Read to know why 70% of telecom companies are convinced that accurate location data is critical to their success
A telecom business has to face a range of burning questions on a regular basis: Where are my customers? Where is my crew needed the most? Where do I need to expand capacity? Where is my network lacking quality? Each of these questions has a foundation in spatial information.
For an industry as competitive as telecommunications, understanding relationships, trends, and patterns in a quick and efficient way is imperative to keep up with the evolving market dynamics. Location data helps telecom operators to visualize the myriad layers of data in a manner which is easy to understand and interpret. But even more importantly, it helps unlock pertinent insights previously not available to the business. So, it’s not surprising that the 2018 Location Intelligence Market Study by Dresner Advisory Services pegs location data as a key success factor for 70% of telecom companies.
Let’s discuss some of the most profitable ways in which the telecom sector is leveraging location data…
1. Market Segmentation
Location data is the underpinning of all market segmentation activities like identifying high-revenue areas, segregating customers on the basis of their demography and buying behaviour, ascertaining where new building projects are coming up, or even undertaking a competitor analysis. Prudent telecom operators are using location data to boost their intelligence with customer profiling and determine the potential of the market correctly. This further allows them to determine where new capital investment needs to be allocated and where marketing budgets should be channeled for maximum impact.
2. Network Analysis
Using accurate location data gives operators and crew instant access to customer details, enabling them to map signal quality information with their user base and identify where the signal strength is good or poor. Being able to visualize assets geographically also allows for better monitoring of the network and expedition of maintenance and repairs. And when it comes to making inroads into an already competitive market, precise location data helps telecom companies to identify new market opportunities in the proximity of their assets and expand network capacity in a cost-effective manner. Which brings us to the next point in our list…
3. Capacity Planning
To plan and manage their capacity judiciously, telecom companies not only need to be able to map their current user base properly, they should be able to locate the pockets of future growth meticulously. Using location data, companies can zero in on new prospects by leveraging insights into current profitable customers to look for similar prospects. Here, the intelligence derived through market segmentation activities also comes into play. Location data analytics provide a solid decision-support ground for capital investments.
The importance of providing a definitive and timely service cost assessment for new customers is not lost on progressive telco businesses. Accurate address information gives the sales team the confidence to upsell products without worrying about the availability of those services. When it comes to analyzing and tracking the serviceability for commercial accounts, telcos can easily map location information against serviceability and make sure a new customer opportunity does not turn into a bad customer service problem. Businesses can even plan to increase serviceability based on the competitive insights derived from authentic location data.
5. Customer Service
Effective customer relationship management gives a much-needed competitive edge to telecom companies. Having a unique address identifier for each customer can eliminate communication errors and boost the speed and quality of customer handling. By resolving user queries and complaints in a timely manner, operators can improve the relationship between the company and the customer, thereby reducing the chance of a customer jumping to another provider (churning). They can also make significant cost savings by reducing the need for return visits by the field crew.
In a nutshell, location data is a strategic planning tool the telecommunications industry can use to enhance its capabilities, reduce errors, and carry out processes more accurately. Forward-thinking telcos are already using location data to improve market penetration and enhance their network design and coverage. To know more about how your telecom business can leverage location data for better operational efficiency and customer satisfaction, contact us.