To be a player in the digital world, service providers
have to become digital lifestyle service providers. Instead of selling
rate-plans (different pricing tiers) and devices, they should endeavor to
engage customers in experience and lifestyle choices.
Instead of segmenting the users by
how much they can spend, service providers should
look at customers by needs, preferences and aspirations. By assisting consumers
to lead better lives, the “lifetime value” or the LTV of the household
will improve significantly.
Operators who have offered solutions around connected
cars, home security or entertainment have seen churn rates go down dramatically
and loyalty increase. As a result, the LTV of such households has multiplied.
To be able to tailor solutions and lifestyle
experiences to specific individuals or households, one has to have a platform
and service creation capability in the network without going through laborious
archaic processes. The platform should also be capable of offering others in
the ecosystem a way to leverage some key capabilities such as billing, policy,
security, and analytics to launch new services.
Source:Chetan Sharma
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