In last week’s blog post, we discussed how you start out as an MVNO, building on a plan for how to reach the market and key technological capabilities that are needed to offer attractive services. This week, we are going to take a closer look on what happens after you launch: how do you succeed by evolving from your initial market strategy to reach new customers and increase revenues?
Evolving as an MVNO
Once you have launched your service to the public, you start your evolution as an MVNO. This evolution can be measured in many ways: number of subscribers connected, revenues, profits, employees, services offered. Indeed all of them are important and every MVNO should be able to measure them.
At Sinch, we believe that the most important aspect of your evolution, that determines your chances success the most, is your growth in market insight. All the indicators mentioned above are important to track to see how you change over time, but it is your growing market insight that really enables you to succeed. If you can learn more about what the market wants and needs, and where it is headed, you stand prepared to grow your business by creating a customer experience that is superior to that of your competitors. It also allows you to create a more efficient service that answers to the needs of your customers. Being able to build this insight and react to it quickly, launching new service towards the market, will determine your success.
But how do you expand your market insight? An important part of the answer to that question lies with the first customers you sign up. No matter how you build your initial customer base, these customers will be one of your most important sources of information about your market. After months or years of planning, they will finally offer you information on how the market behaves and reacts, and you will want to gather that information in real time to stay constantly ahead of your competitors!
Building a better service from customer data
Once your business is up and running, your customers provide you with a wealth of information that you can use to improve your business:
- Service use: What services does your subscriber use? How do they use the services? How large is their circle of regular contacts?
- Third-party digital service use: What digital services do your customers use, such as Facebook, YouTube and Netflix? Are there any digital services that are suitable for a partnership where the customers can buy a subscription via your service? Can the data service that customers use to access digital services be altered when you use certain services to provide a better full service experience?
- Customer care interactions: What channels do your customers use to interact with customer care? What kind of queries do they have? What potential is there to automate common requests?
- Churn behaviour: What behaviour do you see ahead of customer churn?
Once you understand how your customers use your service, you can start changing it to improve the customer experience and grow more efficient:
- Create service bundles adapted to your subscribers: Knowing what services your customers use allows you to create bundles adapted to the behaviour of your customers. Such bundles can include both your own services as well as digital services that your customers use on top of your services.
- Identify subgroups among your customers for better targeting: Analysing customer behaviour, you can identify subgroups among your customers so that you can create different bundles and offers that add value to each specific subgroup.
- Streamline customer care according to customer preferences: Understanding how, when and over what channels your customers interact with customer care enables you to develop your customer care channels for the best possible efficiency and customer satisfaction. Understanding the behaviour of different subgroups also allows you to create campaigns that help your subscribers find self-care channels and digital channels, both of which can help you reduce you customer care costs considerably.
- Prevent churn by identifying customer groups at risk: By seeing customer behaviour before a customer churns, you can identify points at which you can intervene to make customers stay with you.
This cycle of gathering intelligence and evolving your services never ends, of course. For each change of your offering and every shift in market, you have to keep listening to your customers to chart your course.
In the next blog post we will take a deeper look at what capabilities you need to be able to realise the vision of an MVNO that is continuously evolving to create a superior customer experience.
Originally posted on www.symsoft.com, find out more about Symsoft’s rebrand to Sinch in the press release here.