If you are an IT Maintenance Service Channel Partner without a tool to track and alert you on upcoming renewals, you may be leaving money on the table. A great way to re-engage with existing clients is to track warranty and maintenance service contract data. Many channel partners do not recognize this, overlooking a huge opportunity. For instance, an individual maintenance renewal worth $5,000 may not seem worth pursuing, however missing 10 of these renewals a month can add up quickly, leading to the loss of hundreds of thousands of dollars a year. Since maintenance is not a one-time sale, it's easy to see how this recurring revenue stream can help a channel partner's bottom line. The channel must take a long view of the data to see the real opportunity.
In many cases, companies are tracking their warranty and service maintenance data through excel spreadsheets, relying on their sales teams to update and sort this data. Due to human error and lack of motivation, not to mention subsequent turnover, this process has become insufficient and outdated.
When the VAR grows in size, finding and connecting data becomes even more complicated. It's easy to detect when a sale closed or when hardware shipped, but determining the next opportunity date on those pieces of equipment and the associated value is far more difficult. If a single sale involved multiple distributors, many sales representatives will abandon the effort due to the time-intensive research it takes to go through all the necessary data.
At the distributor and manufacturer levels, tracking customer contract data could become challenging, as these companies are two to three levels removed from the actual sale. Since manufacturers typically supply assets to distributors and distributors manage relationships with VARs, the volume of excessive data makes accurate tracking nearly impossible. Products get registered incorrectly, leading to sizable gaps in manufacturer data. Manufacturers may know a product was sold, but they have no record of the end customer. They may know the end customer, but not which VAR sold the service. No matter the circumstance, the end result is always the same: lack of a comprehensive, consolidated view of contract data.
Fortunately, there is a solution designed to help the channel solve these data challenges. CloudCover offers an accurate, streamlined visibility view into the maintenance data, with the ability to track expiration dates for all contracts, sending reminders as they are approaching renewal. Request a demo today to see how CloudCover can help provide actionable intelligence on upcoming opportunities.