Each year, Consumer Electronics Show (CES) introduces breakthrough technologies to the market. But what does the new technology mean to the MSP, and how can you optimize it to expand revenue opportunities?
Here are five ways to take advantage of the latest technology:
The first step to growing your revenue is to know what’s out there, what your customers want and need, and the business that goes with it. IT-focused publications like XaaS Journal, Channel Futures/Channel Partners, CRN, and Channele2e keep you informed about new technology trends, whereas high-tech publications like WIRED, VentureBeat, and CNET cover ground-breaking innovations. For more information about the business side of new technology, check out publications like Harvard Business Review and Forbes Tech.
2Invest in Research and Development (R&D)
Investing in R&D is a good strategy to grow your business. With R&D, you’ll learn how to integrate new tech into your value proposition that yields higher profits, growth, and market value per dollar of R&D. Plus, you own the intellectual property rights which give you another avenue of revenue.
3Attend Trade Shows
Look at trade shows focused on tech solutions you’re already in, as well as ones you’re looking to partner with or explore. These events are not only great for learning about new tech, but you’ll also have the opportunity to engage with innovators and network with peers to build strong, mutually beneficial business relationships.
4Target Upsell and Cross-Sell Opportunities
Your current customers are perfect targets for new tech. Partnering with a company that has the business intelligence to help you optimize your current business will have a dramatic impact on your profits. The possibility of selling to your existing customers is 60-70% compared to just 5-20% selling to a new prospect. That’s a lot more profit with a lot less effort.
5Build Technology Stacks
Gain a deeper understanding of how to build comprehensive security stacks to keep your customers protected. Security tech is getting more advanced each day to stay ahead of malicious attacks. Close to 76% of breaches are a result of third-party security. Including the newest security tech into your stacks not only protects your customers, but also promotes your go-to-market value, and therefore increases your opportunity for greater profits.
These five ways to make new technology work for your business involve some effort on your part but remember that when you do the work others aren’t willing to do, you’ll get the things others will never have.