What does the world-famous Ritz Carlton Hotel have to teach your tech services business? Everything.
What the Ritz Carlton team knew and believed to be true about any business was the need to focus on
4 key objectives:
- Keep Customers
- Attract New Customers
- Maximize Customer Spend (without compromising goal 1)
- Be Efficient (without compromising goals 1-3)
Sounds basic, right?
It is, but it’s also hard to do, particularly when you overlay these principles onto tech services businesses where switching costs are next to zero and you can lose large chunks of your customer base with a few clicks of a button.
Unless you distinguish yourself in the market, you risk becoming a commodity that your best customers can acquire from competitors with a click.
If you’re a tech services company catering to business customers, we believe a white label version of the iovox call tracking solution should be considered as part of your strategy to achieve the four objectives above.
Let’s break this down one by one.
Keeping the Customer
Keeping customers makes all the sense in the world, and surely you’ve seen the data about the 5-10x higher costs of acquiring a new customer than keeping a current one happy. It’s a great idea but how do you do it?
Continue to add value. And then add more.
If you’re not innovating in some way or bringing new value and choices to your customers, then you’re putting your relationship with that customer at risk.
What’s extraordinary about white label call tracking from iovox is that the solution opens up an entirely new portfolio of products and features that your current customers can take advantage of through their relationship with your brand. There’s no reason for your customers to shop alternative providers if you’re meeting all their current needs as well as anticipating what their future needs might be and have the services at the ready for them.
Attract New Customers
As part of your marketing plan, at some point you’ve probably used the classic feature comparison matrix and you’ve optimized the matrix to highlight how compelling your brand is relative to your competitors’. In many purchase situations, it’s the added features that end up closing the sale, even if those features are never used.
How many times have you purchased a product because it had some enticing feature that you “may use someday”? We all do it.
For customers that are new to your brand, the inclusion of white label call tracking solutions from iovox can be the very thing that separates your brand from your competitors and gives you the win on the new sale of your core services. Once they are happy and settled with your core services, you can introduce call tracking as part of your upsell program.
This is the proverbial “share of wallet” concept. In this example this implies that your customers are going to be spending money on call tracking from a competitive brand. Why not have them pay you for those call tracking services instead? You’ll be increasing your value to that customer because they’re getting more deeply invested in your product portfolio, but as part of the process, you’re also increasing your brand’s share of wallet with that customer.
Depending on the type of customers you have, you could easily assume anywhere from $10-50 per month in incremental billings related to the iovox call tracking services. If you’ve got a large customer base, you’ve got an enormous reservoir of untapped revenue potential to help you increase share of wallet with a white label call tracking solution.
The Ritz Carlton principles of efficiency were not about “cutting corners” or doing anything that would compromise a commitment to quality and the experience of the customer. But were about creating efficiencies in other ways, like better utilization of current staff, or for a tech company, shifting some internal R&D to outside parties to flatten learning curves and improve speed to market?
This Forbes article highlights some of the reasons why white label options may be much easier and more cost effective than doing it yourself. With white label call tracking from iovox, you’re leveraging our expertise as a global provider and getting the benefit of our sustained investment in R&D building new features and functions that you can pass along to your customers under your own brand.
Efficiency can take many forms, and leveraging white label call tracking from iovox, is a smart way for your company to optimize bottom line performance without compromising your commitment to quality and customer experience.
Not only do we admire the Ritz Carlton commitment to quality, but we admire the simplicity of their key objectives. If you think these principles apply to your company and would like to speak to someone on our team to learn more about how white label call tracking from iovox, tap the green button below and let’s talk.
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