How to grow your Mobile Money Business
This past month, we reached out to different Moniepoint mobile money agents from some of the major locations in over 10 markets. We performed field research that helped us better understand the market, and how best to guide our mobile money agents on simple growth strategies.
The mobile money business is a viable one, and the results provide some of the first insights to help you grow your Mobile Money Business.
Here are 5 tips from Moniepoint:
- Customer is King
Customer service plays a huge part in any mobile money market today. From research done, most repeat customers visited particular agents because of the relationship that had been built over time. If you have sales agents working for you, ensure you train them on how to engage with customers daily. A friendly face, and polite responses are sure and easy methods to ensure customer satisfaction and happiness.
- Ensure Fair Pricing
Because of how profitable the mobile money industry is, competition is high, and lots of mobile money agents are springing up everyday. Since the market price placed on commissions is usually dependent on the agent, prices may differ from agent to agent. At the end of the day, customers will patronize the agent with the most acceptable cost. Moniepont provides our agents with very fair pricing, so agents under our network are in a very good position to implement this strategy
- Choose a good location
Because of the nature of the mobile money business, foot traffic and physical presence are very important. Therefore mobile money agents should ensure they secure locations that promise to deliver a decent amount of foot traffic, in a relatively busy location. Markets, Hospitals, Bus Parks, Business areas are examples of places that promise to provide the amount of pedestrian traffic that can ensure business growth.
- Provide Reliable Network
Naturally, if transactions fail a lot at your location as an agent, your customer base will start to decrease slowly. Make it a point to use a telco that has the best service in your area, while Moniepoint does the rest by providing you with a 99.9% uptime. Moniepoint mobile money agents can already attest to the reliability of our service, and robust support being provided. Word of mouth marketing comes into play here as satisfied customers spread the word, further driving growth for the agent
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