New TM Forum Report Shows Connection between Customer Experience and Profitability for Communications Service Providers
TM Forum, the world’s premier industry group focused on business effectiveness for the communications and media sectors, today revealed the findings of its latest research in to the role of customer experience in communications service providers (CSPs). The research concludes that while CSPs remain challenged by inflexible legacy systems, a raft of data management issues, and recession-driven budget constraints, there is good news ahead.
The latest TM Forum Insights report, “Customer Experience Management: Driving Loyalty & Profitability,” discusses why communications service providers must view improvements in customer experience as a profitable business strategy. The report, which includes key findings and in-depth analysis from more than 20 leading communications service providers, explains how operators can benefit from a more holistic approach, focused on improving data management, solving customer experience issues across organizations, and increasing agility around customer responsiveness.
“Given the maturity of the core services market, service providers in the report say they will increasingly focus on customer experience and especially customer retention,” said Rob Rich, managing director, TM Forum Insights and editor of the report.
“Because of the importance relegated to those critical success factors, most service providers surveyed also cited top management support, strong program governance and effective customer data management as the most important success factors for improving customer experience,” added Rich.
In addition to service provider input, the report delves into key market forces such as:
o market maturity
o customer behavior and preferences
o economic trends
o emerging technologies.
“In examining these forces, it becomes clear CSPs must shun the ‘one-size-fits-all’ approach of the past, as customer service is no longer an act of altruism, but instead a strategic initiative that impacts your bottom line,” said Rich.
The report examines how pursuing an experience-led strategy and different approach has, for example, catapulted Apple Inc. to its most successful fiscal quarter, despite the global economic downturn. It highlights the role of customer experience management in increasing customer lifetime value, and ultimately increasing profitability. “We try to show how CSPs can build the same type of brand loyalty and profitability as an Apple if they approach customer experience strategically and holistically,” added Rich.
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