The service provider landscape is inevitably evolving thanks to the rapid growth of network services (for example, 4G/Long Term Evolution (LTE), which research shows is driving global market growth through the roof). To keep up with a competitively growing marketplace and to secure market share, providers must expand their service offerings to see greater revenue. A comprehensive product catalog is integral for ensuring that this is done correctly.
A product catalog is a pre-integrated, fully populated piece of software that presents an accurate listing of products and to which customers they are available to based on such criteria as location and service plan. Armed with a comprehensive product catalog and associated product business rules service providers can:
Increase support for resellers and/or channel agents
A fully baked catalog supports resellers in inheriting their upstream provider’s services, as well as creating their own service offerings and managing the price plans for those services. Furthermore, a product catalog empowers agents with self-management so that they can do their best selling on your behalf—bringing in more profit for you at the end of the day.
Bolster customer retention rates
A complete catalog gives service providers peace of mind in knowing which products and services are available to sell to which customers. For example, if a product is sold to a customer in Kansas but isn’t available in the region or doesn’t comply with that customer’s service plan, he or she will be upset. With a comprehensive product catalog, providers will never have to play this risky guessing game.
Maximize competitive advantage
As mentioned, the primary benefit of a comprehensive product catalog is to secure a top spot in the market. Such a solution enables providers to stay up-to-date with new packages, deals and promotions that can help them augment revenue and lock in more customers, maximizing their competitive advantage and market influence.
The top benefits of a comprehensive product catalog are more than clear—are you ready to take your game to the next level?