Telco is an industry where competition is cutthroat. Understanding trends, relationships along with patterns in quick time decides the competitive edge in this sector. This assists businesses to evolve with the rising market demands and staying on top with the dynamics of the market in tandem.
The telecom sector have adequate information about their target audience in terms of usage, subscribers but also quality of network coverage and so much more. Customer profiling has never been this straightforward since location data combined with other data sets enables the industry to visualize and interpret data for their own benefit.
An added advantage is the option of unlocking key marketing insights. This is why 70% of the Telco companies believe that Location Intelligence plays a crucial role in their business.
In this article we are going to discuss the business areas where Location Analytics can boost efficiency and sales.
Network Optimization and Service Improvement
For the telecom sector, customer retention is a critical challenge all-round the year. Location Analytics is a tool that collects geographic information and offers telecom companies context-based information for infrastructure optimization, service improvements and much more.
Telco companies can cross their organization’s internal data with demographic data to improve the quality of their service. This allows them to reduce churn rate and support strategic expansion decisions.
Supporting Marketing Decisions
Location Intelligence enables marketers to launch successful campaigns based on information they have at their disposal (business data such as subscribers, usage, engineering and demographic data such as residents, families, households, purchasing power).
Let’s picture the following scenario. You are a big Telco company and would like to promote your new TV premium channels in an area where most of the people have low income. It would be a waste of your resources and would result to an unsuccessful marketing campaign.
With the presence of Location Analytics, Telcos can circumvent these mistakes, as this solution enables them to assess crucial information on their existing customers, thus resulting in better optimized marketing campaigns.
Location Intelligence, as a tool, can make a big difference to Telcos’ sales campaigns and packages since they are designed with respect to demographic constraints.
Thanks to Telcos’ Big data analytics capabilities, they are able to combine data such as customer information, usage, device and location data to gain better customer insights.
They are able to analyze and visualize all these information on a map, using Location Analytics solutions. With the advent of these tools, Telcos can identify loyal and high value customers that will react to their upsell campaigns more positively and will likely convert.
Telcos are using data monetization for both internal and external purposes.
Internal data monetization helps in the development of new services, improves customer loyalty, gives better insights into customers and it’s also used for data provisional purposes.
External data monetization with anonymized and aggregated customer data on the other hand has become a lucrative avenue for the Telco sector given that there is an increasing demand for this type of data. As per AdAge, this has flowered into a $24 billion industry in 2015 and is on its way to $79 billion in 2020.
While data privacy is a big concern when it comes to data monetization, Telcos seem to be fully committed to comply with GDPR and so far hasn’t received complaints. Data such as location, online activity and behavior, billing and payment history etc has given a competitive edge to Telcos as there is an increasing demand for these type of information.
With the combination of Big Data and Location Analytics, Telcos can offer a complete package to companies. With the advent of Location Intelligence, they are able to analyze and visualize Big data on a map to provide better customer insights.
Sufficient to say, Location Analytics is set to change not just the telecom sector along with many industries who are customer-driven. With this tool, they have hands-on knowledge about consumers’ purchasing trends and areas, which they can better position their products for maximum profitability.
On the other hand, the telecom industry has now positioned itself at the front and centre of corporate clients who require this wealth of data to redesign their marketing strategies and sales tactics.
At Mapidea we help businesses to create strategic decisions based on accurate data insights. With our easy to use tool customers are able to analyze and visualize data on a map and possibly tap into new business opportunities.
You can request a demo here if you would like to learn more about how location analytics can help achieve better business outcomes.