Unlocking the world in your hands
The first quarter of 2020 was hard on the mobile virtual network operators market. While operators were able to keep the majority of their customers despite the pandemic, mainly because network connectivity is still essential to most consumers and businesses, store closures resulted in lower subscriber additions and device sales.
Despite all of it, operators have been able to keep their customer base because network connectivity was essential for most people and businesses. Now that we're in the second year into the crisis, staying in survival mode isn’t an option anymore. While the popularity of working remotely is growing, it seems that the growth has slowed down due to setbacks in industries and businesses.
Philippines can be a good example to illustrate the challenges and evolution of this industry with its telecom market dominated by PLDT and Globe. The country recently opened up the market and allowed new companies to compete. With the additional player, the country is hoping for driving innovation and competition in the national industry. (Source: here)
Modern challenges require modern solutions
While the telecommunications industry has been known to be highly competitive, competition in this sector has become even fiercer. With multiple players in the market, the competition is in most countries now stronger than ever.
The market is leading towards fragmentation, with the major players in the market adopting strategies like service innovation, strategic partnerships in order to expand their client base and stay competitive in the market
Focus the attention on customers need
To improve retention, Mobile Network Companies should address customers' challenges and preferences through content windowing, tiered pricing, tailored services, and social experiences. Mobile network providers need to help their customers seek out value by offering personalized offerings that match their lifestyle without hampering the user experience. To do so, they first need data to identify those challenges and preferences.
Perfect customer satisfaction and experience
The fierce competition and the similarity of plans and package is helping fuel new service offerings and bundles for consumers. This situation necessitates new strategies and agile approaches for the companies to get have a correct assessment of the competitive landscape and differentiate.
The key stake for future growth: Technology
The move to next-generation networking has begun for some time and will continue with the growing use of 5G. The key for mobile network providers is determining how they can leverage these new technologies to create new products, services, and business models that drive revenue growth. The need for information on the market and the customer becomes essential to avoid blindspots, costly mistakes and understand the behavior of customers regarding technology and competition.
Call your decisions with better insights
Look over your shoulder – you just might see a competitor there. That’s because companies in this space are fierce. If you want to beat your competitors, it’s important to have a clear understanding of their strategy.
Conducting market research can allow industry members to understand and meet customer needs better than competitors to increase market share or customer loyalty. Knowledge coming directly from your audience can be decisive to know how you want to compete while understanding their perception and interest.
No one can rest on their laurels. There are ways to ensure that we remain at the top of our game:
Understand customers expectations & motivations
If mobile network companies are going to stay abreast of consumer demands for new experiences, they must rethink their entertainment bundles and partners.
With Market Research, you can gather valuable information about people's mobile usage and preferences. You can explore becoming partners with other companies and assess the viability of new services.
Get insights on customer satisfaction
Identify where your brand is the best and how your competition is operating, their strengths and weaknesses on the market. It's important to understand how your competition is breaking through with their target audience, along with their habits and behavior. The more you understand your target, the easier it is to focus on delivering efficient marketing, building loyal relations, and forecasting performances.
Power your brand, market your insights
In order to stay ahead of everyone else in this industry, you need to take full advantage of your competitive edge. Use insights as marketing tools by promoting your brand on your strengths compared to your competitors. Exclusive and up-to-date insights can contribute to improving and perfecting your communication on the market.
Gather information on how you are positioned in the eye of your audience. Use this information to understand your consumers better.
Dive your business with market research to anticipate consumer needs and attract new customers by leveraging market insights. It can become critical to help a mobile network operator to avoid costly mistakes, uncertainty in their marketing and offers.
Ready to make a difference?
In the emerging low-cost cellular services market, competition has shifted from pricing to value-added services and product differentiation. With the increased reliance that the world will have on the telecommunications sector for the close future, there are plenty of opportunities for existing players to expand their reach and claim new market segments.
Heading into 2022, it has become essential for Mobile network companies to understand consumer behavior patterns and develop a more nuanced approach to engaging and getting insights from current and potential customers to stay ahead of the competition.
Whether it is for marketing or strategic purposes, market research has become a powerful tool for mobile network companies to get not only an external view but also valuable insights on them and their direct competition.
It becomes an indispensable tool, complementary to the information mobile network operators already have, where customer knowledge slowly becoming the new goldmine for the global industry along with technology.
Wondering which strategies are working for you? Get in touch with us for more information and scale up your strategy and performance with insights.