As the dust settles on the start of our podcast journey, we take a look back at some of the best bits from our first series of In Conversation with CloudSense, featuring our very own Vish Kumar, Senior VP of Product Management.
We kicked off episode one (Cost Reduction) with Vish sharing his tips on cost saving for telcos. The market is more competitive than ever and inflation is hiking operational costs with wages and other input costs rising in most markets.
Vish stressed that a lack of revenue growth, paired with rapidly rising costs is creating a margin squeeze across the industry. It’s clear that investing in 5G and fiber to maintain competitive parity with rivals is the direction the market is heading.
This is driving substantial capital expenditure and supply chain pressure as telcos race to deploy more advanced networks; therefore being agile in the market and stripping back the complexities are key strategies to making cost savings.
As Vish explained, “it’s not about trying to solve the full end-to-end [process], but it’s about speeding up the purchasing process and enabling CSPs to unlock value quickly”.
Sometimes short, fast programs can help speed up the sales cycle and give better visibility to make effective business decisions. The key takeaway is that a simplified process can reduce costs and enable CSPs to spend more time supporting their customers and employees whilst reducing their operating expenses and improving their margins.
Being a market leader and maintaining competitive advantage is one of the hardest challenges businesses face. Vish addresses these challenges in episode two (Market Share) and explains the importance of delivering exceptional customer service and support.
This can involve streamlining processes, providing quick and efficient resolutions to customer issues, and offering personalized experiences.
On top of this, entering a new market as a telco requires careful market research, strategic planning and a willingness to adapt to the unique dynamics of the new market.
The key is to touch the right demographics, and target segments and key parts of the markets in order to remain competitive.
The summary of the episode is that gaining market share is a long-term endeavor that requires a comprehensive strategy, continuous improvement and a deep understanding of your target market.
Our third and final episode (Staying Relevant) focussed on staying relevant in a hyper-competitive market.
Data is king and utilizing the numbers to drive your campaigns, as opposed to having ‘a gut feel’, will increase the likelihood of conversion and customer satisfaction. Vish also touched on the end-user experience being imperative for telcos.
Excellent customer service is crucial for telecom companies to differentiate themselves; by offering responsive and personalized support, addressing customer concerns promptly, and providing self-service options, CSPs can build strong customer relationships and loyalty.
These industry players can compete for customer time by prioritizing service quality, offering competitive pricing, embracing innovation, providing exceptional customer service, and implementing effective marketing and branding strategies.
Stay tuned as we look forward to providing more podcast content in the coming months!