This article is condensed and originally appeared on Beta News.com.
Telecom companies have become integral in our hyper-connected modern world. In the past, most telco revenue was generated from voice traffic (i.e., premiums on long-distance calls). An explosion in technology has given rise to a fundamentally different industry landscape with myriad new factors and considerations. From sending a simple text to confirming a reservation at a restaurant, telecom has changed forever. Yet, despite the increasing necessity of telecom to keep us connected, maintaining customer loyalty hasn’t been easy.
Customer loyalty has been on the decline in recent years. As a result, the telecom industry must work harder than ever at customer retention, which can prove challenging in the saturated cloud provider market. There are many unique and situational reasons businesses might choose to leave their Communication Service Provider (CSP). Changing consumer preferences demanding immediacy and personalized service have impacted some relationships, while the ability to provide global customer support has affected others. Evolving preferences might be one reason why 77 percent of consumers are no longer as loyal to brands as they once were.
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