Wednesday, November 30, 2016

Creating value for the Prepaid Customer’s Recharge Money.


:: Unique Suggestion for Prepaid Services ::

Business Concept:  Creating value for the Prepaid Customer’s Recharge Money.
Creating value for the Prepaid Recharge of a Service/Device (Mobile / TAB / Dongle / Landline; Internet; Cable TV / Dish TV / D2H / TV Set-top Box; etc.), by extending the Validity, instead of updating it.

Problem Statement:  Issues with the Recharge of Prepaid Device. 
*) Balance would be lapsed in case the Device is not recharged within 'Validity Expired/Due Date'.
*) If the Device is recharged earlier (before 'Validity Due Date'), the remaining Validity days would be lapsed. 
So, Customer is losing either Balance or ‘Validity Time’ due to these issues.  Both are valuable parameters as part of the Service.

Issue Resolution:  I would like to provide the following suggestion for this.
Whenever the Device is recharged, it is a great idea to add the Validity time from the 'Validity Due Date' instead of 'Present Date'.  
For example, today date is 5-AUG-2016; and the Device validity due date is 10-AUG-2016.  
If it is recharged today, the validity recharge/extension date need to be considered from 11-AUG-2016, instead of today date.  A small change can create the greater impact for Customer benefit.  It's a unique idea.  Nobody done till now. 
If it is recharged after due date (suppose 15-AUG-2016), the validity recharge date need to be considered from the same date (i.e., 15-AUG-2016).

Benefits: 
*) Customer need not wait for recharge till validity due date.  Instead, Customer can recharge at any time, even though, much more time before due date.  Because, validity would be renewed/extended from validity due date, instead of recharged date.
*) Uninterrupted service can be provided.  'Device/Service Provider' would get ‘Recharge money’ early, even, much before the ‘Validity due date’. 
*) Customer need not worry about availability of time on ‘Validity Due Date’; due to Holiday, Strike, Network issues, etc.
*) Transparency in process execution. 
*) Customer can recharge any number of times.  If Device is recharged twice, the validity would be doubled.  Customer need not worry.  Because, Customer would get 'Value of Service, i.e., Balance' and Validity, for each and every Recharge; without losing existing Balance and/or Validity. 
*) Interactions with ‘Customer Care’ can be minimized. 
-> In case of mistake in Prepaid device recharge (for example, recharging much more time before validity due date; recharged twice by system/customer mistake), both balance and validity would be added to the account.  Customer need not reach 'Customer Care' for any requests for updates. 
-> Suppose Person-1 has recharged the Device for more Validity (For example, One Month or more); and Person-2 has recharged the same Device by mistake, for less Validity (For example, One Day).  Both Balance and Validity will be lapsed for Person-1 Device.  Then, both Person-1 and Person-2 will reach ‘Customer Care’ for resolution.  This issue can be resolved with (AADHAAR) OTP Authentication in Recharge process.      

Value of Prepaid Customer:
*) Prepaid Customer would pay the money before starting the Service.  The payment may be more for the longer Service (includes Balance and Validity). 
*) Each Recharge payment is like an investment, till the Service is consumed; even though, there is no interest is added for the prepayment.  Due to this, some ‘Device/Service Providers’ will give more ‘Balance and/or Validity Time’ for higher recharges.  
*) There would be additional work/cost for Postpaid/Consumed Service; i.e., Postal charges for sending Bills, Reminders for Bill payments, Late payments, etc.  These additional work/cost will not be applicable for the Prepaid Service.  All transactions are paperless; and network (mail/message) oriented.
*) More than 97% Customers are using the Prepaid Services.

Note:
The above specified suggestion can be omitted, in case the Service is only based on consumption but not Validity; i.e., ‘No Validity Time’.  For example, as of now… Mobile Call rates are based on only consumption (i.e., default Second Pulse rate).


Best Way:  Service is based on consumption but not Validity.




* * * * *     Prepaid Customer is not only a Consumer but also as similar as an Investor.     * * * * *