The ROI of Wi-Fi: How a Wi-Fi Wireless Network Is Profitable
The world is wireless. Wi-Fi networks generate productivity and revenue, improving an organization's operational efficiency and providing advanced analytics. There are numerous ways a wireless network can positively impact any business, regardless of industry. Here's what you need to know about monetizing your Wi-Fi network.
Driving Operational Efficiency Through Asset Tracking
On the most basic level, connection is the biggest benefit WiFi provides consumers. Asset tracking expands that connection to fully maximize a network’s value through sensors and self-reporting. It can be used not only to reduce product loss, but also to make high-value assets within an organization more efficient. Using Real-Time local applications to locate valuable assets ultimately saves an organization time, money and resources.
For example, in a large hospital environment, a massive amount of people and energy are dedicated to tracking and finding the right equipment. Asset tracking completely omits this wasteful process. It gives staff access to an easily accessible visual map of all the organization's assets, expediting the search process and allowing them to focus their time on their primary responsibilities -- like patient care.
Asset tracking also allows high-value assets to self-automate tedious tasks like inventory management. Moreover, it can minimize maintenance and downtime through self-reporting. All of this streamlines an organization's operations, reduces administrative overhead and improves bottom line savings.
Presence Analytics Provides Insight into Guests and their Behaviors Within your Location
A public Wi-Fi business model often relies on analytics to glean key behavioral insights. Presence analytics can be used to display where visitors are within a large venue, identifying potential bottlenecks and points of continued interest. This is apart from valuable logistics and productivity information a business can collect internally.
If you’re familiar with Google Analytics, then you know it’s a tool marketers cannot live without. It provides detailed insight (analytics) to how people interact with a website. The data provided by Google Analytics allows people to answer frequently asked questions like “Where do my visitors live?”, “What websites send traffic to my website?“ and “Which pages on my website are the most popular?“.
The same principle can be applied to having your own Wi-Fi Network. Leverage Location Analytics can provide similar valuable insights for your physical location, allowing you to optimize your space. You would be able to answer questions like “How many people are in my venue?”, “What’s my dwell time?”, “What does the foot traffic pattern look like?” In large venues, presence analytics can be used to improve traffic within the location, as well as to capitalize upon and support the locations that generate the most traffic. Stadiums, malls, private communities and other large event spaces are able to leverage presence analytics for better revenue generation and smoother overall operation.
Supercharge Marketing Efforts through Customer Data Collection and Location-Based Campaign Management
Data collection is helpful for optimizing operational efficiency, but it also can be used as a marketing tool. Wi-Fi allows your customers the opportunity to interact effortlessly with your business, as they are more likely to engage with relevant and useful communications. Further, information can be collected on the feature that customers use and when they use them -- making it easier to refine and curate the services your organization provides. In a retail environment, this could be used to personalize a consumer’s shopping experience, send surveys or request for reviews.
Wi-Fi marketing makes it possible to send real-time messages directly to customers who are already in your area. For example, retail shops can give customers information about products they're interested in or even guide them to an item or section of the store. Businesses can let customers know about special events, deals or even how to get to a particular booth within a venue. Walmart recently utilized location-based marketing strategies during their 2018 Black Friday efforts. By encouraging customers to download their app and easily find the quickest route to the best sales, they also boosted revenue and customer engagement.
The value of this lies in timing; immediately directing customers to a point of interest nearby, or asking them to write a quick review online as they leave, makes them more inclined to engage with your venue or brand. These things serve as a reminder for the customer, encourage them to have a positive experience and share it, and in turn this bolster your marketing efforts.
Offering Wi-Fi as an Amenity or a Utility
Many customers have come to expect the availability of Wi-Fi. From hotels to Senior Living Facilities, Wi-Fi is often a revenue generator. Depending on your business, Wi-Fi can be considered either an amenity or utility.
A location that offers free Wi-Fi provides immense value to people. According to Comcast, Wi-Fi is the most effective amenity in making customers feel welcome Wi-Fi can make your location stand out amongst competitors. With the proliferation of devices, streaming content, and personal IoT devices, offering reliable and high speed has become more challenging than ever and requires careful planning and design.
By offering Wi-Fi as a utility, property owners will be able to outfit the property and then can typically recoup the cost of their initial Wi-Fi investment in under two years. Wi-Fi can then become a profit center that provides recurring revenue for the property. The business aspect of the project can be adjusted for both conventional and affordable housing properties. By running a full program analysis we can help determine the right fit for your property.
For all businesses, a Wi-Fi business model isn't just desirable -- it's necessary. A strong Wi-Fi network benefits renters, managers and owners alike with a fast and constant connection, operational support and increased ROI. The quality of Wi-Fi often plays a role in how satisfied customers are, building loyalty for your business.
Key Takeaways
Businesses can improve operational efficiency by tracking valuable assets within a location.
Businesses can gain insight to customer behavior and habits through data collection, and utilize that information to improve operations and supercharge marketing campaigns.
Businesses can distinguish themselves from competition by offering Wi-Fi as a utility business model
All of the above options can improve upon or develop ROI through a Wi-Fi hotspot business model. By choosing to monetize your Wi-Fi, your business can make itself more attractive to customers, provide greater value, and strengthen your operational efficiencies. For more information about effectively building out your Wi-Fi for a higher ROI, schedule a Wi-Fi consult/demo today!