Digital channels that sell as good as the best sales rep
The promises of 5G and connected IoT devices are set to be the platform for new business models and for Telcos to offer an expanded set of services with higher bandwidth: educational services, entertainment services, healthcare services, utility and digital-business building.
The worldwide number of IoT-connected devices is projected to increase to 43 billion by 2023 which will result in a higher number of customer services inquiries. Such an increase in customer service inquiries paired with a sales proposition that is getting more complex than ever requires extensive digitization of all processes.
However, as per McKinsey’s benchmarking unit, the majority of Telcos that digitize their operations struggle when the transformation is measured by a key KPI: whether sales and service happen on digital channels.
Although there are some success stories with customer service automation via chatbots and similar applications, still most of the sales happen in reactive mode when customers visit physical stores or when users contact customer service. Only proactive sales happen via telesales in case Telco predicts a certain user has a higher probability of churn or in case of big (mostly enterprise) accounts that have access to guidance and expertise of their key account managers.
Mindsmiths believe that if guidance and expertise of best sales or key account managers are available in digital format Telcos would be able to provide the best service to every user which would result in higher NPS ratings and higher LTV due to lower churn and unlocked upsell/cross-sell potential.