Articles

2023: A Gateway of Opportunity for Telcos to Earn More

by Buana Sari Digital Marketer

Technologies are ever-evolving and so are industries and business models. The Telecom industry is no exception. In fact, it is the fastest-growing industry that has witnessed a revolution in the last two decades. Starting from wired handsets to featured phones and gradually leading to Android and iPhones powered by superior network connection, telcos have evolved a lot and are still in their revolutionary phase where new technologies are unwrapping at a high speed. But, what makes it more talk of the town is its revenue generation part.

Over the years, telcos have juggled for revenue generation and are still looking for new mediums for earning more. There are big telco giants who are leading the way and bringing in innovation on the industry front. Then, there are developed and developing countries that are actively communicating and helping telcos generate big bank balances. Interestingly, in the past few years, telcos revenues have majorly been generated from Europe, North America, and the Asia-Pacific region, accounting for around 70% of total revenues.

Big brands and companies are investing heavily in the latest telecom technology and strategizing new ways to earn more. In this article, we are going to look at the various aspects of how telecom companies can generate more income in 2023.

The world has witnessed two long years of a global slump. But with the growing demand for communication on every front, the telcos ecosystem has once again taken off, and that is showing for sure. This scenario has led to highly competitive market conditions and innovations that are crucial for telcos' survival.

Moreover, according to recent projections from Gartner, Inc., global IT spending is expected to be around a total of USD 4.6 trillion in 2023, a 5.1% rise over 2022. Even if there is some drop, it is expected to still see better market gains. In 2019, the global telecommunications market was valued at USD 1.74 trillion but is expected to grow by 5.0% in CAGR from 2020-2027. The data clearly shows massive earning opportunities for telcos in this new year.

According to research, by 2028, $2,467.01 billion will be generated by the global telecom services market at a CAGR of 5.4%. And, with the US GDP growing at just 2.7%, telecom providers must focus on revenue after the sale and generating new revenue streams. Telco providers should make efforts to increase revenue by 2023 by leveraging cloud-based cost savings, improved functionality, and simplified operations while reducing costs.

1. Earn more with Technology Adoption, Innovation, and Transformation

Currently, telecom companies are dealing with a wide range of significant business challenges. Voice and text messaging revenue streams have declined significantly in the past few years, in addition to severe competition from over-the-top services.

It is imperative for the telecom industry to undergo a digital transformation in 2023 to stay competitive while earning more. In order to be more successful, telcos need to move ahead of traditional platforms and shift to customer-centric, interactive and high-margin revenue generation platforms like moLotus. It is a GSM-based mgram technology that reaches and monetizes a full subscribers-base. moLotus is a unique breakthrough technology that helps transform business processes and creates brand awareness, lead generation, customer acquisition, retention, loyalty, up-selling, cross-selling, and more.

Telcos can improve customer support through timely education and reminders. The innovative, quick video communication with multiple interaction options help transform customer processes, and improve brand and product visibility while saving huge costs.

2. Subscriber Data-driven Business

Businesses are finding it increasingly necessary to collect multi-faceted data about their customers in order to make better marketing decisions. This exposure is enabled by Big Data analytics that includes data from all niches. As a result of Big Data, businesses now have access to crucial business insights that have been impossible to gain through so-called business analytics in the past. Most digital interactions occur on mobile devices, from web browsing to using social media using apps for a range of purposes. As a result, now mobile interactions are the largest source of data.

Allied Market Research estimates that the global big data and business analytics market will reach $198.08 billion in 2020. From 2021 to 2030, it is expected to generate $684.12 billion, a CAGR of 13.5%. As per industry forecasts, retail & e-commerce will grow at the fastest rate of 15.9% from 2021 to 2030. A number of think tanks, including IDC, predict an unprecedented increase in digital data in the next five years. Forbes reports that 48% of Big Data cases involve customer analytics.

