It's the era of big data. Every company out there is swimming in data. We are collecting it faster than we can use it, and many businesses don’t have the resources or tools to make use of it all. But we also know there is tremendous value inherent in data, if only we can harness it.
To help our distributor colleagues get a handle on some of that data, here are four suggestions for ways distributors can use their own data to generate added revenue:
1. Proactively manage renewals for your vendors
As a distributor, when you can make life easier for their vendors, you’re more likely to be recognized as a trusted, preferred channel partner. Don’t wait for your vendors to send you a reminder for renewals. Use your own data to identify renewals when they’re 90 days out or more and generate your own quotes, get them approved and then manage the process for your vendors. With a series of pre-approved workflows created with your vendors, you can automate this process and differentiate yourself from your competitors, while increasing renewal revenues for yourself and the vendor. Win-win.
2. Identify cross-sell and upsell opportunities
Distributors have experience working with a wide range of different vendors. This wealth of data can be used to identify synergies and opportunities to cross-sell products from your different vendors. Explore your customer data to find those that have gaps in a typical multi-vendor solution. These gaps are opportunities to cross-sell the missing products or upsell/upgrade them to newer releases.
3. Implement win-back campaigns
While none of us like to admit that we’ve lost customers, sometimes it’s a reality we face. By retaining the data on your defected customers, it can be used to your advantage with targeted win-back promotions. Nothing ventured, nothing gained.
4. Aggregate billing and invoicing to end customers
This activity is often passed on to the reseller, but if an end customer has a multi-vendor solution encompassing the vendors you represent, you could create an aggregated bill or invoice for the reseller. While they are busy implementing and training the end customer, billing is something they might appreciate help with. By setting up your systems to coordinate this, you can increase your value and your margin on these deals.
These revenue-boosting strategies may seem like they would require a lot of time or resources to implement, unless you have a renewals platform in place that makes these processes easy and fast. You already have all the data necessary to take action – all you need are the tools in place to make it happen.
Learn more about how a renewals platform can help distributors make more of their data: “Deploying a Renewals Program in Distribution”.