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Recently, I’ve noticed a disconcerting uptick in providers adjusting pricing plans, services or cutting services altogether. I assume these are revenue-driving measures – but it got me thinking: are providers losing sight of the end game? Are we so wrapped up in the short-term gain, that we forget about the need to keep the customer satisfied?
Sure, service providers need new revenue uptakes to account for costly use of network bandwidth without revenue or over the top services by some users, but at what cost? Recently, I’ve seen more and more industry data showing that premier customer service (or lack thereof) is the fastest growing factor in subscribers’ decisions to stay with their existing provider or go elsewhere. In fact, a recent report by RightNow found that 82% of consumers have stopped doing business with a company as a result of a negative experience. This certainly highlights the potential hazards of haphazard customer experience management.
In today’s viral world, every one of your customers has a voice, and discontent spreads like wildfire through social channels like Facebook, Twitter, Yelp, Google+ or LinkedIn. At the same time, providers can use existing service provider assets and data sources to capitalize on these disruptive technologies and bring value-added services to customers. Services that personalize and enhance the user experience and, subsequently, increase satisfaction, include:
Ultimately, increasing prices or adjusting services without perceived new value will not only alienate customers, but will drive them into the arms of competitors. Instead, look for ways to increase value to customers and enhance experience while generating new revenue streams.
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