Here’s something to consider the next time you touch your remote. You may be part of millions of people across the world who—while working from home during the pandemic and through lockdowns—have either picked up new cable subscriptions or added more value-added services to existing ones.
Not unsurprisingly, WFH has led to an increase in the number of cable and media subscriptions across the world, whether they be video streaming, video on demand, or subscription TV services. On the flip side, this is an unequal growth; while revenues have risen, customer experience with internet service providers (ISPs), video-on-demand services, and video streaming services have seen significant volatility.
Where large consumption of bandwidth for internet services and hours spent streaming videos and movies were to have been positives for cable companies, personalisation and pricing continues to be a sore point given OTT /and streaming options, and the bundling of unasked for and underutilized options. That, in turn, impacts the overall customer experience, leaving users to ask whether cable companies are solving the problems end consumers need solving, or focusing merely on the technology and labelling that as good customer service. In other words, can cable companies fundamentally rethink how they service their clients and become more focused on a digital-first approach? This requires rethinking their business model, and at its core, is almost a generational clash.
The digital experience for cable companies is far from seamless today; addressing the issue could mean rethinking the way they approach Digital. Customers are cable companies’ biggest assets and offer a key lever for growth. Consumers accustomed to digital and self-service channels with precise delivery times are looking at On-demand solutions. Much more than an eight-letter word, Digital—and a digital mindset—requires embedding within every level of the customer value-chain—from the back office and customer care to omnichannel sales and seamless self-install. This will help address customer irritants, improve retention, and unlock growth opportunities for offering new products and services—including personalization and targeted advertising—to a more loyal customer base.
Change of this magnitude must work together with cultural and behavioural change, linked to clear financial metrics, subscriber metrics, incentives, and budgets. If done right and championed by leadership, Digital should find itself effectively connecting back-office and customer care to omnichannel sales and a customer’s ability to self-install services.
The rewards are tangible; increases in customer lifetime value, top-line growth, and run rate are significant. The revenue generated offers cable companies the ability to re-invest and drive future growth. And more immediately, this will also see rise in investments in new suite of services and enhance partnership with other deep-pocketed tech platforms for CX and DX.
Cable companies are increasingly turning to CX experts to help streamline and embed this new thinking—with solutions that include specialized services with digital television adapter and self-install kits; technical troubleshooting through video billing, and repair handling; automated commercial management that simplifies billing and payment processing; e-commerce omni-channel support through click-to-call, direct dial, and IVR assist; and back-office support that helps find efficiencies through digitization.
It’s a necessary rethink that will take cable media from ‘household-centric to digital CX-centric organizations. And the next time you pick up your remote, it could be an essential part of the way you interact with your service provider.