How Managed WiFi Can Increase Profits

Wireless networking is growing more complex for customers and service providers alike. As more customers adopt connected devices, the demand on the home network grows. How service providers respond to the demand presents opportunities to add value to their services while also improving customer engagement and experience, both of which can increase profits long term.

Key Customer Experience Statistics

In order to achieve a positive customer experience and increase retention rates, service providers have to deliver what the customers want. Customer relationship management experts, Salesforce found the following five areas that customer consider the most important to deliver a positive experience.

1. 59% of customers surveyed believe that companies need to provide “cutting-edge digital experiences” to retain customers.
2. 90% of people are more likely to trust a company with strong privacy policies.
3. 81% of customers use online chat or live support for communicating with a company.
4. Statista found that 27% of Americans consider ineffective customer service their top frustration in terms of customer experience.
5. According to customer strategy consulting firm, thinkJar, it costs 6-7 times more to attract a new customer than to retain an existing customer.

Ultimately, research shows that customers not only want relevant, cutting-edge products and services, but also effective customer support to go with those services. Service providers are challenged with finding cost effective solutions that address the growing need for technical support while also managing the dramatically increasing amounts of data from customer devices. Managed Wi-Fi services include features that make it the ideal solution for both customers and service providers.

Managed Wi-Fi as a Digital Transformation Strategy

Managed Wi-Fi platforms like Actiontec’s Optim provide customers with hands on networking tools while also giving them the direct support from their service provider. Digital transformation is the process in which service providers adapt their service offerings to meet customer expectations. This is especially important as the smart home ecosystem continues to evolve. Research from IDC shows that 34% of companies surveyed believe they’ll fully adopt digital transformation within 12 months. 55% of businesses believe they have less than 12 months before they experience financial ramifications, such as loss of market share. Digital transformation hinges on a company’s ability to establish data-driven customer analytics. By viewing data trends of customers, telecom companies can make precise decisions on marketing, sales, and other customer focused initiatives without relying on guesswork. Managed Wi-Fi solutions offer two levels of opportunity: improved customer experience and improved data analytics for service providers.

Value Adding Services for Customers

Managed Wi-Fi services offer an entirely different approach to how customers manage their home network. Customers are empowered to take control of their entire network and gain important visibility into their network health. Tools like band steering allow customers to experience top performing Internet connections, which reflect positively on the service provider. This is also a great tool for managing the wide array of devices on the customer’s home network. Through automatic band steering, devices are connected to the right band based on broadband usage. Carriers have reported a 20% drop in support calls in homes with Optim’s SmartSteering technology.

In addition to optimizing network performance, customers with access to managed Wi-Fi services also have the opportunity to troubleshoot networking issues themselves. Advanced troubleshooting tools are enabled through machine learning and artificial intelligence. This allows for networks to “self-heal.” From the self-service dashboard, customers can review the devices connected to their network, check connection performance, and solve basic networking issues themselves.

Value Adding Services for Service Providers

Behind the scenes, service providers that use managed Wi-Fi platforms have access to important data that allow them to serve customers more effectively. Through the use of machine learning and artificial intelligence, service providers can get a complete view of the home network to quickly resolve customer facing problems without an expensive truck roll. This premiere level of customer support establishes customer trust and ensures a positive experience. Intuitive self-healing tools also help resolve issues before a support call is even made, allowing technical support specialists to manage other projects to improve services.

There are even product promotion opportunities for service providers that use a managed Wi-Fi platform. Using the data gathered from customer devices and analyzing data patterns, service providers can glean important customer behaviors that may indicate a potential service change for the customer. This has proven to be a useful tool for identifying customers that are potential cord-cutters and are considering Internet only services. Providers can use this information to create custom promotions based on the customer’s usage habits, owned devices, and personal priorities. Other areas of revenue include premium tech support that includes remote access for efficient problem resolution and advanced security solutions that incorporate tools for IoT security.

Customer satisfaction hinges on both the speed of solutions and the service provider’s ability to view the customer’s unique situation through data analytics. Service providers that adopt a managed Wi-Fi solution can offer premiere, value adding services that elevate customer satisfaction levels and improve customer retention. Customers are looking to their service providers for more than just an Internet connection. By providing customers with top tier services like a managed Wi-Fi solution, they can establish strong relationships with their subscribers, get an edge over competitors, and establish industry adaptability that will set them up for long term success.

Learn more about how Optim Managed Service Assurance Platform supports service providers and customers alike. For more industry news and research, check out the Actiontec Industry Articles.