Commerce The Ryanair business model is bases on low fares strategy which comprises for following key Strategies. Ryanair's strategy was to offer cheap fares in order to capitalize on the market, in order to check out its low cost strategy Ryanair offered fares that have been almost 20 percent less than the cheapest fare of its opponents. With this mission its original fare was arranged at 99 Pounds for a return ticket.
Exactly two years before, Ryanair were in the process of announcing their second profit warning in the space of two months. The corner stone of this miraculous turn around was built around leveraging big data to become customer centric.
Ryanair discovered that providing the consumer with what they wanted was the way to maximize profits. Ryanair developed this customer experience program using big data. They understood that as a company they were sitting on Ryanair quality management gold mine of data which could be analyzed and used to help improve customer satisfaction.
This data was gathered at all touch points between the company and the consumer. Ryanair analyzed bookings, searches, click streams, they pushed pre purchase surveys and post purchase surveys.
As Ryanair showed companies can use big data to better understand their customers which in turn enables them to improve on their customer experience which drives profits.
This is especially true in the telco market. In such a competitive industry the ability to utilize this data and differentiate yourself from your competitors is a must.
In their industry surveyTelecoms. This shows that operators are beginning to value big data. Few operators can actually grasp the strategies and technologies needed to gain actual insights from the sheer mass of data they have at their fingertips.
One way operators can utilize big data is by providing their customers with real time contextual offers. Operators can also use this data to move from reactive churn management to proactive churn management by analyzing the data and creating a predictive churn model.
So be it an operator or a commercial airline, the ability to cost effectively collect, prepare and manage data and use this to enhance customer experience from many different sources is essential. As Ryanair have shown, delivering a better customer experience does make a significant impact on the bottom line.
To read the results of the big data section of the telecoms. Share This Blog Post Find out more in our learning centre.
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