How Can Telcos Unlock New Revenue Stream in 2024
The worldwide telco market is expected to reach a value of USD 2,800 billion by 2024, according to data published by Statista. Exciting times lie ahead for telcos as the industry experiences a robust compound annual growth rate (CAGR) of 6.2% from 2023 to 2030, fueled by increased investments in 5G infrastructure deployment and a growing preference among big telcos for cutting-edge tools like moLotus mobile video customer interaction platform.
Factors such as a surge in mobile subscribers, a rising demand for high-speed data connectivity, and an appetite for value-added managed services are propelling market growth. Over the years, the telecom sector has evolved significantly, transforming from basic voice signals to a seamless exchange of audio, video, and text content across multiple wireless infrastructures.
Despite technological leaps, from GSM and CDMA to 3G, 4G, and now commercialized 5G networks, telecom operators have not experienced corresponding revenue growth. The shift towards Over-The-Top (OTT) channels by consumers and the challenges posed by regulatory actions, intense competition, and disruptions to traditional business models have led to a need for telcos to explore innovative strategies.
In this dynamic landscape, where the telecom sector faces challenges from regulatory actions, intense competition, and disruptions to traditional business models, innovative solutions are imperative. moLotus is being viewed as a game-changer in 2024, providing telcos with a powerful platform to enhance customer engagement and unlock new revenue streams. This new mobile technology and digital transformation platform facilitates seamless communication with subscribers, enabling telcos to deliver personalized and interactive campaigns directly to mobile devices.
This article explores the dynamic landscape of the telecom industry and provides insights into key strategies and opportunities for telcos to diversify revenue streams in 2024, ensuring sustainable growth. By embracing innovative technologies, transforming the existing marketing mix, introducing new value-added services, and adapting to evolving customer preferences, telcos can position themselves for success in the changing telecom landscape.
1. Embrace the Mobile Advertising Revolution
In the evolving landscape of digital advertising, embracing the power of mobile advertising is paramount for telcos poised to unlock new revenue streams in 2024. According to a recent data.ai report, the global mobile ad spend is projected to soar to USD 362 billion in 2023, solidifying mobile's dominance in the digital advertising arena. This surge is indicative of the increasing share of mobile in the advertising budget, surpassing USD 336 billion in 2022. The report forecasts a staggering six trillion hours spent on mobile devices globally by 2028.
For telcos navigating the competitive telecommunications sector, the strategic embrace of mobile advertising signifies a transformative approach to enhance customer engagement and drive revenue growth.
Innovative mobile advertising platforms, notably moLotus, would catalyze substantial revenue potential in 2024. moLotus enables telcos to transcend traditional advertising limitations by delivering personalized and interactive video messages directly to subscribers. Imagine a telecom company leveraging moLotus to send individualized offers and promotions, meticulously crafted based on subscribers' preferences and past interactions. This hyper-personalization not only fosters customer value but also significantly boosts conversion rates, translating into increased ad revenues. The platform offers diverse personalization options, allowing telcos to send personalized messages tailored to individual names for special occasions, reinforcing a sense of personal connection.
What sets moLotus apart is its GSM-based technology, ensuring seamless message delivery to telco customers' inboxes, spanning the spectrum of phone types and models—from 2G to 5G, iPhones to feature phones. The platform facilitates easy interaction through various options like Call, SMS, mgram, Web Click, and USSD, and supports a plethora of media formats, including HQ Video (up to forty seconds), slideshows, showcases, brochures, and greetings. Telcos can wield moLotus's advanced customization capabilities to target their vast subscriber database based on diverse criteria like interests, language, demographics, and buying behavior, offering rapid and precise ad targeting.
Advertising platforms like Facebook Ads and Google Ads offer limited personalization. Google Ads target specific keywords and demographics, and Facebook Ads enable interactive formats like polls and quizzes. Snapchat Ads and Instagram Ads present unique opportunities for immersive experiences. However, moLotus goes beyond, empowering telcos to offer advertisers unprecedented ease and precision in reaching their target audience. Its self-service interfaces facilitate optimized ad placements, enhancing the advertiser experience and driving increased ad spend for additional revenue streams.
