The 3 Things Telcos With Limited Budgets Should Invest In

Thanks to the chaos that is 2020, telcos are facing the challenges of having disrupted budgets, jumbled timelines, and ambiguous futures.  

But one thing is certain: those who adapt and are bold will come out on top.

Now is the time to innovate and invest in your business. I believe by acting now, telcos can surpass their competitors and thrive in 2021. I do realise that doing so requires cash, which is most likely limited. But even with a low budget, you can still make investments that will supercharge your company’s capabilities.

What are these investments? How do you make them happen? In this blog, I’ll outline the top three things telcos can invest in now to prosper later.

1. Go Paperless

It’s staggering how many businesses still use paper and printers!

And I’m not just picking on telcos here. I’m continually astonished (and not in a good way) by the companies that rely on paper processes. Just look at what I encountered last month at an airport in Greece! This wasn’t taken in 1990, it was taken in 2020 – and thanks to this “technology” the customer experience was also from the 1990s. It took the rep over a minute to print my receipt. This should have been done digitally - and in seconds!

A person using an outdated printer.

There’s no excuse! Businesses, especially telcos, can move away from paper and into digital very quickly. Most digital signing solutions should require the simplest of integrations and be live within a matter of months.

This simple change can really transform your customer experience and cut those pesky paper costs like ink, paper, and maintenance. In our experience, telcos who switch to a paperless solution can save $1.52 per contract. That $1.52 adds up pretty quickly if you think about how many contracts a telco prints a day. The ROI here is eye-watering.

2. Appointment Booking

Why not offer appointments? It can be as simple as keeping one or two employees free and have customers book appointments with them to resolve issues or complete more complex transactions.

This is doable! And there are systems out there that can manage appointment booking and queue management for you!

Managing the flow of customers in and out of your physical stores has probably never been more important. With the holiday season fast approaching, telcos need to find safe, efficient ways to manage their store traffic and promote positive customer experiences.

3. Repurpose the Role of Retail Reps

Retail footfall is down, but conversion rates have exploded with serious shoppers ready to buy.

The decrease in store visitors is creating a situation where stores are overstaffed and retailers are left wondering what to do with their employees. But this doesn’t mean retailers should be cutting staff. Right now, the best carriers are revising their channels to accommodate these changes in consumer behaviour.

Telcos should be re-purposing the role of their retail reps, leveraging local digital marketing, telesales, door-to-door, and direct outreach to bring customers into the store. I suggest that if you’re ready to invest in a customer outreach solution, check out Statflo. They’re leaders in this space, providing a 2-way platform that helps identify and nurture customers via SMS messages.

It’s not all about cutting costs; it’s about investing and making smart changes in your business to serve your market.

Conclusion

My final advice is this: Don’t wait. Don’t pontificate.

Get moving, drive your consumer channel capabilities forward, and you’ll reap the benefits! If you’d like to discuss anything I talk about in this blog, get in touch and reach out LinkedIn. There are 3 months left in 2020 – let’s finish a tough year in style!

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