As MVNOs continue to embrace broadband and look to offer subscribers more than just cut-rate voice and SMS service, what are the best-practices for successfully making money with mobile broadband?
There are essentially five best practices that lay the foundation for successfully monetizing 4G LTE service and creating a positive mobile subscriber experience that can lead to solidifying loyalty and reducing churn:
If subscribers don’t believe your pricing is fair, they will not be subscribers for long. Broadband has been around long enough to establish that subscribers are more than willing to pay a premium price for a faster, richer mobile experience so long as they feel it’s justified. They’re even willing to manage their service use according to network constraints if they know why they exist and believe their provider is actively optimizing service as much as possible and providing a fair deal for it. Fair privacy rules are also important as providers collect more subscriber data in order to provide a more personalized experience.
Nobody enjoys things that are unnecessarily complicated and that includes mobile service. MVNOs that can make the experience as simple and easy as possible from the very beginning are stacking the deck for success in their favor. That includes initial sign-up and provisioning, all the way through purchasing additional products and services throughout the account lifecycle. Nothing makes a subscriber happier than an easy-to-understand relationship with their MVNO and the ability to quickly determine where they stand regarding overages, data usage, and their day-to-day account activities.
Hand-in-hand with simplicity is the ability of subscribers to self-service their accounts as much as possible. That means making the buying experience fast, easy, and clear. However, entrusting that level of account management to the subscriber also increases the risk of things going wrong. When they do – and they periodically will – you need to be ready with a reliable, flexible CRM system that can help the mobile subscriber quickly right whatever went wrong.
The mobile market turns on a dime. Changes come fast and furious, so it’s vital to be agile and prepared. That requires up-to-the-minute business intelligence that can help you make informed decisions quickly and handle on-the-fly troubleshooting. A built-for-mobile BSS/OSS platform such as BeQuick provides the ability to know, at a glance what products and services are in-demand so you can avoid service bottlenecks and delays that can have a negative impact on the mobile subscriber experience.
With the increasingly diverse and sophisticated products and services enabled by 4G LTE, the mobile experience becomes less and less about the carrier and the network and more about the content that flows through it. The right OTT partnerships enable flexible, value-added engagement with subscribers and cost-effective pricing that encourages them to buy more.
Remember – just because 4G LTE can add sophistication and diversity to your portfolio doesn’t mean it should become more complicated. Just the opposite. Simple, fair, and easy-to-understand products and services are easier to monetize.