Same as a business you would run. It's usually a fools errand to compete on price and race to the bottom. Compete on something else.
A small company called JIO realised that people actually like it when they are not being abused this way. It launched a cheap service with a very simple payment model. Fast forward 5 years and all the other telcos are bankrupt or nearly there. Data is dirt cheap, calling is free. Even the remaining telcos have switched to the JIO model (and pricing)