Have you ever heard of the saying “If you keep doing the same thing you will always get the same results” the same rings true when it comes to business! Once, retail giants, HMV, and Blockbuster are living and breathing proof that if you do not innovate and change the way you do business you are surely doomed to fail. This is why businesses including those in the telecoms industry should now turn their attention to adding new business services to their portfolio. By diversifying your proposition you will be delivering your customers more ‘value’ and in these lean times, every business needs more loyal and sticky customers.
Diversifying into new products and services can provide your business with a direct path to fast growth. If your business only provides a small number of products and services then you will have access to only a finite number of customers and a finite revenue opportunity and with the highly competitive nature of the telecoms industry with margins already tightly squeezed, can your business afford not to?
Adding new products and services will enable you to make more sales to both existing and new customers and open up opportunities into other markets.
Selecting products and services that are complementary and a natural extension to your current portfolio, is the simplest way to start and the Telecoms Industry has successfully achieved this to a point with the introduction of services like; colocation, SIP, Mobile and cloud technologies. Why stop there when there are a whole host of complementary products out there including card payment services, an essential utility for a business that uses your other services to function.
By diversifying your product and service mix you will become a leader and not a follower in the Telecoms industry, moving your business onto the next level of growth and challenging the status quo.
There are now very few greenfield opportunities in the telecoms space, those who provide voice services attempt to win existing business from their competitors, those who provide data look to encourage customers to upgrade to higher bandwidth or private network solutions, and those who provide mobile look to deliver innovative commercial models across multiple networks – critically it is about demonstrating differentiation.
When providing differentiation the objective is to remove the focus and emphasis on price alone for services like voice and data which have seen increasing margin pressure, it is about presenting an overall value proposition that caters for a customer’s requirements and allows them to look at the whole opportunity not just the price of individual services in isolation.
The ability to offer card payment services through NetPay’s reseller model provides organisations the unique opportunity to generate a new, recurring, lucrative revenue opportunity by offering branded payment services to existing and new customers.
With the Telecoms market saturated, there is no better time than now to diversify your product range and capture additional business from your existing customers and open your business up to new ones.
The card payment industry is growing and with card processing volumes are growing by more than 10% year on year, now is the time to add card payment processing to your portfolio. It is a natural progression from traditional telecoms services; you sell the merchants their telephone lines and broadband, why not offer this as an added value service and make them stickier.
Taking payments is an essential part of every business, with 1 million businesses authorised to take card payments in the UK today and 3.5 million businesses do not accept cards but do accept cheques and cash which costs 50% more to process, there is a fantastic opportunity for telecoms companies to grow their revenue stream!
If you are still in doubt that your business needs to diversify in order to grow then think of this as your back up plan. Diversification gives you a parachute should customer needs and demands shift, which in these fast-moving times is important.
More importantly, don’t be a sitting duck while others in your industry grasp hold of new products and leave you behind. Nothing stays still, make sure that you are planning for 1, 3, 5 even 10 years down the line.