Customer retention is today a priority for service providers facing intense competition in saturated or quickly saturating markets. But according to a new global survey
, there are significant gaps between how customers regard loyalty drivers and how service providers view them.
Among the survey findings:
- Too little, too late: most service providers initiate a retention program when the customer has started the process of leaving
- Customer loyalty misconceptions: Service providers and their subscribers do not see eye to eye on what drives loyalty. Service providers think in terms of network coverage and good customer care, which consumers regard as basic. Most consumers stated their loyalty would be won by personalized and tailored services, pro-active care and rewards for being loyal customers
- Organizational challenges still block loyalty initiatives: Only 21% of service providers say they have the necessary collaboration between their IT and customer retention and loyalty departments to support customer retention and loyalty strategies, such as offering simple and transparent pricing and creating one integrated customer profile