Digital Transformation & Insights
There’s no secret that telecom companies that want to overcome the economic pandemic, which has followed suit with the health pandemic, need to invest in streamlining their digital onboarding processes. The shift to online is paramount for any business that activates in the telecom industry, as it enables them to capitalize on the benefits of remote digital solutions instead of using obsolete paper-based processes.
Today, the telecom onboarding process is suffering. As the most important phase in the relationship between a business and its customers, onboarding focuses on offering customers a seamless experience, yet it falls flat when it comes to customer cost and service. The challenges arise in the form of inadequate communication between the company and clients, long wait times, and faulty processes full of bugs and errors.
Why is Digital Onboarding Crucial In Telecom?
According to the Harvard Business Review, telecom customers who enjoy a satisfying onboarding experience are willing to spend up to 140% more than their counterparts whose experience falls short.
In the telecom industry, digital onboarding has become crucial. In addition to saving customers’ time and allowing them to order products or try services from the comfort of their homes, it offers them more sway and allows them to stay in control of the entire process.
Practical Steps for Streamlining your Digital Onboarding Processes
As a telecom company, you want to have a customer-centric culture and use advanced onboarding tools and processes to ensure that your onboarding process is up to par. Here are some practical ways you can do to accomplish this:
- Improve your onboarding process and ensure it’s compliant with all KYC regulations and AML rules: compliance is mandatory if you want to stay protected from hefty fines
- Invest in a powerful onboarding and origination tool that enables you to create personalized onboarding streams
- Offer a complete multichannel experience to allow your customers to quickly and seamlessly connect with you on their favorite channels: this includes multi-channel, omnichannel, and cross-channel services to enhance customer satisfaction
- Use personalized, interactive communications: take your communication to the next level and create a bespoke onboarding plan that outlines each and every step of the onboarding journey
- Use an integrated tool to perform client checkups to prevent fraud and maximize the revenue of each customer
- Keep a close eye on the trends in the telecommunication industry: according to a report by Deloitte, 2020 is the year of 5G and data privacy. More than anything else, customers fear unauthorized data use, financial loss, and identity theft. To attain success, it becomes equally important to strive to create an environment where people feel safe and are not afraid to reveal their sensitive data during the onboarding process.
- Provide outstanding onboarding services: today, a significant source of irritation among customers in the telecom industry is given by poor service. Customers feel like navigating the daunting process of choosing a subscription is something they want to avoid at all costs. Renewing their contracts is also very difficult. You need to design a more streamlined user experience to systematically inform, train, aid, and assist customers during the onboarding process.
- Understand the customer lifecycle in telecom: in the telecom industry, existing customers are far more important than new customers. Given that most contracts span over a period of one or two years, focusing on retaining customers and offering them exquisite onboarding experiences is paramount for success. For that, you need to find out exactly where problems in the customer lifecycle actually occur and enable your operators to prepare professional solutions to any issue customers might experience.
- Keep your existing customers interested: according to research conducted by the infamous marketer Neil Patel, it can cost up to 7 times more to acquire a new customer than to retain an existing one. For telecom companies, whose aim is to maximize the lifecycle of each customer, focusing on keeping their existing customers interested and happy is a top priority.
Leading companies such as Vodafone, O2, Sprint, and T-Mobile invest billions in highly personalized marketing programs that are aimed to keep their customers excited about their services. They are poised to invest astronomical amounts of money to educate their existing customers and introduce new products and services specially designed for their needs. You can follow in the footsteps of these large telecom companies and invest a good amount of your budget in bespoke marketing programs and tools to keep your customers interested.
Instead of a Conclusion
Remember that customers are your greatest assets, especially in the telecom industry. They are your best advocates, so you should focus on extending the customer lifecycle by offering a streamlined onboarding process. As you’re looking for new ways to stand out from the crowd and differentiate from your competitors, focus on creating a profound customer experience and use the most advanced onboarding tool that hit the market in 2020 – Tremend’s TORP.