Telcos are strategically redefining their advertising strategies by integrating mobile advertising platforms like moLotus into their marketing arsenal, positioning themselves for a lucrative future in the dynamic telecommunications landscape of 2024.
2. Monetizing Big Data with Advanced Analytics
With 2024 at the doorstep, vast reservoirs of data still lie scattered and untapped, posing a challenge for telcos to effectively consolidate, govern, and monetize. In the year 2024, the imperative for telcos is to leverage this big data as a strategic asset, not only to enhance customer experiences but to automate marketing campaigns intelligently. The global big data analytics market, slated to reach USD 684.12 billion by 2030, underscores the immense potential it holds for the telecom industry. With the phasing out of third-party cookies, the value of first-party customer data is set to surge, demanding precision management—an area where advanced big data tools like moLotus shine.
moLotus emerges as a pioneering solution in the realm of big data analytics, empowering telcos to securely organize and monetize their colossal databases. By harnessing machine learning models, moLotus propels innovation and elevates customer experiences. In an industry still in the early throes of adopting big data analytics, trailblazers like moLotus showcase substantial benefits in terms of heightened customer engagement and amplified profitability.
An insightful IDG survey reveals that a mere twenty per cent of telcos have successfully deployed big data analytics, while a staggering seventy per cent acknowledge its potential as a linchpin for the future of telecom business. moLotus, armed with cutting-edge technology, equips telecom brands to micro-target customers based on diverse criteria, extracting profound insights and delivering personalized content that augments customer engagement and satisfaction. With big data analytics as a strategic ally, telcos can unlock a treasury of new revenue opportunities in the dynamic landscape of 2024.
3. Unleashing the Power of 5G
In the year 2024, the transformative potential of 5G technology continues to unfold, especially in the realm of telecommunications. Telcos are now unlocking the full spectrum of 5G capabilities by integrating advanced mobile advertising tools and strategies into their operations. The ultra-fast speeds and minimal latency offered by 5G present a groundbreaking opportunity for reshaping the advertising landscape, ushering in a new era of immersive and interactive experiences for users.
In the context of 2024, telcos are utilizing 5G's unparalleled speeds and low latency to provide immersive and interactive mobile advertising experiences, exemplified by platforms like moLotus. By tapping into moLotus smart capabilities, telcos are poised to deliver advertising campaigns that are not only personalized and targeted but also real-time, fostering higher levels of customer interaction and stronger connections with brands. The synergy between 5G technology and GSM-based moLotus technology empowers telcos to establish dynamic and impactful advertising ecosystems, ultimately maximizing both revenue and customer satisfaction.
Leveraging high-quality 40 sec. moLotus mobile videos and real-time interactions, telcos can captivate customers, resulting in elevated engagement and increased brand recall. The real-time data insights enabled by 5G empower telcos to optimize advertising campaigns on the fly, allowing for data-driven decisions that enhance campaign effectiveness and return on investment when combined with moLotus.
The amalgamation of 5G and moLotus goes beyond traditional advertising metrics, allowing telcos to capture more granular data on user interactions with ads. This heightened data granularity, made possible by 5G, facilitates improved ad measurement, analytics, and attribution, providing advertisers with the tools needed to optimize their ad campaigns. The integration of 5G-powered moLotus ads also opens the door to interactive customer support features, such as mobile video assistance, enabling telco customers to seek real-time help and support directly through innovative and technologically advanced channels.
4. Digital Transformation Revolutionizing Telco Excellence
In 2024, digital transformation stands as a pivotal driver for telcos seeking to unlock novel revenue streams. A report from Boston Consulting Group (BCG) underscores that merely 22 per cent of telcos have successfully executed digital transformation initiatives within their strategic frameworks. However, industry experts anticipate a surge in digital transformation within the telecom sector, forecasting a transition of many telcos into "tech-cos" by 2024. This transformation involves offering innovative and distinct services to customers, reshaping products, processes, and services to align with customer preferences, enhance efficiency, and drive revenue growth while mitigating costs.
To realize digital transformation, telcos are channelling investments into cutting-edge technologies, such as moLotus, which has established partnerships with global telco brands like Indosat Ooredoo Hutchinson, Celcom, Vodafone, Maxis, Airtel, and others, thereby spearheading a revolution in the telecom industry.
