It’s one thing to watch lightning strike. It’s another thing to catch it in a bottle.
With global cloud services revenue from small and medium businesses (SMBs) reaching 100 billion and projected to hit $125 billion by 2016, our market is rich with opportunity. But how should service providers capture that growth? Specifically, how can your business grow faster than your competitors, and how can you maximize profitability while gaining market share?
It might be simpler than you realize.
Instead of focusing on the latest marketing campaign fads or every shiny “squirrel” someone sees, three basic and proven rules can help you increase sales, improve customer retention, and enhance your average revenue per user (ARPU).
No such thing as too many choices? Think again.
If a customer is presented with a large number of different options, they may have a tendency to suffer from “choice overload” – or paralysis when making decisions. Several studies point this out, including psychologist Barry Schwartz, who claims that having too many choices can be just as frustrating as having too few. We will come back to this topic in depth in our next post.
Once you have a solid portfolio, you’ll need to make sure your customers are aware of it.
Typically, most partners focus their attention on one or two sales channels, as they reason that 90% of sales to new and existing customers come from inbound/outbound call centers and account teams. However, don’t underestimate the importance of connecting with your customers more often regardless of the channel. Unless your systems are completely independent from each other, you will increase your conversion rate by increasing your contact points per customer. We will dive deeper into this topic in our third post in this series.
Whenever you make a sale, you are beginning a relationship with your customer. The key word here is “beginning.”
Like all new beginnings, it’s important to foster and grow your relationship with your customer. Remember that your ultimate goal is much more than closing that initial sale –your mission is to maximize your customer’s experience throughout their lifetime as a client, offer additional services and support as their business evolves, and keep them happy and loyal for as long as you can. We'll conclude this series with a fourth post on this topic.