In our previous article on data monetization, we discussed about the myriad of critical challenges faced by telcos while monetizing data. And now in this part 2 of the same article, we shall focus on some key step that might help in tackling the challenges revolving around data monetization
The first few steps to take
With their divergent data sources, telecoms that welcome data monetization will remain profitable and gain an edge over their competitors in the future. But, before that, here are some of the few steps that they should take before making data monetization as their core strategy. These steps should be to:
Make Sure Data is and aggregated and anonymized
The customer data needs to be structured and legalized before presenting it to the external enterprises. The most-advanced operators are working on outsourcing services that offer data monetization solutions that can manage compliance and regulatory requirements of data.
Understand What Competitors are Doing
This might sound too generic, but before telcos start working on their data monetization strategy, they should understand what exactly their competitors are doing and how! Understanding what competitors are doing in the market can create a lot of difference in building the right monetization strategy.
Enrol a specialized technology partner
To analyze what benefit data is bringing to the business, telcos need to partner with a diligent technology partner who can work on data, the right way. For example: if a telco manages to gain insights on people’s movement with the help of the solution that can gauge and collect data, they can even guide retailers on where and how to position ads and promotions to gain the maximum commercial benefits.
What is the way forward?
Undeniably, data monetization provides a brand with the ability to understand its business and customers while improving their decision making. With new trends revolving around digitalization and AI, 5G, and the IoT, telcos must figure out ways to build effective monetization strategies and know just how the growing market will use their data in the time to come.
One way is by providing ‘partner services’ to third party enterprises to execute personalized campaigns based on insights generated from the high-value customer bases. They could make it easier for enterprises to sign up and perform micro-segmentation using hundreds of both telco and non-telco parameters. Telcos could also support third-party companies in reaching out to a particular potential customer before a competitor does.
In summary, telcos can play a much more significant role in their customers’ digital lives and capture value for themselves as well as the third-party enterprises along the data monetization journey.
Pelatro’s mViva Data Monetization Solution (DMS) presents an opportunity for the Telecom Marketing teams to monetize customer data by easily signing up and charging the EPs (Enterprise Partners). The solution even enables telcos to partner with B2C entities to send campaigns and promotions in a targeted, real-time, contextual, and relevant manner.
