Subscribers needs are constantly changing. As it turns out, you don’t have to be a mind reader to get an idea of what their next move will be. When you leverage the data provided by subscriber networks and use intuitive machine learning and AI solutions, you can create targeted service plans that appeal to their changing service needs and reduce the risk of customer churn. The ability to understand your subscriber needs and behaviors can drive your future business decisions and set your services apart from your competitors. While subscriber acquisition is often considered a higher priority than retention, there are major opportunities to be had when service providers strive to reduce churn. Besides the fact that customer retention is often cheaper than signing new subscribers, customer retention statistics also indicate that existing customers are 50% more likely to adopt new products or services and spend 31% more than new customers.
Customers who are “at-risk” of churning exhibit ear-mark behaviors that a Service Provider can use to identify, analyze and prevent that customer from churning, even before they make that phone call to your Customer Care center.
Understanding the Three Types of Cord Cutters:
- Those who live-stream: This type of subscriber is one that that previously watched traditional TV is now more interested in streaming live TV via platforms like Hulu Life or YouTube TV.
- On-demand streamers: On demand streaming subscribers are the most recognized type of cord cutter. These subscribers have ditched live TV for on-demand services like Netflix, Hulu, and Amazon.
- Cut all services: while rare, there are some subscribers who are more hardcore cord cutters that have opted out of most paid services and stick to DVD services like Redbox and free antenna content. Most of these subscribers still have home Internet, but some have even gone as far as cutting their Internet cord too and just using their phones or tablets to get their Internet fix.
Proactively Identifying Cord Cutting Behaviors
Now that you know three general types of cord cutters, how do you identify them before they start making changes to their service subscriptions or switching carriers? The answer is in data analtyics. Every device connected to the subscriber’s home network produces data that show usage patterns and other key pieces of information. While home networks produce vast amounts of data, that data isn’t valuable until it’s put into context. That’s where machine learning comes into play. Implementing data management tools that use machine learning and AI technology automates the data collection process and translates the data into useable information, creating the subscribers current and historic service story. As subscribers change behaviors to stream more content, it creates significant data that points to cord cutting potential, allowing you to create a plan to retain that subscriber.
Consider this: one of your subscribers has been streaming more video and adding more IoT devices to their network, but their current Internet plan isn’t really conducive to their needs, resulting in poor performance. Rather than waiting for the subscriber’s frustration to set in, you can create tailored services and offers to entice the subscriber to update their service plan rather than switch to a different provider. This proactive approach allows you to stay ahead of cord cutting trends and reduce churn while ensuring a positive subscriber experience.
When it comes to identifying and learning from your subscriber data, machine learning is especially useful due to its predictive capabilities. Machine learning’s data process works by taking in data from multiple sources, consolidating that data with a data management tool, and applying it into a predictive model. A good data management tool will also include custom reports that help to identify trends and potential changes to the subscriber’s usage patterns.
Retain Your Subscribers with Advanced Analytics
To truly reap the benefits of network produced data and advanced analytics, you have to make the data work for you and make noticeable impacts that positively influence the subscriber’s experience. Enter Optim Managed Assurance Platform. Optim delivers advanced analytics and machine learning tools in a user friendly, cloud-based platform. With Optim, subscribers can view their network at a glance, giving them the freedom to manage their network in a way that matches their needs. From a service provider perspective, Optim does so much more. Optim’s advanced analytics and machine learning automates network optimization, provides in depth reports on data findings, and keeps you in-the-know so you can better serve the subscriber.
Speaking of customer experience…. Optim also leverages advanced analytics to power intuitive troubleshooting tools and improve network security. Service providers can gain customers and add value to their services by using machine learning and AI tools to identify and prevent potentially harmful activity on the network. Machine learning algorithms use data patterns to detect abnormal activity and can spot these anomalies faster than the subscriber or even a service technician. Quick detection means better prevention. When potentially malicious data is found, it can be neutralized before it becomes a problem for the subscriber. When Wi-Fi issues do arise, subscribers can count on Optim’s self-healing and self-service tools to quickly troubleshoot and resolve the issue. Service provider technicians also have remote access to the network, in the event that a subscriber needs additional support, allowing them to identify and fix any issue the subscriber is facing, without an expensive truck roll.
Adopting and implementing advanced analytics tools is an essential step to ensure your service is future-proofed and capable of weathering the changes in subscriber utilization trends and Wi-Fi technologies. With Optim, you can improve subscriber satisfaction and retention by simply using data to your advantage and adapting to their needs as they change.
Optim is designed to make home networking easy. Are you a Service Provider looking for more information on Optim Managed Service Assurance Platform? Contact us today to learn more about how Optim’s advanced analytics can work for you.