Telecom operators globally are facing an economic downturn exhibiting fall in revenues. Prime revenue streams like voice and SMS are shrinking while data consumption is not compensating for the resultant loss. Adding to the telco woes, there is a massive decline in average revenue per user (ARPU). Mobile operator voice revenue is likely to drop to $208 billion by 2024 from $381 billion in 2019, as users continue to prefer more flexible and free OTT services. (Source - Juniper Research)
However, Top-notch telcos have perceived revenue opportunities in every seemingly disruptive force and are tracing new high margin revenue streams. To understand what operators can and should do to maximize revenue, let’s look at what the resilient operators are doing globally. The key insights derived includes:
1. Monetizing subscriber data
Data is an invaluable strategic lever for them to reverse the revenue decline trends worldwide. Each Telco has access to a rich subscriber database. The data and the derived insights can be put to multiple uses, leading to the maximization of top-line and bottom-line revenues. Top telcos are hugely investing in marketing automation tools to transform their subscriber data into meaningful decisions. Advanced data curating and analytics features of marketing automation platforms like moLotus, Hubspot, Marketo, etc. make data management and analysis easy and simple. Your campaign data can be compiled into crisp and comprehensive reports via moLotus, enhancing your decision-making and strategizing.
2. Enhancing Customer Lifetime Value Management
Telcos are fast adopting customer journey automation tools like Prospect.io, moLotus, Leadfeeder, Act-On, and LeadSquare for maximizing the customer lifetime value via Upsell and Cross-sell campaigns which are the key drivers for revenue generation. As rich subscriber data is already available with them, campaigns can be highly personalized, customized, and timed for maximum effectiveness leading to an increase in the lifetime value of the existing ones. Undoubtedly, acquiring new customers is more costly than retaining them. moLotus provides an easy way for customer retention and rewarding loyalty. You can run hassle-free, cheap, and fast contests for subscribers using mContest - one of the unique moLotus capabilities. moLotus’s breakthrough mRedeem capability has replaced the print coupons by realtime, personalized, event-based digital vouchers and coupons. Milestone - another innovative moLotus feature helps you in running long-term automated campaigns for special occasions like birthdays, anniversaries, reminders, and festivals. These campaigns are significantly high on ROI; ensuring that the telco brand is always top-of-mind and the subscriber feels cared for.
3. Reducing Cost
Major Telecom brands are on a cost-cutting spree, reducing headcounts in their business processes and improving revenue figures. Digital platforms offer cost minimization opportunities especially in production and delivery by automating processes. Research reveals that platform like moLotus is significantly cutting down headcounts together with printing and distribution costs for telcos undergoing digital transformation.
4. Digitalizing & Transforming ProcessesÂ
Telcos across the globe are driving revenues by fast migrating from traditional to digital as regards to processes. Using powerful automation capabilities for real-time event-based interaction, and features like customer onboarding, mobile document delivery, submission, etc. moLotus is driving breakthrough transformation and innovation in leading telcos globally. For instance, banks are using balance transfer flow and mechanics to improve conversion speed and rates, scale campaigns, reduce customer intrusion, and telemarketing costs. Insurance companies are using moLotus capabilities for renewals (better conversion at lower cost), fast document collection, interactive underwriting, and more.
5. Optimal usage of the Existing Assets
Telcos have unique and valuable assets in the form of well-established sales teams, resellers, agencies, partners, and other strategic alliances. The potential cost efficiency of leveraging the existing telecom infrastructure is enormous. Studies reveal that by leveraging and optimizing the existing infrastructure via moLotus platform, leading operators have significantly augmented their existing revenue streams and generated new revenue opportunities globally.Â
Conclusion
In the current volatile market situation, it is imperative for the operators to build strong customer relationships and so is becoming more pliable and adaptive to digital transformation. As a prudent telco marketer, embracing innovative tools like moLotus could be the best way to maximize revenue.