We live in an era when mobile operators are required to become digital lifestyle providers in order to succeed, increasingly offering innovative, customized mobile plans to fit the needs of users around the globe. As operators continue to evolve in this role, they’re faced with an onset of challenges including massive increases in network data usage and growing competition, alongside rapidly declining revenues and the rising threat of churn. However, there are ways for communication service providers (CSPs) to monetize the intelligence assets they have at their disposal to overcome these challenges and continue to increase ARPU (average revenue per user).
This intelligence is hidden in operator networks and all they need to do is extract the right data and effectively analyze it to produce actionable customer insights. Analyzing network data in the form of customers’ daily interactions with the network is key to helping CSPs understand the unique needs of each individual user and find the ‘golden nuggets’ on which to monetize. By drawing conclusions on user data, CSPs are better able to offer relevant services to each customer based on what they’re looking to get out of their mobile network, and at the most opportune moment for uptake.
According to recent data, there are several key digital triggers that CSPs should make note of and, more importantly, act on in order to monetize their network data:
Video Killed the Radio Star
In 2015, sharing and viewing video clips on WhatsApp, YouTube and other video-friendly sites and apps has become as popular as, if not more than, sharing photos. On average, 70 percent of mobile customers view one to six videos per day, while 22 percent watch roughly six to twenty. With all of that video streaming comes a huge opportunity for CSPs to capitalize. Business users, millennials and the ‘digitally hooked’ have the most transactions with video streaming and thus could have a higher potential of purchasing premium QoE packages, app bundles and premium video content.
Security is Golden
While today’s general population is far more educated on potential cyber threats than they were in the past, too many individuals still fall victim to attacks and malicious digital activity (e.g. Ransomware). In fact, roughly 5.9% of mobile network subscribers visit a risky site each and every day. Users that tend to visit risky sites - those containing malware, spyware or even phishing scams - are probably likely to invest more in protection against these types of bugs and scams. By analyzing and understanding who these individuals are, CSPs can directly target them with additional security offerings to monetize on their need.
Feed the Wander Lust
The way people travel today is completely different than it was ten or even five years ago. Consumers are now browsing tourist destinations online, booking rooms on their AirBNB app and purchasing flights on mobile devices. This demographic, for example, might be interested in roaming offers that allow them to stay in touch with their loved ones or conduct business while on the road. Knowing all of these factors and having an understanding of which customers are utilizing these different travel sites and apps can help mobile operators to monetize on their subscribers’ wander lust.
The mobile climate of the 21st century is undoubtedly competitive and fierce, and the churn rate in mobile networking is too high to overlook. Each subscriber counts. However, there’s a silver lining to this network curiosity. Armed with the analytics-driven knowledge of precisely which subscribers have wandering eyes and what other network providers they’re seeking information on to potentially defect, CSPs can engage this demographic by offering retention packages that incentivize users who remain loyal to the network.
Owning the File Storage Space
Roughly seven percent of subscribers touch on an OTT file storage site daily. As individuals and businesses alike continue to produce and store mass amounts of data - documents, photos, videos and more - CSPs are increasingly well-positioned to tap into the file storage space monetization opportunity. While users continue investing in over-the-top (OTT) file storage platforms like Box and DropBox, CSPs should consider offering their own file storage solutions with unique backup services and security add-ons for network members. Leveraging network data that can identify the right profiles for personalized engagement is critical for taking advantage of this final trigger point.
As data continues to play an increasingly important role in our daily lives and business operations, it’s crucial for CSPs to examine these key touchpoints, analyze the data their network is providing them with, and make moves to combat challenges in the industry. Capturing these golden nuggets can help CSPs to not only cater to specific user wants and needs, but to also monetize their networks and surpass competitors.