Globally, telcos are facing increasing top-line pressure in their business due to cut-throat competition offered by market players, as well as the growing threats from OTT players. Thanks to their access to arguably the deepest and richest insights into the customers’ behaviors and usage, telcos are positioned to deal with this top-line pressure. Telcos have started to recognize data analytics and monetization as a key strategic pillar and investing in this direction. However, not many of them have reaped the benefits of these investments, because they face multiple dilemmas around the benefits accruing from it and finding the right platforms enabling the monetization process. Here are the top 5 benefits of customer data monetization for telcos :
1. Hyper-personalized Marketing
Monetization of subscriber data is a key enabler of hyper-personalized marketing for telcos. By creating hyper-personalized customer offers and ads operators can tap the vast array of subscriber base. Resilient telecom operators have already started using customer data to target personalized recommendations, offers, and messages, ultimately increasing revenues. A superior alternative to software-based solutions is moLotus platform. Its rich personalization features enable telecom operators to tailor their brand’s message exclusively according to subscriber name, location, interests, etc. without depending on any app download or active internet connection. The other software options like OptinMonster, Segment, Evergage, BrightInfo, etc.
2. Strengthening Customer Loyalty
Monetization of customer data enables operators to get the best understanding of their subscriber-base. They can use these insights to improve products and service offerings. Moving ahead, this improves the subscriber journey, making them loyal to the telco brands. As a mobile operator, you would be delighted to know about moLotus platform which possesses unique capabilities for creating reward campaigns. It would be worthwhile to use moLotus special capabilities for creating reward campaigns. The mContest capability runs hassle-free, cheap, and fast contests for subscribers resulting in superior loyalty and engagement. Additionally, implementing Milestone campaigns for regularly recurring events & festival greetings; the Mobile Cards replacing plastic loyalty & membership cards could be great cost-saving & loyalty boosters for brands.
3. Starting New Revenue Stream
By segmenting the customer database based on gender, demography, industry, and so on, into related target groups, the operators can make the most out of data. These classifications allow them to deliver highly targeted, personalized messaging, better subscriber experience, and finally outstanding revenues earned. Operators can embrace moLotus breakthrough technology offering advanced targeting options and customer data analytics; which further opens up new revenue streams by targeting and leveraging the existing infrastructure together with enterprise and mobility assets. Importantly, moLotus’ interactive mobile advertising has successfully enhanced the advertising revenues manifold for them.
4. Better Customer Lifetime Value Management
Customer data monetization facilitates the management of lifetime value in a big way. The dynamic telcos are fast adopting tools like Prospect.io, moLotus, Leadfeeder, LeadSquared, etc. to analyze, interpret, and monetize customer data. These platforms are helping operators in maximizing the customer lifetime value via upselling and cross-selling campaigns. moLotus advanced tools and insights, at all the stages of the customer lifetime value management process help, increase revenue. Starting with customer acquisition, the platform assists in exposure, awareness, retention, cross-selling, upselling, lead generation, and more without any app download or active data connection.
5. Driving Process Transformation
Data monetization is essential for telcos as it provides a process-led digital transformation in the business value chain. The subscriber data insights derived help in ascertaining the gaps and scope of improvements in business processes. Dynamic telcos are using advanced platforms like moLotus to derive the data insights and thus digitally transforming their business processes to meet changing business requirements. With its robust automation capabilities, the platform is being applied to seamlessly automate processes like customer onboarding, mobile document submission, service reminders, thank you letters, and a lot more while reducing cost and enhancing revenues. Noteworthy is the fact that the platform has gone ahead in enhancing the loyalty card space by replacing plastic cards with Mobile Cards.
Conclusion
The ultimate goal of customer data monetization is to combine and correlate every information source to foster a holistic, transparent, end-to-end view of all the interactions every subscriber has with the operator. But to really leverage the benefits of subscriber data, operators must radically modify how they gather, verify, learn from, and make use of the information available at their disposal. Because in an industry like telecom it’s not only the intrinsic value of data that matters, it’s what operators do with it, counts. moLotus has proved to be a significant game-changer in telco data monetization and the future prospects seem to be bright.