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With the advent of digitalization, the needs of the average CSP customer have evolved beyond just finding one technical product to solve their business issues. Multifaceted outcome-based solutions are the only way that many SMEs and enterprises can meet their various business goals – whether that’s reducing costs or creating smart solutions that leverage solutions like IoT, connectivity, monitoring and AI all at once. To meet the various demands from customers across different verticals, CSPs are facing increasing pressure to expand their portfolios beyond traditional connectivity services.
The key to success lies in embracing digital transformation. CSPs can use digital platforms to accelerate their go-to-market strategies, and rapidly onboard new products and services. It’s imperative that CSPs transition from being telcos to becoming dynamic ‘solutions factories’, tailoring solutions for the evolving needs of their diverse customer base.
To expand their offerings, CSPs should look to the digital marketplace. The digital marketplace as we know it has changed. In the 90s, the first digital marketplaces, such as Amazon, resold goods digitally, primarily to B2C customers. A decade later, in the early 2000s, the digital marketplace had evolved and businesses resold both goods and services to B2C and B2B customers. And now, with the emergence of advanced technology such as 5G, Edge, IoT and AI, the B2B marketplace model has entered a period of acceleration. Businesses are looking for integrated technology solutions to meet their needs with minimal complexity — and CSPs must adapt.
If CSPs want to take advantage of this market shift and grow their B2B marketplace revenue, they must revamp their marketplace platforms, expanding from reselling apps and SaaS solutions to co-creating and monetizing technology solutions with multiple partners — at scale.
In their latest report, ‘B2B Marketplaces Evolve Faster, Driving New Opportunities for Communications and Technology Service Providers’, IDC reveals a game-changing opportunity for CSPs; the ecosystem marketplace. By embracing integrated technology solutions within a digital marketplace, instead of relying on an app store-style reselling model, CSPs can diversify their revenue streams within a partner ecosystem and grow revenue.
CSPs should focus on getting products to market fast and making it easy for customers to start using them. A digital marketplace can help CSPs work more efficiently, adapt to changes faster, and serve different types of customers better. A digital marketplace, done right, lets you work closely with industry partners, come up with new solutions, understand what customers want, reach more people and sell to them in a more personalized manner – all while saving costs.
A fundamental shift in the operating model is required for CSPs to position themselves as one-stop shops for Information and Communication Technology (ICT) solutions. This entails focusing on outcome-based solutions rather than merely providing connectivity services. By offering a comprehensive suite of solutions, CSPs can cater to a wide range of customer segments, including B2B, SMBs, Enterprises, Governments, and more.
The customer experience always of utmost importance. With a digital marketplace, CSPs can truly elevate the customer experience, offering digital, DIY solutions that enable fast discovery and seamless processes.
Customers crave relevance and simplicity in their interactions with CSPs, necessitating a shift towards personalized and intuitive solutions. With our digital marketplace powered by our Infonova Digital Business Platform, CSPs can go live in weeks and automate the packaging, ordering, fulfilment, monetization and settlement of solutions across any number of vendors/partners.
Central to CSPs' expansion efforts is maximizing their ecosystem play, which can also be facilitated through our digital marketplace. Partner ecosystems enable CSPs to co-create, co-sell, and co-support solutions, driving innovation and accelerating time-to-market. By leveraging ecosystem orchestration platforms, CSPs can onboard and manage solutions efficiently, fostering collaboration within a vibrant partner ecosystem.
The network effects of a partner ecosystem are clear; by using partner ecosystems, CSPs can rapidly extend their reach and increase profits by developing and offering the most cutting-edge technology solutions in different geographies via various business models, seamlessly and quickly.
Adopting this 'prototype, test & launch' mindset enables CSPs to swiftly bring innovative solutions to market and stand out when it comes to anticipating their customers’ needs. This approach also broadens marketing channels by allowing services to be sold through other partners in the ecosystem, providing even more avenues for growth.
So how does the digital marketplace tie it all together? At the heart of CSPs' expansion strategy lies the digital marketplace. Our unique digital marketplace provides a storefront and self-service area designed for CSPs’ customers to easily browse through pre-integrated solutions, request quotes, place orders, and independently manage and monitor their chosen solutions – putting the customer experience front and center and ensuring their satisfaction.
The simple integration, rapid go to market, partner enablement and flexible commercial models empower CSPs to build and launch solutions in a way that puts their business transformation high up on the priority list in addition.
The journey towards expanding CSP portfolios beyond connectivity services requires a concerted effort towards digital transformation, customer-centricity, rapid innovation, and ecosystem collaboration. By embracing these principles and transforming to a techco model, CSPs can thrive in an increasingly competitive landscape, delivering value-added solutions that meet the evolving needs of their customers and drive sustainable growth.
Contact us today to speak or meet with one of our experts to find out more about how Beyond Now can support you through demo, proof of concept or help you develop the right business case and enable you to get up and running in weeks.
