In the current telecom market, cable TV companies are offering phone service and broadband, phone companies are offering television, movies and broadband, and electric utilities might jump on the bandwagon, too. Working to stabilize the free-for-all marketing activity behind telecom marketing wars, the competitors are asking, “How can we hold on to our customers?”
In his recent book, “Customer Churn Reduction and Retention for Telecoms,” Arthur Middleton Hughes, a pioneer of database marketing, author and VP/solutions architect at data services KnowledgeBase Marketing, applies database marketing logic to the telecom service industry. Hughes answers questions about telecom layoff projections and provides insight into how marketing and analytics can help stave off a full-blown telecom tailspin.
He opens by describing the current state of the telecom industry, then details solutions to the top obstacles, such as: determining the lifetime value of telecom subscribers, creating subscriber segments for more targeted efforts and using analytics to predict which subscribers are likely to change service providers.
Addressing service commodity and price resistance, Hughes provides a big-picture analysis for the state of the industry while suggesting solutions for the challenges today’s telecom professionals face. For example, he suggests implementing product extension, product repurposing, multichannel marketing and multi-product solutions. He also details how to cross-sell, upsell and make the most of frequency marketing programs for telecoms.
The book also includes illustrations depicting how to apply marketing tools to each telecom/cable sector (cable, phone, wireless, etc). And for each, Hughes explains predictive modeling, customer lifetime value and segmentation; examines the risk behind VOIP; illustrates what future telecom companies will look like; and details essential strategies for future marketing activities. He also includes information on how TV ads may become targeted to individual households, how WiMAX could revolutionize phone and broadband delivery, and why electric utilities could become players in this space.
While tailored for the telecom industry, “Customer Churn Reduction and Retention for Telecoms” provides insight into analytics, retention tools and marketing strategies that can benefit any marketer.