Interaction with successful organization and our research on market leaders gave us the following 7 factors to keep in mind, in-order to be successful in today’s highly competitive market:
- Offering in line with customer expectations: Might sound obvious but due of continuous market changes, development of new technologies and increasing competition, it is possible to lag behind. It is critical to be attractive to customers over time. Hence, continuous analysis of the market trends and aligning offering with customer expectations is very important.
- Value Added Services: Our analysis finds that offering the basic services are not enough. Along with the basic services one has to provide some added services to attract customers such as Wi-Fi, VOIP and OTT (Over-the- top) TV.
- Customer centric Organization: Service up-time and consistency in Broadband speeds, especially during peak hours is the most crucial factor contributing to customer experience. Due to the nature of B2C business model and significance of Internet connectivity, these organizations have to become customer centric with the only focus on creating superior customer experience.
- Flexible and Responsive Back-End processes: For a good customer service it is important to provide the front end personnel with the right tools and training, in-order to have a pleasant interaction with the customers. A customer’s needs and requirements changes frequently, hence it is necessary to stay updated and communicate them to the front end personnel.
- Apply the right technology: An organization has many processes. In-order to streamline these processes and make them efficient, one needs technology that helps in not only meeting today’s needs but also future needs. It is vital to have an understanding of your requirements and what is the purpose that the technology solution should serve. Selection of wrong solution will not only end up making the processes inefficient and ineffective but could break the complete business model.
- Governance, risk and complains: Change in regulations for everything from lawful intercept, cyber law regulations, to credit card processing and privacy requirements, making this an important aspect in a ISPs business life cycle. A successful management of this is critical for longevity of an ISP.
- Manage Continues Change: This last factor might actually be the most important one: how to manage and control the continuous change process. We have seen many companies develop and deploy initiatives for change that have been very successful, but more have turned into disasters or are abandoned halfway through the implementation. From our experience, it is critical that senior management always has a clear vision of the future of the company. This requires future thinking, supported by market research and customer surveys that have to be translated into a clear vision and strategy. Once the vision and strategy are in place, an assessment can be made to determine a baseline for change, and a plan can be developed to make it happen. Based on this assessment, a product and services development plan can be designed and implemented.
On average we have seen a revenue growth between 40-75%, increased customer royalty while reducing churn among the operators who have ingrained above stated 7 factors.