The present era of connection that we live in demands businesses not just meet customer needs but anticipate them and then, exceed them. A volatile market, fluctuating consumer demands, and rising competition, however, make the playing field more complex. With the consumer firmly in the driver’s seat, delivering elevated customer experiences emerges as the key differentiator that separates successful organizations from the not-so-successful ones.
Pivoting to a digital-first mindset is now imperative to succeed in a world where competition is getting increasingly advanced and data, more detailed. While telecom organizations are leveraging data from the smartphone that has become ubiquitous in our lives, it is also time to leverage the world of wearables and connected devices to capture data that can drive demand and influence customer decision-making.
Research estimates that the wearable technology market will be worth $45 Billion with over 250 million annual unit shipments by the end of 2021. It is expected to grow at a CAGR of 22% between 2018 and 2021. In keeping with this trend, mobile connectivity and associated advanced capabilities – such as VoLTE (Voice over LTE) are also being integrated into the wearable and smart devices ecosystem. Research suggests that these devices will help “mobile operators drive more than $12 Billion in service revenue by the end of 2021, following a CAGR of approximately 36% between 2018 and 2021.”
For telecom providers, this also signals a more nuanced way to look at the commoditization of telecom services especially as the world becomes more software-defined. Wearable technology integration into the lives of the consumer is a sign of their willingness to engage with wearable tech. It demands expanded wireless capacity and the decreasing cost of data. However, it means access to more personal and contextual data that can help them deliver more personalized experiences to drive elevated customer experiences.
To succeed in today’s marketplace, combining wearable data with consumer data can give telecom providers the insights they need to deliver personalization to influence customer satisfaction and ensure customer retention.
Smartwatch data, in-ear virtual assistants, wearable technology: smartwatches, smart glasses, headsets, smart headphones, and other internet-enabled devices all generate a huge volume of data, all of which is personal and contextual to the consumer. Using this data telecom providers can:
Identify sales and upselling opportunities
Customer data generated from wearable devices present insights into their habits, choices, and preferences. Telecom providers can leverage this data and analyze patterns and trends and identify cross-selling and upselling opportunities. This data can also be used by customer service executives to engage with the customer more meaningfully and present them with services and offers that are contextual to their needs and requirements and converse with more certainty.
Improve customer support
By leveraging data generated from wearables and smart devices, telecom companies can also personalize the customer support experience. Following a robotic script and taking the customer through a series of questions only erodes goodwill and further aggrieves an irate customer. Following this script also makes it harder for the customer service representative to connect with the customer in a more meaningful manner.
Using data generated from this device network allows the customer service team to identify the points of conflict and challenges with greater certainty. This gives them the capability to better personalize support services and address customer issues more proactively.
Empowering the customer care executive with data can also assuage an irate customer by offering more relevant discounts or offers to compensate for issues faced by the customer. This personalization not only ensures better customer management but also ensures better customer satisfaction.
Customer support teams can also proactively track customer issues and proactively solve them before the customer reaches out for support. Providing a detailed understanding of the issue further builds credibility and drives customer loyalty.
Personalizing marketing experiences is of critical importance today to drive customer adoption and advocacy. It plays a great role in ensuring customer stickiness. Wearable and smart devices often allow users to buy products online. Telecom providers can use this data to create marketing plans and offers that are more contextual and relevant to the consumer. A free Netflix subscription, for example, might not be a great bait for someone who perhaps likes to shop more than stream.
Data from wearables such as Google Glass can be used to track what advertisements the consumer views and takes interest in. With access to real-time data, telecom providers can send localized, context-based content and augment customer experiences with greater personalization.
Using data from these devices empowers telecom companies to engage with the consumer in a more meaningful, and intelligent manner. Data generated from these devices can give telecom companies deep insight into consumer patterns and behaviours that they can use to consistently improve the customer experience at each point and identify avenues to drive usage.