The European telecommunications market is changing at an exponential rate. With mobile phones in almost every pocket and internet adoption rates through WiFi hotspots reaching new peaks, the industry is booming. This is good news for telecom providers, who are enjoying a boom in their revenue but is not too good for the old-fashioned, phone-based fixed line providers. Their revenue is declining as consumers prefer to spend their monthly fee on a mobile data plan. Customers are already migrating to WiFi. The average time on a phone is dropping, and the average revenue for any operator is declining.
The Problem
Telecoms are a good channel for business owners to start their own businesses and become their own bosses. However, they’re also a tricky market to crack: there are plenty of competitors with plenty of ways to make money. So, it’s tough to stand out from the crowd. Customers are used to being able to connect to a “big P in the sky” who provides the service, so they feel more comfortable with an operator who offers them a more human service (and is better at marketing), which is why it is so hard to launch a telecoms provider today. On top of this, most people think that the telecoms industry is a dying industry. However, this is not the case, especially if service providers use telecoms billing solutions in their business.
The Solution
In the telecommunications industry, your cost centre is your “customer”. Therefore, in order to operate a successful telecoms company, it is first and foremost necessary to know your customer – and that is where billing comes in. Your product is a service, so your customer is the customer that pays the bill for the product. That’s why it is so essential that your customers can pay their bills with ease – or your business will fail.
But that’s only half the battle. It is also important for you to offer the top service at the best possible price. However, to be successful, you need to get your customer to switch to you. Otherwise, it’s going to be hard for you to make money.
To compete effectively in the telecoms industry, you need to be able to attract and retain customers. So, in order to do this, you need to understand your customers. One of the best ways of doing this is through billing.
Your customer is not your “customer”. Is your client the one who really has your wallet firmly in his/her hands? So, it makes sense to work out how to bill your customers more efficiently so that you can earn more money. Let us also talk about the benefits of introducing billing solutions into the daily operations of your business.
What Makes Using Billing Software So Beneficial?
When using a billing system, you can increase your profitability by saving money in the following areas:
- Paper invoices – Instead of sending out paper invoices to your customers, you can use an electronic invoicing system, which not only means that your customers can easily pay their invoices, but you’ll also be able to reduce the amount of paperwork that you send to your customers. In many cases, customers would rather pay by electronic transfer than by sending paper invoices.
- Customer support – When your customers are in need of help, they are able to contact you through your online portal or by email. This is definitely a professional approach, which your customers will appreciate.
- Payment history – When you use a billing system, your customers will no longer need to make payments in one lump sum. This is beneficial in many ways: they will receive invoices in advance, they will no longer have to send in a payment every time, and they’ll be able to make payments by direct debit, standing order, or credit card, which can save a lot of time for your customers.
- Billing software – The billing software comes in all sorts of different forms: invoicing software, online store software, electronic invoicing software, customer service software, CRM software, etc. This is because your billing system doesn’t have to be the same as your CRM software. Your CRM system should be designed for your customers, while your billing system should be designed to work for you.
- Time management – The billing system automatically collects data on your customers and notifies you when they’re due to pay. It takes away a lot of your work.
Are you still wondering why your billing system should be automated and why you should consider working with a company that specialises in telecommunications billing software? We do hope that after a good read, you do not have any questions or concerns.
