Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...Full Bio
Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...
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Using Real Time Marketing and Machine Learning based Analytics to Drive Customer Value Management
- Analytics themselves have an important part to play, which is why they form the first pillar in this regard. Understanding consumer behavior is not child's play, so it is indeed profitable for a telecom company if the analytics are spot on in their methodology.
- The second pillar pertaining to efficiency in this regard points towards context in analytics. Analytics should attend to a derived need of consumers, and should be able to determine the channel of communication understanding the customer's 'sense' is key here.
- The third pillar is that of real time communication. While secondary data collection is of immense importance itself, real-time primary communication cannot be understated based on the role it plays in understanding customers. Real-time means 'as good as it gets in time' - there is no merit in expecting customers to remember and act on propositions if not presented right when it is relevant, and more importantly 'useful'.
- Organizations that had real time data visualization enjoyed an increase of 26 per cent in their new identified pipeline accounts.
- Organizations that had implemented real time data visualization saw an increase of 15 per cent in the cash generated through operational activities.
- Engaging with customers is not just a beneficial tool for getting to know them but can eventually increase revenues and profitability. It has been found that if you engage with your customers, you will be able to generate 40 per cent more revenue per customer.
- Your marketing expenditure on personalization will not go to waste as it has been found that the tactic can increase your return on investment or ROI up to 5-6 times.
- A negative customer experience is nothing less than a cardinal sin. It takes more than 12 positive experiences to negate one negative impression that the customer must have developed through an experience.
- 70 per cent of all purchases are based on how the customer feels that they are being treated by the organization.
- 67 per cent of all customers leaving your organization could be stopped if you resolve their issue during the first engagement.
- Increasing customer retention by 2 percent is as beneficial as reducing costs by 10 per cent.
- Customers don't want to be told what to do. If a customer with a 4G phone is using 3G, they wouldn't like the customer representative to tell them that they should switch to 4G. However, if the customer representative has sufficient data to see that they are using 3G since the last 3-4 months and also consumed most of the 'data quota' each month then he/she can recommend to them a 3G package with a higher band to increase satisfaction.
- Using favorite and maximum recharge denominations data to get an indication of average revenue per user (ARPU). Telecom companies should study consumer data and know how much more they can spend and then offer them a feasible plan. Someone with an ARPU of $5 should not be given a $2,000 plan, instead they should be shown a $10 plan with hopes that it is within their extent of purchase.
- All offers given to customers should be contextual. If a customer is spending time on international calls, then the offer given to them should be based on that and not driven by time.