How Mobile Transformation Can Increase Revenue for Brands
Businesses are facing increasingly tough times as digitization reshapes the landscape. Industries are experiencing moderate to massive digital disruption. Mobile digital transformation is being seen as an opportunity to rebuild market standing, re-creating processes, and opening up new revenue streams for brands.
Mobile-based technology and tools form the central part of the digital transformation strategy. The high penetration of mobile devices and the IT revolution has transfigured the ecosystem of many industries. According to Statista, there are 2.71 billion smartphone users worldwide. It is one of the most convenient and accessible mediums to connect with people. Mobile transformation is fundamentally changing how you deliver value to customers and generate high margin revenues. Research shows brands that are digitally mature and with the mobile-first approach are generating more revenues than their competitors who failed to invest in mobile-first strategy.
But sprinkling different mobile-based technologies across your organization won’t itself lead to your revenue goals. In fact, it happens when the right technology is implemented. A breakthrough technology like moLotus is considered the top tenet of digitalization and thus plays a crucial role in digital transformation and revenue generation. A digital journey has no endpoints. And to move forward every time, you have to ensure that you choose scalability and modernization in every aspect of the business. Technologies like moLotus are easily accessible and allow you to optimize and reach extensively.
Research shows that most industry CXOs consider mobile transformation to be one of their top revenue generation strategies. It’s changing the way brands generate revenues. They can connect the dots on the customer journey in a way that was not possible before.
Let’s take at how mobile transformation is increasing revenue for brands :
1. Customer data collection and data-driven insights
Most businesses are collecting mountains of data on customers but the real benefit is optimizing this data for analysis that can drive the business forward. Mobile transformation is changing the way businesses operate. It creates a way businesses can translate raw customer data into insights across various touchpoints. Data is viewed as the key to unlocking customer insights. Popular mobile technologies like moLotus are assisting brands in crucial data management functions & run targeted campaigns. moLotus stands out with advanced data curating and analytics features, making data management, and analysis relatively easier for brands. The campaign data can be compiled into crisp and comprehensive reports, enabling quick decision-making and strategizing. By better understanding customers and their needs, brands can create a business strategy that is even more customer-centric.
2. Increased Marketing ROI
Studies show that brands adopting a mobile-first approach towards digital transformation, have improved efficiency and marketing ROI. The advent of digital mobile platforms like moLotus has led to the creation of new revenue streams. The moLotus platform is providing a unique way to tap into the global direct marketing spend. It assists in brand exposure & awareness, customer acquisition, retention, rewards & loyalty, upselling, cross-selling, lead generation, direct sales, and more leading to better marketing ROI for advertisers.
The adoption of the mobile transformation strategy by big brands has resulted in cost minimization via automating the “low touch” business processes. For instance, brands now can cut costs by reducing headcounts of call centres, printing, and other dispatch processes. They have an opportunity to use advanced mobile-based technologies for this purpose. Brands are now unleashing the cost-cutting potential of moLotus and bringing down headcounts & training costs significantly while reducing printing & stationery costs by automating the processes.
4. Customer support & feedback
Superior customer support has been a key contributor to revenue for brands. If trends are considered, convenience and speed are topping the consumer agenda. A digitally transformed support system can engage this convenience and speed-driven consumer adding to business revenues. Customers prefer mobile-driven digital service, with 76 percent of customers with digital-only journeys, compared with 57 percent for traditional channels (Source: McKinsey Report). Brands are preparing for more live chat and co-browsing that supports customers during the buying process and post-buying support. Web-based Live chat platforms like ZenDesk Chat, LiveChat and acquire.io are taking a backseat and gradually being replaced by mobile platforms like moLotus. The moLotus platform has revolutionized the way brands can serve,customers on mobile devices. It guarantees real-time customer interaction, rating, and feedback via mobile for different service issues enabling them to analyze and improve upon.
