The rapid expansion in technology and mass entry of MVNO and OTT providers into the market completely changed the face of the telecom industry, making the subject of customer loyalty and retention in telecom more important than ever before.
Apart from the well-known fact that acquisition campaigns are much more expensive and much riskier than retention campaigns, focusing solely on the acquisition strategy is detrimental and often impossible in the current highly saturated market. Successful retention and loyalty strategies are, thus, the only way for a company to differentiate and stay profitable.
Apart from changing the telecom industry landscape, technology expansion also offers great ways to overcome the created obstacles and provide a channel for brand differentiation, a critical feature for long lasting customer loyalty.
Now that the potential of technology with regards to customer retention and loyalty is known, the next step is realizing how to properly utilize and apply this potential.
There has been significant hype around the potential of social media and big data has; however, it is still unclear how to properly leverage all the available information for the purposes of customer marketing and loyalty.