelligence it is possible to view call pattern and possible to understand their call history. Thus it becomes easy to get any records of particular customer or a group of customer with common call fashion.
Billing and other services
With Business intelligence it is possible to send e-bills to customer on related dates without any much manual intervention and get customer billing of web will also help customers view their own bills and analyze the same.
Thus by getting in more related services it is possible to get more customer satisfaction thus improving business.
Building customer retention models.
Customer retention is one of the major challenges faced in any industry.
In case of any business it is said that retaining a customer is always cheaper than getting a new customer.
Here with help of business intelligence it is possible to build certain customer retention models basically looking customer data and their call behaviors.
A well-designed customer retention model can reduce customer churn to greater extend .The positive impact of this can be huge ie a small increase in customer loyalty can deliver a large increase in profitability. Businees intelligence can also identify the behavior looking at the customer data and business analysts can say who are customers likely to leave and take the appropriate action in advance.
On a conclusion we can say that business intelligence if properly implemented and used in the telecom industry it can help in boosting the profits to greater extent.
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Telecom Industry to Boost Sales With Business Intelligence