McKinsey Report: “A new path for telco customer engagement”
“Regardless of technology maturity, telcos can and should invest in technology enablers to drive growth in marketing and digital sales”. This is the cornerstone of an elaborate study by McKinsey & Company on customer engagement in the telco industry, published in February. The report closely examines mobile operators undergoing digital transformation, pointing out the improvement in customer engagement that successful transformations can yield. Specifically, the report finds that driving customer value through engagement can translate to an 15%-30% increase in cross-sell revenue, to a double-digit increase in conversion rates and to a drop of up to 40% in customer churn.
Embracing cutting edge marketing and sales tool can be challenging for large telcos, many of which still running on legacy CRM systems and working in rigid frameworks. To overcome this, the report suggests looking into agile solutions that can be quickly integrated and help drive customer engagement.
PayKey’s Social Telco Solution was created from the ground up to help service providers engage with customers and place value-added services always in front of them. By enabling users to instantly top-up their account from ANY app, mobile operators in pre-paid markets create new revenue streams. From the customers’ view, being able to get the info and service they need instantly, without disrupting what they’re currently doing on their phones is a significant step forward in customer experience. In fact, it can make or break customer subscription, prepaid and post-paid alike.