Wi-Fi provides a means to ease network congestion caused by heavy data users (or as it is commonly called Wi-Fi offload). On the other hand, it becomes difficult to attach a monetary value to this widely-available benefit. As a CSP ( a security standard introduced to prevent attacks resulting from execution of malicious content in some web page context), you have to not only maintain Quality of experience for your users but also compete for market share against unsecured public Wi-Fi and other low-cost service providers. To top it off, most people expect Wi-Fi to be a free service.
Do you provide free Wi-Fi access to your customers but bear the brunt of excess costs that run into maintaining and providing a Wi-Fi infrastructure? Do you want to make money with rendering free Wi-Fi Hotspot to the public? So how exactly do you make money out of providing Wi-Fi and keep up with increasing demand?
With SwiftTalk Wi-Fi Monetization Solution, attaining stand at the forefront of business strategies is achievable.
There are many models of Wi-Fi monetization that can be integrated into your domain of service. We will look at each of these models and understand how they work, you can then think about which one you can integrate into your area of service and make a buck.
Direct Monetization or Pay Per Access:
If you have a small cafe or a restaurant and wish to create a direct, from customer, revenue stream from your Wi-Fi service, the easiest way to do it is to start charging nominal amounts of money for the Wi-Fi service with a limited or set bandwidth. This is also called as a pay-per-access service. Wi-Fi management platforms allow you to do this. This direct stream of revenue is one of the easiest ways of going by monetization.
A different approach to this is — you can provide a primary, free Wi-Fi service to customers but that one coming with very limited amount of usable data with slower data rates, and offer a secondary premium Wi-Fi service with faster data rates and more consumable data. However, make sure that you price the Wi-Fi effectively so as to not overcharge your customers and make them unhappy. We don’t want that now, do we?
If you do not wish to charge your customers directly for the Wi-Fi, you can use your Wi-Fi portal as a medium for displaying advertisements. How does this work? You can use Ad displays and leverage them to work for you, customers can be shown these advertisements at intervals, in between their usage. You can display advertisements for any third party entities and have them pay you for the marketing that your WiFi does for them.
These advertisements can be either video based or static imagery, that does not make much difference to the display itself, but video based advertisements can be a little more engaging than static imagery. Such targeted advertising based on the demographic profiles available is a highly effective way of marketing. Third party entities can use this for branding too.
People usually have no problem filling out small surveys in return for a nice, free service. You can run all kinds of surveys as you want, you can run them either for yourself or for someone else. You can use the surveys to your advantage by understanding customer profiles and how you can leverage them to provide better service for them the next time they arrive at your establishment. Customer profiles are an important resource to possess, they can give you very valuable insights into their behaviours, understanding of this behavior can help you create a tailored, personalized experience that gives the customer a sense of exclusivity. Frankly speaking, it makes the customer feel special.
Location Based Engagement:
Wi-Fi platforms can help you analyze and understand how much time was spent on premise by the people present in your establishment. Location based engagement opens the doors to a slew of available opportunities to target customers. Using location based engagement, bigger establishments, especially retail, can deploy push notifications to inform the customer about the latest offers, directing them to certain products to increase sales therein. Indoor navigation can be provided to the user through a web portal for more effective engagement with the place.
Social Media Logins:
Many users today use their Social Media profiles to log into applications because it is way easier than trying to frantically remember your password and to avoid the sheer labour of inputting all the information. We can extend this concept to Wi-Fi logins. Customers like services that allow them to get into using them easily without much hassle. Social Media information can be captured through this login and can be leveraged for targeted advertising and marketing campaigns. Social Media platforms offer several insights into the customer’s behavior. Demographic details, interests of the customer are all available through Social Media insights. Retail establishments can use this information for push notifications directed to customers as per their interests and likes.
As we have just seen, there are many ways to monetize Wi-Fi to our advantage. Some of them are direct, some of them are indirect but the focus here is ultimately on increasing revenue in one way or the other. If you are a business owner providing Wi-Fi to your customers and are looking to expand your revenue stream, Wi-Fi monetization is a good option to shift your attention to. Moreover, once streamlined, it can work passively, without you having to put too much time and effort into it.