The infusion of automation into sales processes through digital transformation has yielded substantial improvements. Telcos have streamlined their sales lifecycle, boosting lead generation, enhancing the efficient management of customer data, and refining customer interactions. These advancements boost conversions in terms of both volume and time.
Transformational technologies like HubSpot, Marketo, and moLotus have not only simplified but also accelerated sales processes, supplanting manual legacy systems. This shift has resulted in higher conversion rates at a considerable scale and reduced costs per customer interaction.
Emphasizing the creation and expansion of digital customer experiences, telcos are leveraging platforms like moLotus to craft innovative video interactions that meet the escalating expectations of customers. The adoption of moLotus's zero-touch customer service model has propelled mobile operators toward comprehensive automation—fully AI-enabled, custom-integrated, and real-time. This extends to processes such as customer onboarding, support, upgrades, renewals, and feedback, delivering superior experiences, increasing engagement, and simultaneously saving costs while collecting valuable data.
In the landscape of 2024, digital transformation empowers telecom businesses to swiftly adapt to evolving customer demands, ushering in new and innovative products and services that elevate revenue generation. The telco business environment is anticipated to become more agile, characterized by rapid customer response times and the displacement of traditional business processes with digitized, efficient, and customer-centric approaches.
5. Diversify into Enterprise Business Solutions
In the dynamic landscape of 2024, the drive to diversify into enterprise business solutions remains a strategic imperative for telcos. The global B2B telco market, which soared to USD 46.36 billion in 2020, is poised for exponential growth, projected to reach USD 181.35 billion by 2030 with a robust CAGR of 14.8% from 2021 to 2030 (Source: Allied Market Research).
In light of these growth trends, telcos are actively seizing the opportunity to tap into the B2B market. Esteemed industry leaders such as Singtel, Telstra, Orange, and AT&T are positioned to harness substantial enterprise revenues, ranging from 15% to 30%. Their approach involves offering a comprehensive suite of services encompassing mobile advertising, process automation and transformation, managed IT, cybersecurity, cloud solutions, and systems integration.
Despite varying levels of maturity in the current enterprise business landscape, there is a unanimous acknowledgement that the enterprise segment holds significant growth prospects for telcos globally. This opportunity aligns seamlessly with the widespread deployment of 5G infrastructure, providing telcos with a promising avenue to expand market reach and unlock new revenue potential.
Venturing into the enterprise business domain offers several advantages for telcos. Firstly, it mitigates reliance on consumer services, establishing a more stable and sustainable income source. Secondly, enterprise services typically boast higher profit margins, contributing to enhanced overall financial performance. Thirdly, long-term contracts provide predictability, enabling strategic planning and investment for sustained growth. Lastly, expanding into the enterprise market enhances a telco's brand perception, positively influencing both enterprise and consumer customer loyalty.
Embracing mobile advertising platforms like moLotus, telecom businesses can build customized ad solutions to enterprises by leveraging extensive customer data. This facilitates personalized and relevant advertising campaigns, resulting in superior engagement and higher conversion rates. moLotus empowers telcos to effectively target enterprise customers, keeping businesses top-of-mind and amplifying lead conversion rates.
In the pursuit of modernizing B2B selling capabilities, 2024 witnesses telcos leveraging groundbreaking technologies like moLotus to fortify their salesforce, thereby boosting new revenue streams. The industry-savvy telco salesforce benefits from low-cost interactions, positioning moLotus as an indispensable partner in the telco ecosystem. The continuous integration of innovative solutions like moLotus reinforces telcos' position as key players in the evolving landscape of enterprise business.
Conclusion
In 2024, telcos stand at the crossroads of innovation and rising consumer expectations, aiming to unlock new revenue streams. The telecom industry's journey of growth and evolution requires adaptability to shifting market dynamics and an unwavering commitment to innovation. Telcos, once architects of connectivity, now pioneer a future where revenue flows from cutting-edge technology and customer-centricity, exemplified by solutions like moLotus. This demands a call to action: Embrace change, champion innovation, and redefine the narrative of telecom. The future beckons – will you shape it with technology like moLotus for a seamless, inspiring, and revenue-driven evolution?