Framing Your Approach
Yes, we’ve all heard it… “Diversify, diversify, diversify!” And we get why- the industry has changed since 2020, digital transformation, shifting customer demands, etc, etc. As the traditional office technology industry undergoes changes, dealers and solution providers need to explore new avenues to expand their offerings and drive revenue growth. Dealers everywhere are looking for ways to diversify their offerings and expand their revenue. In this edition of The Link, we explore how diversifying into water solutions, used equipment, and other office tech product verticals can open new revenue streams and bring you a competitive edge.
Quenching New Revenue Opportunities with Water Solutions:
Water is essential, not just for life, but as a powerful addition to your product portfolio. By offering water solutions—ranging from water filtration systems to bottleless water coolers—you can tap into a growing demand among businesses for sustainable, cost-effective hydration options. Here’s how diversifying into water solutions can benefit your business:
- Recurring Revenue: Water solutions often come with service contracts, providing a steady stream of recurring revenue. Whether it’s regular maintenance, filter replacements, or rental fees, these services ensure consistent cash flow.
- Sustainability Appeal: Today’s businesses are increasingly focused on sustainability. By offering eco-friendly water solutions, you can position your company as a leader in green initiatives, attracting clients who prioritize environmental responsibility.
- Cross-Selling Potential: Water solutions are a natural complement to existing office technology offerings. By bundling water services with your traditional products, you can increase the value of each sale and strengthen customer relationships.
Unlocking Value in the Secondary Market with Used Equipment:
As businesses look for cost-effective ways to upgrade their technology, the market for used equipment is expanding. Diversifying into the sale and service of used office technology presents an opportunity to serve budget-conscious clients while maximizing the value of previously owned assets. Here’s why used equipment should be part of your diversification strategy:
- High Margins: Used equipment often comes with higher profit margins compared to new products. By refurbishing and reselling pre-owned devices, you can offer competitive pricing while maintaining healthy margins.
- Market Expansion: The used equipment market allows you to reach a broader audience, including startups, small businesses, and organizations with limited budgets. By catering to this segment, you can expand your customer base and increase market share.
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Going Beyond with Purpose-Built Solutions:
While water solutions and used equipment are excellent starting points, the key to successful diversification lies in offering purpose-built solutions that address specific customer needs. By leveraging your expertise and understanding of the market, you can develop tailored offerings that set your business apart. Consider these additional avenues for diversification:
- AV/Security
- IT Products
- Managed IT Services
- Document Management Systems
Bringing it All Together:
Diversification is not just about adding new products to your lineup; it’s about strategically expanding your offerings to meet the changing needs of your customers. By exploring opportunities in water solutions, used equipment, and other innovative services, you can drive revenue growth, enhance customer loyalty, and position your business for long-term success.
Ready to Diversify and Grow? Let SalesChain Be Your Partner!
Diversification doesn’t end there, though! Diving headfirst into new product verticals without having the right software partner can cause headaches. At SalesChain, we see these strategic moves from dealers and the need to develop a suite of features to facilitate dealers’ sales workflows as their businesses branch into water, used equipment, and more. Whether you’re looking to add water solutions, tap into the used equipment market, or develop purpose-built services, our comprehensive platform and expert support can help you succeed.