This piece originally appeared on the GreatAmerica Office Equipment Blog forum. Click here to read other topics of interest to our industry.
Office technology providers rely on partners to help meet customer needs. Many are venturing into new product and service offerings like IT, voice-over IP, and even physical security, creating the need to seek outside expertise.
Anytime your business seeks out an external partner to help them reach their objectives, it’s important to closely evaluate what they bring to the table and how they impact the relationship with your customers. You are placing at least part of the customer experience in someone else’s hands when bringing in another organization to provide a service. As you initiate conversations with them you should determine how they will help or hurt your reputation, if they offer a similar value to price as you, and if they have demonstrated skill at handling customers’ issues when they arise. Your product supplier, third-party servicer, manufacturer representative, or leasing partner that interacts with your customers: they all can have an impact on your overall success.
In my 13 years in the office technology financing space, I’ve had the opportunity to interact with hundreds of technology providers. I hear about it when they are wowed by financing providers serving our space, and I hear about it when they’ve been disappointed. Taking part in these conversations has taught me a lot about what technology providers value most in a financing company. I’ve found that nearly every success and every failure boils down to one of five key areas. Let’s dig in.
Ease of Doing Business
Put simply, things have to work – both for you, and for the end customer – to maintain a mutually beneficial relationship. In fact, in our last dealer survey we asked what attributes came to mind when they think of the ‘best financing provider.’ The number one response was ‘being easy to work with.’ ‘Quickest responder to my calls/emails’ and ‘I consider them an extension of my business team,’ ranked closely behind. All three responses impact ease of doing business.
At a high level, being easy to work with means there are tools and resources available that make it easy to transact business. Think quick turn-times, transparent communication around expectations, proactive problem resolution, and a dedicated person/team you can turn to for a solution when you need them.
If you or your customers have to rely on cumbersome processes or clunky technology (or worse yet, no technology at all) in order to transact business, stress and friction are the result. In my own experience, this is where some finance companies fall short. End-users need easy access to account information, easy-to-follow contract terms, options for invoice customizations, and access to team members to resolve questions or concerns.
Ask yourself; do both you, and your customer, find it easy to interact and conduct business with your financing provider? Ask your customers that question and they’ll tell you what you need to hear.
Customer Service
Part of being easy to work with means good customer service. This applies to both end-customers and you as the provider. This is particularly important when things get messy – as they inevitably will from time to time. Whether there is a billing mistake, a frustrated customer, or a question that needs an immediate answer, you want to be able to connect, be heard and have your issue(s) resolved in a timely fashion – all while feeling like you (and your customer) are the primary concern. Leaving that experience with a feeling of satisfaction more often than not will either solidify your choice of providers or have you searching for an alternative.
Price and Value
If basic services are being provided, your offering can become commoditized and the expectation for value is limited. However, value becomes the focus once you graduate to programs that enhance your holistic business strategy through things like efficiency gains and customer retention. A higher price should correlate with higher value, period.
While a lower price may seem like the obvious choice, I challenge you to ask questions that help you understand what additional value a third party can provide over other lower-priced options. Ask what they offer that others do not. Does your provider take work off your plate or add more to it? Can you rely on them for something unique? How do they evolve with you as your business changes? By asking these questions, you may find that a higher price actually saves your organization time and money through capabilities that make your business better.
If your conversations with your financing sources are limited to rate, you are likely limiting the potential of your business. Long-term, strategic conversations around evolving your business and the value-add programs, tools, and resources that come with a premium finance provider can and should be the wind in your sails.
Personal Relationships
When you have people that are personally invested in your business relationship, they become an extension of your team. These relationships are most effective when they extend beyond the account manager, into other functions, like credit, documentation, and even leadership. When you have a team of individuals that you know and work with on a regular basis, their success becomes your success and vice versa.
In our industry, it’s common for relationships to have been in place for ten years or more. A long, strong relationship with your financing provider builds credibility and trust, making it easier for you as the provider to feel good about putting your valuable customers in their hands.
If your financing provider is structured functionally instead of cross-functionally, it won’t be as easy to develop deep-rooted relationships that support and accelerate your business goals. If you don’t have a dedicated team, or there is a high level of turnover, this can quickly stifle your objectives because you don’t have the benefit of the longstanding knowledge and familiarity with your business and strategy working in your favor.
Knowledge of Your Business Needs and Industry
You can’t expect to be able to help your customers if you don’t understand their business. This is why technology providers like you spend time doing needs assessments prior to your appointments so you can discern the unique needs your customers face and how you can be part of the solution. You may even adopt new service offerings to meet their needs.
You should expect the same from your financing company. Look for a trusted provider that is immersed in your industry and committed to uncovering broader needs that impact your success as a business. This could mean programs or services that help you hire and retain new expertise, or supporting your adoption of new product lines or offerings. Now more than ever, technology providers need partners that can pivot as your industry grows beyond standard MFPs and into ancillary products and services, like VoIP, managed IT, cybersecurity, document management, even audio/visual and physical security.
Your customers are depending on technology now more than ever to facilitate remote work environments, and you have an opportunity to address those needs. However, you need innovative partners who are eager and ready to venture into new territory to build solutions that will support any new product and service lines you adopt.
In Summary
Your partners should be an extension of your business and consistently treat your customers with the same exceptional level of care you would. Their processes and capabilities will either enhance or hinder your ability to retain your customers and your overall reputation. If a third-party vendor doesn’t make the grade on any of the above scenarios, you risk losing customers. Be your own advocate and hold a magnifying glass up to their capabilities and values to ensure alignment with your long-term strategy.
