Top 5 Strategies for Telecom Operators to Boost Consumer Revenues in 2024
In 2024, the telecom landscape is expected to undergo a profound transformation driven by rapid technological advancements and shifting consumer expectations. Average Revenue Per User (ARPU) stands as a cornerstone metric for telecom operators across the globe, offering insight into the revenue generated from their massive customer base. Statista forecasts a perpetual increase in the global ARPU within the telecom services market, with a projected USD 11.6 growth (plus 6.25 percent) between 2023 and 2028, reaching an estimated USD 197.23 by 2028. Global spending on telco services is predicted to reach USD 1.60 trillion by 2024, slightly higher than the USD 1.58 trillion spent during 2019 (Source : Statista).
The telecom industry is witnessing a convergence of 5G technology, artificial intelligence, and breakthrough mobile video customer interaction platforms like moLotus, setting the stage for unprecedented connectivity and communication capabilities. The proliferation of smart devices, coupled with an increasing demand for high-speed and low-latency networks, is reshaping the way telecom companies operate.
However, this growth trajectory faces challenges due to prevailing economic uncertainties, as highlighted by Analysys Mason. The telecom industry confronts tricky times amid economic difficulties and existing market pressures, posing threats to maintaining average revenue per user.
Despite the widespread adoption of mobile devices and networks, telcos grapple with the significant challenge of improving ARPUs. The decline in revenue from traditional services like voice and text has outpaced the rise in data revenue, leading to a notable erosion of ARPU.
The challenges faced by telcos, irrespective of size or geographic location, extend industry-wide. Intensified competition, market saturation, cannibalization, and the emergence of over-the-top (OTT) players have impacted telcos, resulting in reduced revenue and increased churn. OTT players compete fiercely, rolling out innovative solutions capturing a significant market share.
To address these challenges and enhance ARPU, telcos must adopt strategic initiatives such as diversification, innovation, customer experience enhancement, synergy-building, and identifying crucial partnerships. Leveraging breakthrough technologies like moLotus can effectively improve customer acquisition, reduce churn, and expand their subscriber base, ultimately boosting average revenue per user by 2 to 4 percent - no mobile app, no data plans involved.
While traditional approaches may yield short-term benefits, sustained success requires telcos to explore high-impact strategies and technologies that align with the dynamic landscape. Leading telecom players like Vodafone, Indosat Ooredoo, Hutchinson, Airtel, Celcom have embraced moLotus, continually evolving to meet consumer demands, seeking innovative strategies to maximize consumer revenues and thrive in the industry.
moLotus stands out as the preferred choice for renowned brands like Suzuki, DBS, HSBC, Amazon, Dell, and Samsung, showcasing its versatility across various industry sectors. From Banking and Insurance to E-commerce, Consumer Electronics, Automobile, Retail, and Government, moLotus has become a go-to-market solution for brands seeking innovative mobile engagement.
Here are the top five strategies for telcos to achieve this goal in 2024.
1. Boost
Automated Telco Customer Experiences
In anticipation of the upcoming year 2024, automating and transforming the customer experience emerges as a pivotal strategy for telcos aiming to boost consumer revenues. Prioritizing customer satisfaction and cultivating lasting relationships should be at the forefront, necessitating seamless experiences across all touchpoints.
To achieve this, telcos must invest in responsive interfaces and intuitive self-service digital platforms, enabling easy access to services and thereby reducing churn. Proactive customer support and rapid issue resolution play an important role in ensuring a favorable experience. Advanced mobile technologies such as moLotus, AI-powered chatbots, and intelligent virtual assistants can provide real-time support, addressing feedback, customer queries, and concerns promptly.
The shift in customer preferences towards digital assistance, underscores the need for swift and efficient services. Telcos should be resolute in overcoming these challenges by automating various customer processes, including document submission, order processing, and customer service.
To navigate these complexities, telecom brands are turning to marketing automation tools like moLotus, Marketo, and Hubspot, streamlining processes to boost Average Revenue Per User (ARPU). The advanced automation capabilities of the moLotus platform are harnessed to automate various telco customer processes, from onboarding to reminders and thank-you communications. This not only reduces costs but enhances consumer revenue and improves customer engagement.
