Product stack matters. So stack it right.
Gartner recognises that 80% of a company’s future revenue will come from 20% of its existing customers. The acquisition of new customers is a costly exercise, sometimes costing a company five times the amount than simply retaining an existing customer. This is why one of the quickest and easiest ways to build revenue is to sell additional services to your current customers.
I’m often talking to Partners who want to find the quickest path to a sale and want resources that will help them access this. My response always is that up-selling to your already existing clients is the key to unlocking long lasting revenue.
Organisations trust and value their IT Providers opinion, they respect the methods you suggest to improve their workplace and boost productivity. I always encourage Partners to diversify and build their product portfolios, because after all, wouldn’t a client rather source all their IT needs from one provider? And wouldn’t be great if your staff didn’t have to manage and learn different services from a range of vendors?
In order to retain clients and entice new clientele, it is important for your business to have a holistic approach to the services it provides. By building your product stack, your business has the potential to provide a full cloud suite, and prospects will identify your business as a leader in the market, while existing clients will perceive you as an adaptor of change meeting all their workplace needs.
By limiting your service offering, you’re limiting revenue potential as well as sacrificing client retention opportunities. If you don’t put the time into building your product stack I can guarantee that your competitors are already luring your leads with holistic cloud service packages.
All Hosted Network Partners have access to a range of premium services to help your business to grow and succeed includingDaaS, VoIP, IaaS and Disaster Recovery just to name a few – are you making the most of it?
If you want to chat more about your product portfolio and to see how you’re ‘stacking’, contact us to discuss further.