According to the Harvard Business Review, it is three times more expensive to acquire a new client than it is to upsell an existing customer. Moreover, the chances of converting a new client to your business are five to 20 percent, compared to the 30 to 60 percent conversion rate when upselling your current customer base.
I know, dealers are thinking, “I’m already selling the full gamut of my product lines and services. What else is there to upsell?” Technologic convergence provides the answer! Are you selling Document Management? Cloud solutions? Managed IT? VoIP? Smart Office solutions? At one time, these sectors were silos and quite unrelated, but disruptive innovation has created a new market. They can now be found under one umbrella and are as good as cousins. The timid dealer is static and hoping for the best with their tried and true. The savvy dealer has dived-in to be a part of the movement and is growing business by offering new and complementary services to their current customer base.
It does take some planning. If introducing new products and services is approached systematically, the process will be efficient and effective. The Edward Lowe Foundation suggests the following steps:
- Develop the concept
- Screen against established criteria
- Plan your development process
- Test the concept
- Design your product/service
- Develop a marketing plan
- Continually improve your product/service
And, I will add:
- ATTEND ITEX
At ITEX, you’ll learn through panel discussions, featuring successful dealers who have taken the plunge into becoming Managed Service Providers. These leaders have already paved the road, and they’re willing to share not only their trials, tribulations, and triumphs, but also HOW you too can become an MSP. It is at ITEX that you can begin formulating your growth plan. We provide you with all the tools, knowledge, and processes for you to initiate your upselling strategy as soon as you’re back in the office! Nowhere but at ITEX will you be able to find a more abundant array of professional support through vendor-neutral education, an exceptional lineup of some of the most influential brands in the industry, and networking with the movers and shakers of the office technologies world.
ITEX 2020 will take place April 14 – 15 at the Gaylord Palms Resort & Convention Center in Orlando, Florida. With over 1,200 attendees, ITEX is the largest vendor-neutral event connecting vendors, Business Solutions Providers (BSPs), office equipment dealers, and Managed Service Providers (MSPs).
To register for your pass, visit the ITEX registration page.