By Steve Gottlieb, GreatAmerica – You’ve likely heard the following statistic: it costs 5 times more to acquire a new customer than it does to retain a current customer. Given the change in the selling world today, that’s probably a conservative number. With print on the decline, one could argue that the imaging industry was already experiencing a transformation, but 2020 changed business in an unexpected way, further accelerating the need for providers to diversify. With the sudden onset of a health and economic crisis, buyers became even more apprehensive. Throw in the travel restrictions combined with an onslaught of zoom meetings, and you have an environment that makes it challenging to develop new relationships.
Given these circumstances, the existing customer base has become even more critical – not just to survival, but to growth as well. I have spoken with a lot of technology solution providers within the last year and virtually all of them, regardless of geographic location and size, have an even greater appreciation for their existing base of customers. A strong customer base is especially important in times of uncertainty. With that, I wanted to share what I’ve gathered to be the biggest reasons providers have sustained and even grown during one on the most trying economic times in recent history. Let’s dig in:
Adopting a Bundled Approach