Human preference for the known (or apprehension for the unknown) and the difficulty of onboarding new products and services are two compelling reasons to stay the course and build on what you sell today with the suppliers you already know. Yet, embracing the "new" is imperative.
Opening a Data and Analytics Services business unit can provide a robust addition to any technology provider. Three reasons to consider are:Â Â
1.- New Revenue Streams – unless you are overextended or plan to limit your growth, new revenue is always welcome. Because Data and Analytics is an area with increased planned spending in 2024 – see the BCG study mentioned in the other article – you are likely to be able to secure an audience to talk about Data and Analytics, even if it hasn't been in your wheelhouse up to this point.
2.- Diversification Imperative – changes to Channel programs are constantly happening. The recent move by Broadcom to go direct to strategic sector clients is a reminder that business model changes will occur. Every company has the right to move in the direction it chooses; therefore, those depending on suppliers for continued products need options at the ready. Constant review of your product portfolio and analysis of the supplier's potential to alter its channel model are imperatives for a future-proof organization.
3.- Enhanced Value Added to Existing Customers – becoming a trusted supplier is an asset few quantify in their financials. The trust placed in you by your existing customer base facilitates entry into other areas in the technology field.Â
Having proven your worth in other sectors shows business understanding and commitment to service excellence. Learning a new service to sell is more accessible than developing a long-term reputation for Value and Results. Build on your prior experience and expand what you bring to your customer base. They will appreciate it.Â