ATM services and water: What do the two have in common? They were both free for individual consumption until someone found a way to monetize them. Indeed, water is now a profitable product as is swiping your debit card to release cash.
But these giant revenue streams didn’t even exist until business-savvy thinkers uncovered ways to access the untapped profit.
In the same vein, Soleo has created its call transfer service (CTS) for phone carriers of all sizes. By placing a value on intercepting calls to non-working phone numbers, carriers can now take advantage of a previously unattainable revenue source.
But, why weren’t carriers previously concerned with monetizing calls made to non-working phone numbers? The answer is not unlike the reason water wasn’t always bottled or the fact that banks didn’t charge ATM fees—because drinking water and accessing personal savings are both unavoidable and necessary tasks. Due to the fact that they are essential tasks, it was difficult to explore the possibility of monetizing them.
Similarly, because carriers are mandated to handle calls made to non-working phone numbers in their networks, no one previously thought to monetize these daily actions. So, creating a bridge between what is necessary and what can be made profitable is crucial to monetizing these types of services.
For example, a directory assistance (DA) service is required of all carriers so that callers in their networks are made aware when they’ve reached a disconnected phone number. As such, Soleo created a new revenue stream for carriers by adding a robust call transfer service to its DA platform.
Here’s a closer look as to how this service creates a profit for carriers:
- Profit-sharing for Merchants’ Pay Per Call Services: Because merchants are continuously looking for new ways to generate leads, Soleo integrated a pay per call service with its directory assistance platform. Now, merchants bid programmatically to have their business’s name announced as an option when the call intercept platform is initiated and carriers get a cut of that fee. For example, when a customer attempts to call his or her local auto repair shop only to find that the business’s number has been disconnected, the call will not end there. Instead, an auto attendant intercepts the call—hence the name “call intercept”—and offers the customer a list of similar auto repair shops within the same geographical location.
- Monetize Calls in and out of Your Network: In addition to gaining profit from the merchants’ spend, carriers access revenue from the continuation of phone calls made in and out of their networks. For example, a caller who does not subscribe to your network's telephone services may dial a disconnected number that is on your network, so you own that number. When that caller elects to be connected to a business that was listed on the CTS announcement, you make money.
So, if you are a smaller carrier that wants to remain competitive and profitable, one way to make headway is to monetize the calls made to non-working phone numbers both in and out of your network. Not only can small carriers receive profit from the merchants’ investments in the service, but with each intercept, calls can continue—rather than prompting the caller to hang up—thereby increasing the volume of calls made in your network.
If your carrier company isn’t taking advantage of call intercept transfer services, you’re letting a significant revenue source slip through the cracks. You can do more for your business and your end-users; in fact, the potential has existed this whole time—all you need to do is take the next step.