Most sales teams focus solely on closing net-new prospects, assuming this is the key to success. It’s not, though.
The challenges office copier dealers and managed service providers face when it comes to growth are tough, but with some strategic realignment, you can ramp up revenue gains fast.
When sales are sluggish, many dealers default to the assumption they just need more salespeople to drive more deals.
But if you have an established sales team in place, hiring more reps may not be the solution you are looking for. In fact, it could make your problems worse.
Recruiting is expensive, especially if you are hunting for a senior executive with proven sales chops, and even the most skilled reps will take at least six months to get real traction.
So, before you get out your credit card and log into Indeed, it’s worth pausing a moment to analyze where your growth challenges really lie.
When you look at your sales pipeline, what types of opportunities do you see? Most sales teams focus solely on closing net-new prospects, assuming this is the key to success.
It’s not, though.
While every copier dealer and MSP needs a steady stream of new prospects to work on, these deals are the hardest and most expensive to close. There is a faster and more efficient path to growth, which I will outline here.
The Quantum Revenue Efficiency Model helps organizations prioritize opportunities based on the path of least resistance to the greatest reward.
It ensures your businesses will not overlook easy wins that lead to large revenue increases, and you can do this without sacrificing net-new prospects.
Instead of maintaining a strict focus on new business, the RevEfficiency Model places a higher value on looking backwards through the sales pipeline. Let’s start with your customers.
The biggest opportunity for office equipment dealers and MSPs lies right in front of them: their current clients.
According to Harvard Business School, boosting your customer retention rate by as little as 5% can increase profitability by 25% to 95%.
Replacing churned clients with brand new ones is the most costly and inefficient way to grow. Everyone knows this, but few businesses put thought into action. They need to systemize processes that improve retention.
You need to do more than just provide excellent products and services.
Keeping clients engaged through various touchpoints is super important.
Regularly scheduled Quarterly Business Reviews (QBRs) offer a chance to discuss performance, address concerns, and present new cross-sell and upsell opportunities. These meetings are also your chance to discuss upcoming lease end dates, which can lead to upgrades as well as contract renewals.
Conducting surveys or scheduling check-in calls can also help maintain a connection with clients and get in front of frustrations they experience.
It’s easy to get complacent when a client isn’t complaining about issues with your brand. How many times have you been blindsided with a cancellation by a client you assumed was doing just fine? It’s never a good feeling when a client leaves, but it’s far worse when you are surprised to hear they were unhappy with your service.
They left because your team took their business for granted and failed to check in with them.
Scheduling regular interactions not only provides feedback but also enables you to adjust your offerings according to client needs. Many copier dealers and MSPs miss these opportunities that will substantially reduce churn rates.
In addition to retaining clients, another critical area for growth is cross-selling and upselling your clients.
Cross-selling involves introducing clients to additional services that complement what they already use, such as offering managed print services to clients who already have copiers in place. Up-selling, on the other hand, involves encouraging customers to invest in higher-end products or services that better meet their evolving needs.
Every business wants to grow their accounts with cross-sells and upsells, but is this reflected in your sales pipeline? How is Sales ensuring these opportunities are followed up on without fail?
Office equipment dealers can also expand their reach through referrals and affiliate programs.
Client referrals are usually the easiest sales to make, so, tracking these contacts is vitally important.
Champions who have changed jobs also present a goldmine of opportunity. When a key contact you’ve worked with changes jobs, they often take their business needs with them. By keeping in touch with former champions and tracking their career moves, businesses can be in a prime position to re-engage them when they land in a new role that requires office equipment or managed services.
Additionally, utilizing platforms like LinkedIn can be an excellent way to network and identify opportunities for collaboration. The connections made on LinkedIn often lead to great relationships, if you put the time and energy in.
Every business has a fortune stashed away in the deals no one is following up on.
Look at every churned client, stalled deal, and closed lost deal. You will likely see hundreds, even thousands of amazing opportunities.
Re-engaging these prospects in a systemized way will yield great rewards, especially the ones that ghosted your reps somewhere in the middle of the sales cycle. It’s frustrating when a promising deal dies with no explanation, but the most likely reason is the timing wasn’t right and your sales rep just gave up.
Now is the time to re-commit to never giving up.
Get in front of all of them, including your Marketing Qualified Leads (MQLs), Sales Qualified Leads (SQLs), form submissions, and webinar attendees. A significant number of potential clients may have slipped through the cracks simply because the follow-ups stopped.
Leads that haven’t been contacted in 30, 60, or even 90 days are a great place to start, as well as no-shows from meetings.
Lastly, don’t forget nurture past relationships. By staying in touch with former clients and re-engaging them with newer offerings, businesses can tap into revenue streams they’ve let slip away.
The last component of the RevEfficiency model is where most dealers and MSPs focus 95% of their time.
Targeting net new prospects should remain a key part of any sales strategy. However, this must be done strategically.
Targeting clients who fit their Ideal Customer Profile (ICP) is crucial, and it all begins with great data and great lists.
Tools like ZoomInfo are fantastic for building lists that match your ICP and contacts with key buying roles in those organizations.
Rather than casting a wide net, it’s more effective to focus efforts on organizations that have a defined need for your services or products.
Tools such as ZoomInfo Intent Leads and Scoops Leads provide data-driven intelligence that can help identify organizations actively seeking products or services that your business provides. By personalizing your outreach to target accounts that meet these criteria, you significantly increase your chances of converting prospects into clients.
Office copier dealers and MSPs often face struggles with sales because they fail to maximize the opportunities within their existing customer base, neglect to follow up with leads in a timely manner, and do not use the power of referrals and networking. By adopting a structured approach like the Revenue Efficiency Model, businesses can break free from these struggles and achieve new heights this year.
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