Wireless customers can be a fickle group prone to change providers based on the latest market offering. In no other industry does customer satisfaction play such a significant role in retaining customers and reducing churn. Verizon is the industry leader in customer loyalty (retention) with a rate of 0.96% which is the lowest retail postpaid churn rate among wireless carriers in a highly competitive market. Their goal is to maintain that position by providing exceptional customer service.
Verizon’s challenge: collect, manage and utilize the enormous amounts of customer data across all of its channels. The growth in volume of Verizon clickstream data - data that is collected from Verizon web sites and mobile apps - demanded an increase of load frequency from a daily to an hourly basis. Data mining and analysis was very complex and the process was too resource intensive to sustain. The partnership between the Informatica Big Data Management, Hadoop and Teradata solutions provided out-of-the-box transformation techniques to develop the complex parsing/pivoting in a manner that was easily coded and maintained.
The resulting cross-channel analytics fundamentally changed how Verizon is able to observe the customer journey across multiple channels. Increased self-service and reduced call-in rates resulted in 26.6 million fewer calls in 2015 vs. 2014.
Verizon can now:
- Isolate improvement opportunities to enhance the overall customer experience
- Simplify complete transactions on the Web
- Identify opportunities for customer growth
Verizon is now able to better serve its customers with a consistent experience across their channels (retail, online, and indirect), reduce customer churn, improve marketing effectiveness, and increase personalization.