In whatever industry, it's hard going head to head with the bigger players. But it is also true that perseverance pays and that might just be what Sprint is banking on.

At the moment, Sprint ranks third in major carriers in the United States. That doesn't seem like a bad place to be in but there's definite room for improvement. The carrier has tried, mostly by offering the most affordable plans on the market.

Unfortunately, the fight isn't just about price. If that's the case, Sprint should've sailed to the top years ago. In fact, the carrier lost around a net of 1.7 million customers in 2013 despite efforts at offering the most affordable plans.

But while the odds appear to be against offering cheaper plans, Sprint doesn't exactly have another option. How else will it attract customers away from other major carriers if it doesn't sweeten the deal?

With a new CEO on board, Sprint is trying its hand again at offering more affordable plans but this time it's targeting its prepaid business, Boost Mobile. The promotion is open to both new and existing subscribers and will last from Sept. 3 to Nov. 3.

With the new Boost Mobile offer, all prepaid plans will get a $5 cut and data allocation will double. This means the low-end plan will now get 1GB of data (up from 500MB) and cost $35 (down from $40); the mid-tier plan will receive 5GB of data (up from 2.5GB) and cost $45 (down from $50); and the high-end plan will include 10GB of data (up from 5GB) and cost $55 (down from $60). All plans will also feature unlimited text messages and phone calls.

"Prepaid is a critical part of Sprint's portfolio and is a key part of the business where we can lead with aggressive pricing plans," said Sprint spokeswoman Danielle Babbington. Through this area, the carrier aims to catch up with the competition, most especially after losing a net of 1.7 million subscribers in 2013. It lost 245,000 more in the first quarter of 2014 while Verizon and AT&T both managed to add a net of over a million new customers each.

Aside from cheaper Boost Mobile plans, Sprint also introduced new variations to its family and individual plans. Family Share Pack features a starting rate of $40 per line and comes with unlimited calls and texts. Data may be added as well in buckets depending on the needs of a family. For individuals, Sprint has an unlimited plan available which essentially provides unlimited everything for $60, which is cheaper by $20 compared to what other carriers are offering.