Traditionally, customer onboarding has been a highly unstructured and cumbersome process. In the present context, however, mobile customer onboarding is going to replace traditional onboarding in a big way resulting in higher business revenues. Mobile phones have increasingly become part of our daily life. With the penetration rate of smartphones continuing to increase breakthrough technology like moLotus will drive mobile onboarding. Many SaaS companies have been developing mobile apps to cater to this demand for mobile onboarding with little or no success. Interestingly, moLotus is the best example of an automated, flexible, cost-effective, and scalable onboarding solution, enhancing customer engagement with a smooth end-to-end experience and high revenues. Brands have embarked on moLotus to digitally transform their entire new customer onboarding process, yielding better customer experience and revenues.
6. Replacement of Plastic Loyalty Cards
In the past, customer wallets have been bulging with bulky plastic loyalty cards. Many businesses have been clinging to the idea that plastic loyalty cards are cheap and easy to set up and maintain, therefore more cost-effective than implementing digital transformation in the loyalty card space. However, this is not the case. Mobile transformation is fast reshaping loyalty cards space. Presently there are better ways like mobile apps to replace excess plastic. However, loyalty card apps have not solved the challenge associated with plastic cards. Mobile Loyalty Card powered by moLotus has transformed the loyalty cards space, replacing the plastic cards. It is convenient to consumers, saves cost, and increases usage with high revenue. It has proved to be a superior alternative to mobile apps.
7. Reducing Outbound-Inbound Calling, Cold Calls & Head-counts
Once upon a time, most people contacted customer service by telephone when smartphones were in their inception. That world is vanishing. Mobile-led digital transformation is fast replacing voice-based contact by shifting to low-cost automated channels such as internet-based self-service knowledge banks, mobile messaging, and chatbots. These transformation initiatives lead to lower operational costs coupled with greater efficiency. Â
moLotus is an example of an innovative mobile-based customer interaction platform best suited to interact directly with a large customer base. moLotus is loaded with multiple customer response options like SMS, Callback, Click URL, etc. The spam-free technology quickly delivers automated messages to a huge customer database directly into their inbox on all mobile handsets, irrespective of phone type or model – 2G, 3G, 4G, 5G smartphones, i-phones and feature phones without requiring any app download or data connection. Customers using smartphones feel a greater connection with the brand & provide a better response which, in turn, helps in the improvement of the conversion rate and that too at low costs.
8. Recurring Services and Product Cycle
For businesses, sending reminders for recurring services & product cycles has been a challenge. While addressing the service reminders to the customers, brands do not want to confront or sound harsh to them. Digitally transforming the processes via mobile is the best and only solution of the problem. Designing a bulletproof recurring service and product cycle process for customers is something every SaaS company has strived for. However, moLotus has made it truly possible by automating and transforming the recurring services and product cycles like car servicing, air-conditioning, buying coffee, etc. This year more brands will be embracing this no-touch mobile-driven transformation resulting in increased revenues and customer engagement.
Mobile transformation has enhanced advertising significantly bringing a spike in revenues. Brands are focussing on reaching out to customers directly using mobile advertising platforms. Mobile ad platforms like moLotus, TubeMogul, InMobi, Airpush, etc. have become the focus area for them with aggressive smartphone penetration. Â With its powerful capabilities of running highly personalized, customized, and targeted rich media ads, moLotus tops the list in lead generation. Interestingly, the ads are delivered directly to the mobile inbox of the customer in the case of moLotus. Unlike other ad platforms, moLotus is spam-free and the ads have a longer shelf life as they remain in the message box until manually deleted. Businesses are capable of real-time data of individual customers for executing personalized promo campaigns along the entire customer journey. Ultimately, moLotus is capable of scaling revenue and performance for advertisers through easy ad campaign creation and management, response management, real-time data reports & analytics via automation API.
Mobile transformation is engaging customers anytime, anywhere with smarter experiences as customers are glued to mobile devices all throughout except while asleep! The present and future of mobile transformation is no longer a dot on the horizon. The pressing need to implement it can no longer be ignored - certainly not if the brand is craving for success in revenue generation. The mobile age isn’t new and is evolving fast with platforms like moLotus driving breakthrough transformation and revenue generation even amidst the current pandemic. Choosing to remain outside was a liberty that many brands had over the past decade, but no longer! Brands that transformed themselves digitally via mobile, will certainly be revenue-rich.
