With consumers’ purse strings tightening, it is more important than ever for businesses, especially those offering higher-priced goods and services, to find ways to relieve some of the consumers’ financial troubles.
To this end, leasing and financing have become the go-to approach for many businesses, giving consumers the option to rent rather than buy what they’re selling.
Technology is becoming increasingly costly. Seeing this, consumers and firms realize the advantages of handset leasing as a valid way to avoid paying exorbitant prices for handsets while still allowing for their use.
What is mobile phone leasing?
With the unrelenting march of technology, people have become increasingly reliant on smart devices that enrich their lives and allow them to engage in work-from-home opportunities. According to a survey published by Reviews.org, Americans spend 2 hours, 54 minutes on their mobile phones each day.
The influence of smart gadgets is enormous, and the continuous emergence of cutting-edge technologies enables people to connect and accomplish more online, further increasing their reliance on these devices.
As technological capabilities grow and improve, the cost of maintaining a network of devices increases, particularly for those who rely on high-spec devices to facilitate mobile workplace connection, productivity, and profitability. This is where democratizing technology with smartphone financing comes in.
Leasing a mobile phone entails financing the cost of the device. Typically, a client is required to make monthly payments for one year or more. But at the end of the deal, the consumer does not own the phone. The consumer may opt to pay a buyout fee then. Alternatively, the consumer may renew their lease and update their phone. Additionally, the user can purchase or lease an alternative phone.
Benefits of handset rental
As the owner of the handsets, you need to realize the benefits of handset leasing to telecom companies to understand better how to promote your services. These are just some of the advantages of handset leasing to telecom companies.
- The replaced smartphone can be rented or sold on the secondary market, generating revenue.
- Increased revenues from prepaid subscribers leasing their handset. Prepaid subscribers are considered to generate minimal revenue for the telecom company.
- Additionally, leasing eliminates the direct cost barrier that may have postponed or recluded a purchase.
- By offering to lease, you can avoid the need to give discounts to attract members, which hurts revenue.
Tips on how to successfully promote mobile rental
Is handset leasing profitable for telecom companies? The answer depends on the strategies that the telecom companies employ.
Telecom firms should consider how they will target smartphone users and create an exceptional experience that will keep them coming back for more. They must also develop a more robust strategy to promote device leasing effectively. Below are some tips for doing so.
- Determine your customers’ desires
Concentrate your mobile presence on what your clients have indicated—not on what you assume or wish they wanted from you. With intelligent but meaningless opinions about your clients, you can damage an otherwise successful business. Determine why users need to lease out devices and assess how you can address the matter more effectively. You may offer specific plans or solutions based on their desires.
- Highlight benefits
It is also beneficial to highlight the advantages that the customers may enjoy if they decide to sign up for a device leasing agreement. Below are some of the benefits of handset leasing.
- Low or zero upfront costs associated with the mobile phone purchase. Payments must be made in affordable monthly installments for the plan’s duration.
- Depending on the plan, the phone is upgraded to keep up with the latest advancements in smartphone technology.
- At the end of the term, the customer can upgrade the phone, continue to lease the same device, or purchase the phone.
- Add strong calls to action
Ensure that each page of your mobile website contains compelling calls to action. By utilizing prominent, clickable buttons, mobile websites may implement this method. Special buttons should be distinguished from the rest of the navigation options by being a distinct color or slightly larger. They’ll garner more attention if they are visible without scrolling.
- Offer flexible contracts
Leasing agreements are developed with business in mind. They often have variable contract periods, ranging from 12 to 84 months, and most allow the customers to chop and replace devices whenever they want, rather than waiting until the contract expires. As a result, they can upgrade or add devices as needed. End-of-lease options are also rather versatile—most firms trade in their devices for an upgrade, but customers may also purchase the handsets outright.
- Make the most of social media and review sites
If you want to get satisfactory results, you must go beyond your website.
Social media platforms are an excellent place to start. At the moment, approximately 3.81 billion individuals utilize social media, a figure that is growing every year, according to Smart Insights.
Along with your website, consumers pay close attention to social media sites when searching for mobile phone leasing. Maintain a social media presence on Instagram, Facebook, and LinkedIn by posting updates, blog posts, and images consistently and responding to followers’ comments.
Successful telecom companies leverage their social media channels to showcase the benefits of device leasing vs. buying. Avoid overloading your sites with sales offers; instead, assist consumers in visualizing what it’s like to have a leased mobile device.
It’s also critical to establish and maintain an online presence on review sites like Google My Business or Yelp. Make a point of responding to each review, even bad ones, to demonstrate your trustworthiness and concern for your residents.
- Use multiple channels
Users spend an average of two hours and 22 minutes per day on social media platforms, based on the Digital 2022 Global Overview Report. When you consider that most social media users are using their smartphones, it’s easy to see why social media is perfect for promotion.
You may share your most recent blog pieces on business phone leasing vs. buying, upload live video, and even make special promos for your audience. All of these techniques will assist you in increasing the number of mobile users who visit your website.
Email marketing is another critical channel for capturing the attention of mobile users. Encourage readers to subscribe to your newsletter by including a lead magnet on your site or by asking them to join your mailing list for fresh material.
As your audience expands, your analytics will assist you in determining the daily number of mobile visitors who visit your site. Utilize this data and the input you receive from your audience to elevate your mobile marketing approach above the norm.
- Provide quality customer support
Quality products and services continue to be the decisive factor in whether customers continue to work with you or not. However, it is critical to remember that customer service is the fundamental driving force behind any organization.
Therefore, every telecom company must have a customer support team equipped with the best help desk software systems. Help desk systems are used for both processing external requests from customers and internal requests from team members. It can be cloud-based, self-hosted and open source help desk.
Often, businesses believe that providing excellent customer service increases sales. Customer service encompasses much more. It enables you to ascertain what your clients think of your business.
Tailor-made mobile handset leasing solution
Mobile phone leasing has grown significantly in popularity over the years as hardware costs have increased and more affordable, flexible SIM-only business plans have become available.
While handset rental is gaining popularity, conducting research and implementing numerous approaches is insufficient to achieve success in promoting device leasing. Every component of your efforts should be tailored to a specific audience and designed to guide each customer through the customer journey carefully.