The 10 Signs You’re Overdue for a Telecom Strategy Change

The telecommunications industry is in a major state of change now, as consumers have greater mobility and tight margins make it difficult to invest in upgrades and new technology. If your telecommunications company is facing industry changes with fear instead of confidence, it might be time to ask yourself these 10 questions to see if it’s time to rethink your telecommunications strategy.

The 10 Questions You Need to Ask

1. When was the last time you revisited your market research plan? Recent research indicates that over 90% of telecommunications companies have their overall growth determined by the submarkets that they compete in. If you aren’t completely sure about the dynamics of the markets you’re in, now is the time to reassess and readjust.
2. Is your market slowing or growing? In addition to the question above, you should assess whether or not your market is shrinking or getting bigger. The constantly-changing telecom market means that some markets will be obsolete while new ones will appear.
3. Is innovation part of your telecommunications strategy? While it’s easy to put innovation on the back burner while you focus on attracting and retaining telecom customers, innovation is the best way to gain an edge over your competitors.
4. Have you adapted your strategies to meet the latest national and international requirements? The answer to this question should always be “yes,” otherwise you are putting your telecom business at risk of a lawsuit. However, if your telecommunications strategy isn’t taking net neutrality changes or GDPR into account, you must do so.
5. How is your infrastructure doing? As with innovation, you cannot afford to skip an investment in infrastructure, or you will be paying for it later down the road.
6. When did you last assess your customer service department? Customer service is critical to retaining customers and keeping them happy. If you’re overpaying for a customer service department that is under-delivering, it might be time to explore outsourcing your customer service.
7. How many channels are you getting sales from? Traffic generation is an essential part of every telecommunications strategy. Your telecom company should be getting leads through multiple channels both online and offline.
8. Are your sales and marketing departments aligned? There are few things worse for business than customers who expect one thing and receive something different. Make sure that you aren’t sending mixed messages in your marketing, and make sure that your salespeople know you can deliver the product they are selling.
9. Where do you fall in the “pack” in your market? While it isn’t realistic to expect to always be the leader of the pack, it is important to know if you’re falling too far behind.
10. Do you need outside help? If you aren’t already taking advantage of outsourcing business processes, now is the time to investigate what these tools have to offer your telecom business.

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