Customer data is a valuable marketing asset in the telco industry – in any industry, in fact – as it could generate millions in new revenues and assist with post-pandemic recovery. The challenge, though, is using that data to focus on the intersection of customer relevance and privacy.
Intent HQ, an AI customer analytics platform, enables telcos to leverage their customer data by targeting that intersection. The platform wanted to dig deeper and find out how people actually feel about their data being used to make marketing, offers and services more relevant and personal to them, and if operators are meeting their expectations.
Intent HQ’s new research survey revealed telcos are, in fact, missing out on millions of unclaimed revenues and failing to meet customer expectations when it comes to personalizing their communications.
The study highlights that telcos are financially disadvantaging themselves by creating a huge disconnect that exists between what they believe they are achieving and the reality of how consumers perceive their operations.
While 80% of operators feel they are doing a good job of personalizing the customer experience, less than half of consumers agree with that sentiment. Customers are ready for more relevance. They want telcos to share personalized offers that are relevant to their interests, but they also want more consent choices and data privacy baked into communications.
Almost three-quarters of customers would give consent or limited consent for operators to use the data held about them specifically for personalizing offers, marketing and customer service purposes. Personalization in this context is about making marketing, customer experience and products relevant and appealing to an individual.
Proper personalization also means knowing a lot about customers and using that data well. Many operators are failing on both counts. Almost a quarter admit that a lack of technology and data infrastructure are holding back personalization efforts and 42% are struggling with the concepts of data privacy, security and auditability.
This disconnect means operators are losing millions in revenues by over-compensating for regulatory compliance when engaging with customers. They fail at finding ways to maximize the value while remaining privacy-compliant.
The data is out there; so are the tools and technologies to use them effectively and appropriately. It’s up to telcos to get the most out of the data their customers are willing to share.
Edited by Erik Linask