As businesses regroup from the economic impact of this past year, they have the opportunity to revisit traditional processes and adapt to evolving landscapes to come back stronger than ever. Deloitte’s 2021 Telecommunications Industry Outlook, authored by Kevin Westcott, Deloitte’s US Tech, Media, and Telecom leader, outlines three key strategies that can help companies bounce back from the effects of the global crisis and reinforce their businesses for the road ahead. Following these strategies will allow enterprises to continue their recovery and emerge as market leaders as a result.
Taking a nuanced approach to customer engagement
Consumers’ economic needs are shifting and with the wide variety of digital services available, consumers are likely to cut out solutions that are not delivering value. This shift has caused a ripple effect and businesses are revisiting their offerings, communication options and user experience to ensure their customers are satisfied. As the preference for fast, streamlined and tailored support become the new normal, companies will want to focus on enhancing their customer engagement in order to retain loyal customers.
Meeting customers where they are—financially and through their desired communications platforms—is an important best practice within this strategy. Being able to understand and adapt to customer preferences are essential to customer retention. In order for businesses to effectively connect with customers, they’ll want to consider adding flexible and customizable services to their communications options. Messaging through SMS and MMS is an effective way to reach customers directly and deliver speedy interactions that consumers demand. Tailoring offerings and communications for customers’ needs and preferences can help recovering businesses deliver better customer experiences and set themselves apart from their competitors.
Converging entertainment experiences
In addition to customer engagement, incorporating modern telecom tools within entertainment experiences will help entertainment companies and artists provide consumers with the same experiences in new and safe ways. For example, gaming companies have teamed up with musicians to create virtual concerts within a video game—creating a converged entertainment experience for players and concert goers.
Complex entertainment collaborations like these are made possible by 5G technology. 5G can deliver these mixed-media experiences faster and with reduced latency. The technology is promising for the future of entertainment, but it is also an essential differentiator for any company looking to power their cutting-edge solutions. As consumers get increasingly used to seamless technology-driven experiences, businesses will want to embrace 5G to ensure they’re meeting customers’ expectations.
Repositioning wireless networks
5G is also becoming a driving force for businesses that want real-time visibility, insights and control over their products and services. When combined with other emerging technologies such as AI and machine learning, 5G can allow companies to access the full potential of IoT and, in turn, support the evolution of how consumers live, work and learn. The past year has emphasized the value in adopting digital-first approaches, and 5G adoption can be a significant asset in this regard.
The capabilities that come with 5G can transform just about any industry, from retail to manufacturing. By adopting 5G, companies can create applications that are specific to their field and tailored for their customers’ needs and expectations. Contactless checkout and delivery, for example, became even more popular in 2020 and are likely to remain go-to resources in the coming years. For companies looking to not only recover but emerge as market leaders in the wake of the pandemic, 5G has the potential to help them realize these goals.
Though economic recovery is still in process, businesses can continue building their path and strengthening customer experiences by leveraging modern telecom applications and services. Deloitte’s 2021 telecommunications industry outlook offers guidance and strategies for enterprises to consider as they evaluate IT investments for the future.