How Telecom Operators can Increase Revenue?

Telecom operators around the world are facing a revenue downturn. Prime revenue streams like voice and SMS are shrinking while data consumption is not compensating for that loss. This has resulted in a decline in average revenue per user (ARPU), amplified by fierce competition and strong regulation.

However, every seemingly disruptive force could be viewed as an opportunity to increase revenue. Top-notch operators are dynamically responding to challenges. To understand what operators can and should do to maximize revenue, we must know what resilient operators are doing globally. The key insights derived from the study includes:

Monetization of Customer data

Each Telco has access to the deepest and richest insights into customers’ behaviors and usages. The data and the derived insights can be put to diverse uses, leading to the maximization of top-line and bottom-line revenues. Invest in marketing automation tools to transform data into meaningful decisions. Advanced data curating and analytics features of marketing automation platforms like Hubspot, Marketo, moLotus, etc. makes data mining, management, and analysis an easy go for you. You can compile campaign data in the form of crisp and comprehensive reports enabling you to decide upon and strategize further.

Cost minimization

Top Telecom brands cut costs by reducing headcounts in call center processes and improving revenue figures. Digital platforms offer cost minimization opportunities especially in production and delivery by using automated and “low touch” processes. Research reveals that platforms like moLotus is significantly cutting down headcounts together with printing and distribution costs for reputed Telcos.

Customer Loyalty

The subscribers are more than happy to reciprocate when the telcos provide them with something they like. Telecom operators should reward loyal customers with special offers, discount coupons and in return request them to leave reviews. Loyal customers drive sales revenue drastically.

Tools like Yotpo, LiveEngage, etc. have a special role to play in enhancing customer loyalty by generating product reviews. As a Telco marketer, you would be delighted to know about moLotus platform which possesses unique capabilities for creating reward campaigns. You can run hassle-free, cheap and fast contests for subscribers using one of the moLotus capabilities.

Customer Service & Feedback

Top Telcos are fast moving from traditional customer support and service to digital customer service driving high margin revenues. Online customer support can lead to improved CX as 76% of telecom customers claim to be fully satisfied with their digital-only journeys versus a 57% satisfaction rate for traditional channels. (Source: McKinsey & Infopulse)

Successful telecom operators have adopted futuristic customer feedback tools like SurveyMonkey, SurveyGizmo, etc. In terms of collecting real-time customer ratings & feedback, the ‘Rate-it’ capability of moLotus has robust success rates, enabling the operators to analyse and improve upon.

Personalized Communication

Resilient telecom operators have found a great solution to the plaguing issue of customer churn. They have started using customer data to target for personalized recommendations, offers and messages to increase revenues. Personalization software options like OptinMonster, Segment, Evergage, BrightInfo, etc. identify trends in a company's consumer behavior and then use that data to display content in a more personalized manner. An alternative to software-based solutions lies in moLotus platform. Its rich personalization features enable you to tailor your brand’s message exclusively on customer name, location, interests, etc. without depending on any app download or active internet connection.

Upselling, Cross-selling and CLV

The innovators and early adopters are fast adopting customer journey automation tools like Prospect.io, moLotus, Leadfeeder, Act-On and LeadSquared to analyze and interpret customer data. These platforms are helping operators in maximizing the customer lifetime value via upselling and cross-selling campaigns. The efforts result in an increase in average revenue per customer. It would be wise for you to tread the path set by the top telcos.

The Big Picture

In a volatile market situation, it is imperative for the telcos to build strong customer relationships and so is becoming more pliable and adaptive to the digital platforms. As a telco marketer, embracing innovative tools like moLotus could be the best way to earn high margin revenues in 2020 and ahead.