In telecom sales, your reps are in a unique position. The transactional nature of telecom sales means more dials made to find the right people who need your products or services now.
While you don’t often see the benefits of relationship building that other industries see during a longer sales cycle, you are at one particular advantage. Due to the sheer number of people you contact on a monthly basis, you are collecting a ton of data. This data is incredibly important, because it’s ripe for predictive analytics to help drive your telecom sales strategies.
You’re likely already monitoring some metrics of your telecom sales statistics. Look for patterns and some type of through line to sales-ready prospects. Predictive analytics takes your data sets and goes deeper, because it’s capable of building statistical models to solve business problems. Because the data sets are so large, it’s easier to identify patterns to reasonably and statistically rule out outliers.
Instead of making educated guesses based on high-level metrics, predictive analytics technology is reliable enough to unearth trends and patterns that simply can’t be accomplished with human analysis.
The 3 Big Benefits Of Predictive Analytics In Telecom Sales
1. Increased Efficiency
Instead of your sales reps wasting time calling prospects who aren’t going to convert, through predictive analytics you’re able to classify customers according to their likelihood to buy a product or service. Targeting sets of customers with better purchasing potential helps to yield a higher ROI.
2. Improved Retention
Through predictive analytics, you can find out when customers are at risk and then develop specific campaigns around that particular risk. The data empowers you to make educated at-risk predictions so you can take appropriate action to retain customers.
3. More Viable Sales Opportunities
Predictive analytics is also beneficial for customer segmentation, which helps eliminate meaningless segments and elevate those prospects with higher predicted conversion rates. For example, you can leverage predictive analytics to build campaigns around identifying prospects geographically or firmographically.
Big data is a term businesses of all stripes are going to hear more and more about, because technologies like predictive analytics are now truly starting to come into their own. The sheer volume of data involved in telecom is perfect for reaping the benefits of predictive analytics to boost your telecom sales.
Stayed tuned for Part 2 in this big data blog series, where we will discuss AI machine learning, what it is, what it reveals and why it’s the next wave of telecom sales strategies.
Ready to decode telecom sales data?