Getting More Wallet Share4 May, 2014 By: Eric Stavola, MCSE, MCSA, N+, CIDA+
Competition in our market place is fierce and downright cut throat at times. The need to secure our customer base is becoming ever critical to the longevity of our business. It seems like everywhere I turn there are IT, software, or printer service companies trying to steal our customers. Thus, in effort to succeed today (if not partnered with a one needs to create a company where the focus is on gaining more business from your existing customers, something I like to call “Wallet Share” --by expanding the areas of expertise and selling a portfolio that can include: MPS, Doc Management, It Services, and other managed services.
When you go out on a sales appointment or to visit your current customer, do you expand your mind to capture more than just clicks? Your current cliental is looking for workflow solutions to their high volume, high demand areas. So how do we teach our current staff to get more “Wallet Share” from our customers? The answer I believe lies in teaching them a better understanding of how a business works and where the MFP Resides.
See The Big Picture
Strategically speaking businesses have 4 key areas that make up a company’s workflow:
- Strategy –Involves formulation & implementation of major goals; initiatives
- Structure – Roles and communication methods
- Skills – People and responsibilities
- Systems – It Infrastructure & business systems
I will elaborate on each area individual in the next section, but for now, I want all to understand that each key area when combined within a company will determine current workflow as well as lead to potential pain points or needs for your customer.
Don’t Be Left Outside
If you look at a diagram or pie chart, where would a copier or MFP fit in? As a peripheral? No wonder for years they have been looked at as peripheral devices within a company. Recently, MPS companies found a way to move from the outside and become more of a service, and within the workflow of a company. So how do we get more into work flow and capture more “Wallet Share”? Here are some key talking points in each given key area.
Strategy: C Level
Most companies have key goals and initiatives set by the top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Thus teach reps to ask key questions such as:
- What key cost saving initiatives do you have in place this fiscal year? – CFO
- What is your current print/Document management strategy? CIO
- What key areas/departments need better communication? COO
Structure: Mid- Management
In efforts to uncover pain points or needs, it is important to understand how a company communicates. This is key and critical when proposing Document Management or implementing a Print Management Strategy. A good way to do this is by locating a company’s Organization Chart or identify key people or personnel through socials media such as LinkedIn.
Skills: People & Responsibilities
Any company is only as good as its employees. Understanding people’s skills sets and needs will help when proposing managed services or document management. Key questions to consider:
- How many people are involved?
- How do they communicate with each other?
- Are there approvals or routing required?
Systems: CIO/IT Director
When focusing in this area it is key to understand that all companies have some sort of IT infrastructure and Database that their company typically resolves around. By understanding more about these systems and strategic initiatives will lead to greater opportunities and sales. Remember when talking in this area try to convey how your product or service can increase productivity, trim cost, or unify their systems.
By teaching our sales staff to expand their mind and become more of a consultant to our customers needs, they will be able to capture more wallet share and grow your business.
Eric Stavola, M.ED, MS.CIS, MCSE, MCSA, CDIA+, N+, is Chief Operating Officer at WITT-COMPANY. Contact him at: (619) 379-3009 Cell / Fax (888) 511-0741 / Email firstname.lastname@example.org