Telecom is typically considered a highly specialised field for doing business. But thanks to platform-based third-party service providers, most businesses can add telecom products to their existing line of offerings. Companies do not have to deal directly with carriers to include telecom products. Some businesses may wonder, why bother? Here is a list of reasons why offering an additional telecom product could become extremely lucrative for your business:
Extend Current Brand
Don’t limit your brand to just one core product. Your company’s brand can definitely extend beyond regular reach with a telecom product. That means an additional source of revenue and possibly new customers. Modern brands can easily capitalise on packages like Telstra NBN wholesale and make highly desirable offerings to customers that drive sales and increases loyalty. Companies could include telecom in product bundles as well. The ultimate aim is to diversify revenue streams and increase overall profits with minimal investment from the business.
Enjoy a Recurring Revenue Model
The main advantage of a telecom product is that it is not a one-time purchase. Customers purchase a single product but will make monthly payments to use the service. A single subscriber uses a telecom product for at least a year on average. Customers also tend to spend a lot on monthly payments, in some cases over $100 just for telecom products. Many brands struggle to find sources of recurring payments such as this. If your business is currently limited to one-time purchases, a telecom product could create a stream of recurring revenue for the company. The business will can then seek out other ways to rebrand products and expand.
Stall High Turnover Rates
Is your business suffering from high customer turnover rates or low customer loyalty figures? A telecom product, which would keep the customers tethered to your brand for monthly payments, is a great way to retain fleeing customers. The product can be offered to the existing customer base without the need for an expensive new product launch. Because of recurring payments, customers are more likely to remain engaged with your business. That leads to keeping communication lines open and building loyalty. Therefore, seriously consider telecom products to boost customer retention rates for your brand.
Improve Sales of Existing IT Products
For companies that offer IT-related products, telecom goes hand in hand. Customers cannot access your IT products without a telecom connection. Instead of relying on other carriers, offer your own telecom product. It will enable your business to bundle proprietary IT products with reliable access. Customers who are worried about high additional costs may prefer the bundled product over the conventional option. Your brand’s existing IT products would also be greatly complemented by the telecom products. Customers would naturally get more out of an offering like this, which would attract new customers as well.
Offering a telecom product is not only a great additional stream of revenue, it’s also a highly effective method to build customer loyalty, retain existing customers, and add new customers without expensive marketing campaigns. Additional revenue streams and a big, loyal customer base would make your business remarkably more valuable. Businesses can make the target audience swell and earn passive income with only a small-scale investment. Therefore, consider adding a telecom product to your company’s line-up today to profit immensely tomorrow.