Telcos are building enduring relationships, especially with millennials, leveraging moLotus's transformative capabilities such as digital rewards, FAQs, real-time customer ratings, mobile reminders, instructional content, and mobile feedback channels. Research indicates that moLotus has significantly cut outbound process costs for telcos, up to thirty percent, while concurrently elevating customer satisfaction levels. As we enter 2024, telcos are poised to leverage automation and transformative technologies to redefine and enhance the customer experience, ultimately driving consumer revenues.
2. Emphasis
on Data-Driven Customer Communication
In 2024, data-driven customer communication is predicted to emerge as a transformative strategy for enhancing consumer revenues. Telecom providers should be turning to advanced solutions like moLotus to harness the potential of customer data, delivering targeted and relevant offers to subscribers. By analyzing behavior, preferences, and usage patterns, telcos can craft tailored packages and promotions, resonating with individual consumers.
Telcos now have the capability to design and deliver personalized plans, services, and interactions aligned with the unique needs of individual customers. Leveraging data such as location and usage patterns provides deeper insights into customer preferences, enabling the offering of personalized discounts, promotions, and recommendations. This approach boosts customer loyalty and ARPU.
Using tools like moLotus, telcos can begin by segmenting their customer base based on usage patterns, languages, demographics, and preferences. Subsequently, they can create and offer personalized plans and services for each segment and individual customer. Differentiation becomes crucial, as highlighted in a Deloitte telecom industry outlook report, emphasizing that many customers perceive minimal differences among service providers. Excelling in personalization is shown to generate forty percent more revenue for telcos, making hyper-personalization facilitated by moLotus a vital catalyst for ARPU growth in a saturated and competitive telecom market.
By utilizing customer data assets and analytics through moLotus, telcos transform their approach to customer lifecycle value management. Hyper-personalized recommendations, offers, and messages tailored to individual customers, including special occasions, are becoming commonplace. In this pursuit, moLotus becomes a key enabler, offering various customer response options such as SMS, Web links, USSD, Call-backs, and mgrams. The innovative mobile technology of moLotus transforms telco-customer communication, making it real-time, mobile-friendly, seamless, easily accessible, simple, and engaging.
3. More
Upselling & Cross-selling
As we step into 2024, the emphasis on upselling and cross-selling in the telecom industry remains a key strategy for boosting Average Revenue Per User (ARPU). These techniques, known for increasing customer spending and satisfaction, are proven to drive revenue growth. According to Hubspot, sales professionals leveraging these strategies have witnessed a substantial boost of up to 30 percent in consumer revenue. Upselling includes motivating clients to upgrade their current telecom products and services to higher-tier options, aligning with their evolving needs. For instance, enticing a customer to move from a basic data plan to a premium one with higher limits and added perks. This not only elevates individual ARPU but also fosters long-term loyalty. Cross-selling, meanwhile, focuses on showcasing complementary services or products to existing customer base.
Executing these strategies effectively requires a deep understanding of customer preferences, behavior, and usage patterns, along with a digital marketing tool like moLotus for campaigns. Telecom brands should leverage customer data and advanced analytics to identify opportunities. Here, moLotus emerges as a transformative technology, replacing traditional channels and playing a vital role in facilitating upselling and cross-selling initiatives. By capturing and analyzing customer data, moLotus enables telcos to identify opportunities, track interactions, run unique campaigns, and measure success, empowering them to enhance consumer revenue generation efforts.
Both Google Ads and Facebook Ads could be used by telcos for upselling and cross-selling products and services. They can target customers who have already interacted with their brand, showcasing upsell or cross-sell options relevant to their previous purchase or browsing behavior. Telcos can automatically generate ads based on their website content, displaying tailored product recommendations based on the user's search query.
4. Thrust on
Diversification & Scaling
As we approach 2024, diversification and scaling emerge as pivotal strategies to uplift ARPU in the telecommunications industry. Diversification entails expanding the range of products and services offered by telcos, catering to a broader range of customer needs and capturing additional revenue opportunities.
