In a nutshell, 5G is the fifth generation technology standard upon which broadband cellular networks operate. It is fast, reliable, and has more data capacity than the previous generations of cellular technology. It began rolling out worldwide in 2019. Providing 5G to your customer base is a fantastic way to increase revenue.
Below are 5G monetization ideas that will help you to unlock new revenues and services.
1. 5G Upgrade Promotions. If your customers are currently accessing cellular data via 4G, it is time to start bringing them 5G services. Give your customers opportunities to upgrade. Remind them that with 5G, they will enjoy faster upload and download speeds, less lag time, and better coverage overall. Offering 5G upgrades is a fantastic way to engage your existing customer base. It will remind them that you are forward thinking and care about their experience with cellular data.
2. Offer bundles for IoT 5G packages. IoT, or Internet of Things, is in increased demand. With so many people relying on smart technology like smartphones, ring doorbells, and even smart fridges, IoT needs to be fast and reliable. Packaging various IoT configurations and promoting it as a bundle is a great way to get more devices on your network. Paint the picture for your customers. Describe a smart home that is all connected to the same network. Today, a homeowner can get notifications on their phone whenever their AC turns on, when a package is delivered at the door, when items in their fridge are about to expire, when their children come and go through the back door…and they can do all of that via a 5G IoT that you support.
3. Provide internet services via fixed wireless access. 5G allows telecoms to offer more services across the airways. Cable television, WiFi, and more can all be supported by locally deployed access points. One well placed access point can be a huge revenue generator, since it would allow telecoms to sell wireless access to an entire marketplace without having to lay cable or make additional investment.
4. Offer edge computing. Edge computing, or the process of de-centralizing data access, can expand the reach of your wireless services. This opens up new markets with more customers. The beauty of edge computing is that it offers low latency, since it brings computers closer to the source of data. Your customers will have a fantastic experience, and you will be able to reach more people than you ever have before.
5. Offer virtual reality support. Virtual reality, or VR, is the prime use-case for 5G. It requires a lot of bandwidth and a low latency, which is exactly what 5G delivers. VR can be used heavily in marketing to pique the interest of your local market. If you demonstrate how fantastic VR operates over 5G, a lot of people will sit up and take notice. Even if they do not have VR sets themselves, the promise of such a fantastic wireless experience is going to push them to work with you.
5G is rife with opportunity. Do not let these revenue and service opportunities pass you by.