Advances in technology can often be a great leveller in industries, and the telecoms industry is no exception. The availability of new technologies in various markets has changed the expectations of consumers and businesses irrevocably.
Now that we understand the challenges for today's telcos, we understand that, in order to succeed, telcos need to embrace the changes and challenges within their market. Yes, consumers want different solutions and services than they did a decade ago. Yes, voice calls and SMS messaging will no longer be the core component of increasing ARPU. Yes, the Over-The-Top (OTT) players have changed the game with their innovative eye and quick-to-market solutions.
Advances in technology are changing the world, and the telecoms industry is no exception. The growth of the Internet of Things (IoT), 4G, and even 5G, as well as changes in consumer behavior and expectation, have turned the traditional telecom business model on its head.
Churn is our biggest challenge. It causes lost customers, shrinking revenues, and adds the possibility of going out of business. However, churn can also be a good thing—more customers, higher revenues, and growth—at least for the operator that people churn to.