Ways To Grow Your ISP Business
Being an ISP you know that every day you work tirelessly to keep your subscribers connected. Also, you have to face various challenges like big cables stealing your subscriber, growing costs, new upstart networks, and now the Starlink. All these challenges make your work and your survival in the market even more difficult.
Your work is undoubtedly important now and forever. In 2020 it became even more important due to the lockdown in the nation. Your success is important not only to you and your team but also to your nation. Being an ISP you are always willing to roll up your sleeves and face challenges from all angles to ensure that the subscribers stay connected.
We are living in a connected world and are entering into the digital world because of which the work of ISPs is growing each and every single passing day. But, as the work is growing, the competition and challenges are also growing. It is becoming more and more difficult for ISPs to sustain themselves in the market and grow their business.
So your success is important. But your success requires you to grow. Because horsemen are coming for your business. Only a person with a growth mindset and having a willingness to try proven growth techniques can defeat them.
If you are looking for ways to grow your business, then this article is for you.
Let’s get started!
Three Growth Levers
The three growth levers of ISPs are:
Lever A: Add subscribers
Lever B: Build ARPU (average revenue per user)
Lever C: Combat churn
All the ISPs definitely already know and understand the above-mentioned three levers. Amongst all the ISPs, most of them associate growth only with lever A i.e. adding subscribers. But all the three levers together work as the fuel you need to stay strong i.e. revenue.
Ready To Grow?
By using an ISP software such as H8 Cloud ISP Software, a local ISP can more easily grow its subscriber base. For growing your subscriber base, you first have to combat the churn rate. Churn rate is the most important factor to look to build sustainable growth into your business.
The churn rate is the enemy of your business’s growth. Churn occurs when your subscriber leaves you and moves to your competitor. It is the silent killer of your businesses. You have to reduce your churn rate to grow your business.
But, how do you reduce the churn rate? With the below 2 techniques you can reduce churn rate:
Technique 1: Reward Subscriber Loyalty
It is very important to take care of your existing subscribers. Thank them for choosing you. Soon Starlink and mesh upstarts will show up knocking on your subscribers’ doors. Your subscribers stop themselves to choose you unless you show them you care.
Rewarding loyalty is very easy. If you do it in the right way it’s even low cost and goes on to increase your profitability.
Alternatively, you can provide additional broadband benefits and discounts to your subscribers. This is another effective way to reward loyalty.
Technique 2: Offer What Subscribers Want
Ask your subscribers what they want. How you will improve to meet your subscribers’ needs? To get the best possible feedback be sure to ask open, neutral questions. You will lose your business if you don’t provide what your subscribers want.
Also, Be prepared to hear that you might not offer something they want.
Increasing the average revenue per subscriber goes along with reducing churn. If you achieve technique 2 by offering premium services and offering what your subscribers want, you’re already on your way to building higher ARPS.
Similar to reducing churn, increasing revenue per subscriber is also not complicated. With the below 2 techniques you can build ARPS:
Technique 3: Upsell More Internet
Suppose, your subscriber currently subscribes to you for Rs. 350 per month for a 25 Mbps plan. The easiest upsell allows your subscribers to subscribe for Rs. 380 per month for a 50 Mbps plan.
Most of the subscribers easily subscribe to you when you upsell more internet.
Technique 4: Cross-sell Digital Services
Everyone must know the upsell. But only a few know about the cross-sell. Cross-selling happens when ISPs offer services other than the internet, such as OTT and Voice. These are all but standard.
Adding new subscribers is the most expensive yet it is vital to do so for your business growth, and for those needing internet service. Below mentioned 2 techniques will help you to add subscribers.
Technique 5: Give Something Away For Free
For good reason: People love freebies! What can you give away? The exciting addition to your business is announcement-worthy if you’re offering a new service. You could announce that you now offer premium digital OTT Content Apps, along with an offer to try the service. The resulting campaigns can reach thousands of new subscribers and generate double-digit conversion rates.
Technique 6: Motivate Subscribers To Share
You all must hear of things “going viral” online. People love to share their experiences and what they’re passionate about, and sometimes this can result in breakout success online.
When you offer a valuable service, and many of your subscribers will willingly recommend your service. This will be provided you give them the means and the reasons to do so.
Running a “tell a friend” referral campaign is easy to understand. And success stories abound of companies that hit their stride using this technique. Success requires careful coordination.
Hope you understand the techniques and ways to grow your ISP business. Have any questions or want more information? Ask us in the comment section below.
Contact us for a demo of our H8 Cloud-based ISP Solution by mailing us on email@example.com or calling us on +91-79 40089216.