An increasing number of mobile subscribers are using their phones to practically do everything - from checking emails, using enterprise applications, shopping, availing government-citizen services, doing banking transactions, to get entertainment, education, news and social chatter. This is mainly because of the data services offered to the users across world by Telcos. It’s a well-known thing that data consumption across South Korea, Japan and US are growing at a rapid rate. So how can we harness this data consumption as a key driver to our future growth?
The scale at which data consumption is growing makes us realize the following things:
- Restructuring existing mobile operators plan
- Huge demand in data consumption urging Telcos to provide better Quality of Service (QoS) and flexible pricing on existing data packages
- Change in the pattern of existing mobile network revenues which mainly focussed on Voice revenues prior to the boom of data services
- OTT's posing threat to large customer churn since changing operators will become a matter of ease due to large number of operators willing to provide customized solutions to Users
Given this scenario, Telcos should be aware of the 3 big changes that can flaw their existing businesses:
- Loss of customers at a significant pace due to migration of customers to a competitive operator for data and other complex services
- Less focus on customer value since Telcos are not well connected with the needs of consumer data consumption patterns
- Introduction of new business models to flourish and thrive in business by introducing new customer partnerships and understanding the needs of customer well
To address the above issues, there are 3 well-identified ways:
- Differentiate and grow
- Becoming lean and agile
Operators must think from customer's perspective and should grow with their needs by implementing new business models and new revenue opportunities. The operators must focus on simplification and standardization of infrastructure, applications, systems and processes. Along with this, a constant interaction with OTT/Third Party providers will enable the operators to understand customer's digital life.