Big data technologies will help telecom companies to improve their profitability by helping them to optimize their network use and services, gain more customers, enhance the customer experience, lower customer attrition rates, and increase security. A Mckinsey & Company research report found that Big Data analytics could help telecommunications companies forecast and decrease customer churn by 15%. It can increase service quality through the analysis of real-time customer data and records. Telcos can also detect evolving customer behaviors and take action immediately, which eventually gives them competitive advantages in the marketplace and helps to unlock hidden potential. Based on deep data intelligence platforms like moLotus, telco operators can develop and execute marketing strategies as per customers' needs and wants. It helps in strategy plans based on interactions, demographics, interests, and languages.

3. Automate conversations to enhance marketing

When it comes to conversational marketing, connecting with your prospects at the precise moments when they need it, is crucial. Even just a little lag could lead to a lost deal. Telcos need to understand how hard it is to keep track of several communications tools, especially when relying on insubstantial notifications. So, to make things simplified telcos are moving towards breakthrough tech platforms like moLotus.

Customers lose interest when scripted conversations take place. They want solutions for their concerns specifically and immediately. Today telcos are using emerging technologies such as moLotus and chatbots. moLotus is a two-way communication platform that makes customer interaction easy and simple. Quick interaction between the brand and the customers can be done via moLotus easy response options like USSD, Web URL, callback, SMS, etc. In 2023, keeping conversation automated will bring in more income, eventually. 75% of marketing departments have increased their conversion rates using marketing automation software (Source-Statista).

4. Reduce Cost

Doing away with any expenses that bring burden to the business must be reduced. Cost reduction must be at the top of every telecom company's list for 2023. This is a good exercise to be done right now. Most telecommunication companies are now busily looking for ways to cut their corporate costs. To earn more in 2023, operators must make a switch from the in-app and data-based digital advertising platforms to real mobile video advertising tools like moLotus which works without using any app or data connection while saving huge costs and eventually generating maximum profit percentages.

moLotus, when added to the marketing mix, makes business processes automated and high yielding. It helps reduce headcounts, cut down compliance costs, save huge costs on staff training, lowers advertising costs and supports managing budget-friendly campaigns. Telcos must switch to a real mobile advertising platform that is cost-effective and delivers high response rates of up to 8%-15% and is different from any other traditional ad platform like moLotus.

5. Mobile Advertising Revenue Generation

According to Technavio's latest market report, the mobile advertising market size will grow to USD 111.58 billion by 2025. As per the latest data, spending will reach nearly 399.6 billion by 2024, a 17.2% increase from previous years.

As mobile devices have become more prevalent in recent years, their number has increased dramatically. Advertising revenue has grown fastest on mobile devices because of the time consumers spend on them.

Due to the growing popularity of smartphones and mobile devices, companies are devoting more budget to mobile advertising than ever before. Global mobile advertising market share growth is largely driven by in-app advertising. Users of mobile phones spend more than 80% of their time on dedicated apps, compared to 20% on browsers. Based on various performance indicators, the report analyzes, evaluates, and positions companies in the Mobile Advertising Market. This analysis considers different factors, including the financial performance of businesses over the past few years, product innovations, growth strategies, investments, upcoming product launches, and growth in market share. By 2026, advertising services are expected to reach a value of USD 188.92 billion at a CAGR of 5.18%. And from 2021 to 2026, the online advertising market share is expected to increase by USD 241.99 billion, with a CAGR of 10.98%.

Telcos can start harnessing this growth percentage to earn more in 2023 with powerful mobile marketing platforms such as moLotus. It is a mobile video customer interaction platform that works without using any app or data plan and renders on all types of phone handsets working on all networks - 2G, 3G, 4G and 5G. As telcos continue to tap into more revenue generation opportunities, they can try the real mobile advertising platform like moLotus to create ad revenue streams in the months to come.

To Conclude

In 2023, telcos need to focus on generating more income by using a mobile ad platform that is cost-effective and user-friendly. Telco service providers need to look for ways to generate enterprise revenue by adding automated mobile technologies that ensure growth and help transform the business as a whole.


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About Buana Sari Professional   Digital Marketer

961 connections, 54 recommendations, 2,609 honor points.
Joined APSense since, December 5th, 2021, From Singapore City, Singapore.

Created on Jan 24th 2023 04:39. Viewed 190 times.

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