Furthermore, diversification enables telcos to target different customer segments and industry verticals. Customized solutions for business, enterprise, or niche markets, such as specialized mobile advertising for healthcare or ecommerce, unlock new revenue streams with higher ARPU potential. Meanwhile, scaling focuses on expanding operations to accommodate a larger customer base without compromising service quality. By upgrading infrastructure and enhancing capabilities, scaling enables telcos to attract new customers in underserved areas, capturing additional market share and driving revenue growth.
In this landscape, strategic adoption of technologies like moLotus is crucial for effective diversification and scaling. Market research, identifying growth opportunities, and aligning strategies with the telco's vision require a comprehensive approach. Marketing tools like moLotus stand out, assisting telcos in reaching global customers and diversifying business. moLotus campaigns are globally scalable and can be accessed across all phone types, offering a competitive advantage in reaching millions of customers daily. Experts recommend moLotus for launching new products and services, offering an innovative go-to-market strategy that ensures success within three months. Telcos leveraging moLotus can expand their offerings, scale operations, tap into new revenue streams, attract a larger customer base, and ultimately drive higher ARPU.
5. Build
Efficiency Through More Tech Partnerships
To enhance ARPU in 2024, telecom providers must partener with emerging technologies and adopt innovative solutions. New tech has the potential to revolutionize customer engagement and revenue generation for telcos in the upcoming year.
Mobile advertising technologies like moLotus offer a gateway to new revenue streams, addressing evolving consumer demands. Automation and AI-based tools can transform customer support and engagement, improving efficiency, consumer satisfaction, and, consequently, consumer revenues.
Leading telcos like Indosat Ooredoo Hutchison, Vodafone, Celcom, Airtel, and Maxis are increasingly forming strategic partnerships with mobile technology leaders like moLotus to bolster their presence in the enterprise business sector. In Indonesia, moLotus has collaborated with Indosat Ooredoo Hutchison for the iAds-MGram service, powered by moLotus. This collaboration has proven highly effective in increasing lead generation, conversion rates, customer responses, and acquiring new customers, leading to immediate revenue growth with high margins.
The new platform's impressive growth is evident from its successful entry into emerging markets, including Vietnam, Thailand, Saudi Arabia, the UAE, and other Middle Eastern countries; striking new alliances with telcos. This expansion underscores moLotus's commitment to providing globally scalable mobile solutions that transcend industry boundaries and geographical borders.
The partnership between Jio and GumGum focuses on contextual advertising. Jio uses GumGum's image recognition technology to display relevant ads based on the content of mobile apps and websites accessed by its users. This creates a non-intrusive ad experience for users while improving ad relevance for advertisers.
Airtel and Xandr (AT&T's Ad Tech Platform) have forged a partnership that leverages Airtel's rich customer data and Xandr's programmatic advertising platform to offer targeted ad solutions to advertisers. They launched "Airtel IQ", enabling precise ad targeting based on demographics, interests, and mobile app usage.
Verizon Media recently allied with OpenX, a prominent programmatic ad exchange, to launch its own ad exchange platform, "Verizon OneBid." This move allows advertisers to reach Verizon's massive customer base through a unified platform, simplifying ad buying and offering better targeting options.
Through bundling telecom services with premium content, telcos can not only attract new customers but also encourage existing subscribers to upgrade their plans. This strategic approach augments ARPU by delivering additional value and entertainment options, ultimately reducing churn and elevating consumer revenues.
Conclusion
In 2024, where innovation is the key to success, telcos are presented with unparalleled opportunities to elevate their Average Revenue Per User (ARPU). By embracing cutting-edge technologies like 5G, artificial intelligence, and impactful collaborations with pioneers such as moLotus, telecom providers can redefine customer engagement and unlock new revenue streams.
As we enter into the era of massive digital transformation, the synergy between telco giants and innovative solutions becomes paramount. The success stories of collaborations underscore the transformative power of strategic partnerships.
The journey to enhancing ARPU is not just a necessity; it's an exciting voyage into the future of telecom. The adoption of immersive mobile videos, mobile advertising technologies, and AI-driven tools not only enhances operational efficiency but also delights consumers, driving up satisfaction and revenues.
Post Your Ad Here
Comments