How GDPR could reshape Telco communications…for the better
The way that telecommunications companies talk to their customers is changing. Why? Those four letters we’re all getting used to hearing – GDPR.
GDPR is a European legislation designed to give individuals greater control over their own data. It means that even existing customers will now have the right to opt out of marketing communications.
The result is that unless you have verifiable consent, huge sections of your database could be off-limits for your marketing, including for cross-selling, upselling and win-back campaigns.
That’s a problem that could haunt you for years to come.
Why this doesn’t have to be bad news
GDPR will almost certainly reduce the number of names in your database. But it will also ensure that database is full of better data.
By offering people the chance to opt in to specific channels and specific types of communication, you get an insight into what they choose.
Most important, you’ll only have data on the people that are actually engaging with your brand.
Those who want to hear from you opt in because they see the value in what you’re offering. They want the incentives, rewards and offers. They’re the most likely to convert, which could see your engagement rates improve too. And the fact that you’re talking to the right people could see your churn rate fall.
Of course, you still need to maximise opt-ins
GDPR means that you need to get in touch with customers to get consent. The key to success will be in how you get in touch. Doing it right could give you a huge competitive advantage.
Some telcos will simply write off their database and start again.
Getting GDPR right hands you a huge edge over them.
But instead of seeing GDPR and collecting consent as a threat, see it as an opportunity. A chance to focus on customers who want to hear from you, as well as an insight into how they want to hear from us. Most important, it’s an opportunity to make customer-centricity a bigger part of your brand, right when your competitors are choosing to ignore it.