Our phones are with us nearly 24/7. For many of us, it’s the first thing we look at in the morning and the last thing before bed. (In fact the attachment is so strong that phone separation has developed as a real fear called ”nomophobia.”) Our loyalty, however, doesn’t extend to our service providers. If we’re not happy with coverage, have too many dropped calls, or simply see a better deal, we can be quick to jump.
This creates a challenge for service providers who struggle to understand which customers are at-risk of switching (customer churn), and then taking action to prevent this from happening. People in marketing, operations and customer care responsible for running these efforts need to move fast so they can identify issues and effectively reduce customer churn.
Here at ThoughtSpot, we recently started working with one telecom provider who needed to get their customer analytics dialed in. This group wanted to give all their business users access to customer and phone usage data so they could run their own customer churn analysis reports and identify at-risk customers for churn.
Previously decision makers at the company had to wait for BI analysts to run business intelligence reports from the legacy BI tool—Cognos. In one example, marketing teams were waiting 90 days to get the results from their new campaigns. This meant they were missing valuable insights, and their campaigns resulted in cannibalization and lost revenue.
Their head of BI need a solution that would allow end users direct access to their data, without waiting for a team of experts to build them another BI report. But ease of use was just one piece of the puzzle. They also needed a solution that could handle terabytes of data from multiple systems, without impacting performance or requiring heavy maintenance and support.
With ThoughtSpot's marketing analytics, users in marketing and brand management can access information from a variety of data sources—including subscriber history, marketing campaigns, network speeds, POS and phone usage—and discover actionable insights.
What has this meant for the company?
In addition to identifying customers most likely to churn, business users are now asking questions in ThoughtSpot to identify insights like top-performing campaigns, areas of revenue leakage, and phone plans with the greatest number of complaints. In particular:
Marketers and Brand Managers are running campaign attribution analyses to identify the top performing campaigns across channels, brands and segments to improve targeting and maximize lead flow and campaign ROI.
Sales and Distribution Managers are performing inventory and supply-chain analysis to understand sales trends across product lines and regions, and reduce inventory shortages and stockout costs.
Customer Care and Operations are analyzing service cases across phone lines, carriers and regions to identify the root cause of service issues faster, increase customer satisfaction and reduce customer churn. They have also been able to quickly identify fraud patterns and decrease revenue loss as a result.
Finance and Revenue Assurance is analyzing brand and product line profitability to negotiate better contracts with suppliers. Identify areas of revenue leakage faster and improve overall margins.
And that report that used to take three months to build? It now takes just three minutes. With faster access to information, the company has been able to reduce customer churn by 17% and save $1.2M per month.
To learn more about what ThoughtSpot can do for communications companies, check out our communications solution page here. To learn more about how leaders in your industry are using ThoughtSpot, check out our solutions page here.
