Digital transformation: How communications service providers can thrive in the new digital environment
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The document discusses the importance of delivering superior customer experiences for communications service providers in a competitive digital landscape, noting that 86% of buyers are willing to pay more for better service. It highlights the need for companies to analyze customer data to understand churn and loyalty, with only 26% of companies having a well-developed strategy for customer experience improvement. Additionally, it emphasizes the role of new technologies in driving operational efficiencies and the commitment of Tata Consultancy Services to help organizations achieve digital transformation.
Digital transformation: How communications service providers can thrive in the new digital environment
- 1. Achieving Digital Transformation How communications service providers can thrive in the new digital environment 86% of buyers will pay more for a better customer experience. But only 1% of customers feel that vendors consistently meet their expectations8 o go f br cu o an sc sto d or ds or m e re es e xc ce th r ex ell ive is p en d ye er t ar 1 ien ce Only 37% 13% of dissatisfied customers tell more than 20 people 2 89% of consumers began doing business with a competitor following a poor customer experience4 Loyal customers are worth up to ten times as much as their first purchase3 80% of device spending will be in new categories such as mobile phones, tablets, and ultra-mobile PCs, by 2017 Tablets will comprise nearly half of first-time computer purchases5 55% of customers would pay extra to guarantee better service6 6-7x It costs more to acquire a new customer than retain an existing one7 1. Deliver superior customer experiences Because customers know more, expect more, and have more options, you have to deliver more. More value, more service and more of what they are looking for. So that fewer churn away, each household buys more, and that more sign up in the first place. 2. Only 26% of companies have a well-developed strategy in place for improving the customer experience10 $52.50 90% $24.50 Monetize data Are you providing the service bundles customers actually want? Could your promotions work harder? Which customers are most profitable, and why? You have a firehose of data coming in, but which of it should you pay attention to? Up your game by analyzing the why of churn, the how of loyalty, and the when of promotions. 3. of consumers have ended a transaction due to bad service 9 NEW REPEAT Online spending for new customers is about half that of repeat customers11 of customers trust recommendations from their friends or peer groups 47% trust the company advertisements12 Global spending on information technology is expected to reach $3.8T in 201413 Drive operational efficiencies Higher revenues are great, but only half the profit equation. New technologies give you the capability to drive customer care costs down, make your assets work harder, and get new services to market faster, all while reducing fraud and security issues. Tata Consultancy Services delivers solutions that help organizations navigate the path to successful Digital Transformation. Through deep industry expertise, modular, ustomizable solutions that meet real needs, and an “experience certainty” commitment, TCS helps communications service providers stay ahead of customers’ needs and drive down costs. Sources: 1. Forrester, 2. White House Office of Consumer Affairs, 3. Huffington Post, 4. RightNow CEI Report, 5. Economic Times, 6. Defaqto Research, 7. Bain & Company, 8. RightNow CEI Report, 9. Huffington Post, 10. EConsultancy, 11. McKinsey, 12. Neilsen, 13. Economic Times, 14. DeSantis Breindel 53% of US CEOs said social media users influence their business strategy14 www.tcs.com