Ever imagined a world without telecommunications? It is hard to even to think of a day without using the telephone and accessing the internet. Both have become prevalent features of modern society, and we just couldn’t begin describing a disconnected world.
With that, we have the telecommunications industry to thank for. Without it, all other innovations that shaped the digital age wouldn’t have been possible. Progress wouldn’t be possible in such areas as the healthcare and finance sectors (among others) have depended on the telecom industry for streamlining their operations and keep hospitals and stock markets running.
The industry itself will continue to experience impressive numbers as there would be an increasing global demand for efficient communications solutions. To be sure, we only need to look at several statistics that posit this observation. For one, a Deloitte report points out that the industry still enjoys a robust penetration rate brought about by the development of smart technology aside from mobile phones.
The NASDAQ, on the other hand, has a more positive outlook for the industry. Ever since the inauguration of the Trump presidency, telecom stocks have increased in value. This, of course, has something to do with the fact that the Federal Communications Commission would not be as strict compared to the previous administration. Aside from that, positivity remains at a high due to high expectations of corporate tax breaks for telecom companies. This, along with planned mergers and acquisitions “will likely spur growth in 2017.”
But even if that were the case, telecom companies should still be wary of certain pitfalls that might offset optimism for the future. A Strategy& article showed a much grimmer outlook for the telecom business, pointing out that revenue for telecom industries across the globe are declining. This has been the result of the disruption caused by so-called “over the top players” that offer apps and streaming content directly to consumers through the Internet. Partly to blame for this drop is the fact that telecom companies are reluctant to go beyond common niches. And as they continue this trend of passivity, the industry as a whole will continue to face declining revenues.
To survive this disruption, telecom companies should consider extending their reaches across the globe and find opportunities in the mold of new markets. For this, companies need to rethink their strategies or drop them entirely.
But Strategy& proposes better ideas in terms of staying competitive.The first thing they need to do is to simplify their operations by offering products and solutions that mean the most to their audiences in a less complex yet impactful manner. This means emphasizing the demands of the market rather than focus on what the product is expected to give.
Along with this process of simplification, companies also need to consider making necessary structural changes and streamline important areas where innovations originate. But much of the successes in sales originate from marketing activities, and it is, therefore, important to focus on this aspect as well.
In the face of increasing competition from over the top players, telecom companies need to strengthen their marketing campaigns and consider newer and more modern means of acquiring potential clients. At best, multi-channel marketing remains to be an attractive venture, especially for ISPs and mobile carriers. What matters at present is that companies need to tap opportunities across all platforms. It makes sense for them to invest heavily in tools such as marketing automation to allow their lead generation and appointment setting campaigns enough leeway to make an impact on the bottom line.
At any rate, innovation should always remain a priority for telecom companies. Crucial activities such as research and development should be at the top of the list for executives expecting to survive the disruption. Still, innovation needs effective marketing practices for it to be able to seek out customers. It would then be important for industry players to seek marketing solutions that will help them seek out opportunities across the globe.
With that said, telecom companies need to adopt marketing technologies and expertise that will boost sales as well as help them secure a better position in the market for communications solutions.