By: GreatAmerica on September 30th, 2022
Want Customers for Life®? Ask Yourself this One Simple Question
Are your customers unwilling to give up their ancient technology? Do they fear upgrading because they don't understand the negative impact it can have on their business? Have you explained how lease purchase financing can help them get the technology or equipment they need for their business while maintaining cash flow?
These are common pain points for businesses from all industries. What separates those who struggle to help their customers upgrade and those who don’t? The answer to this question:
Have you and your customer mutually agreed to the usable lifecycle of the technology or equipment you’re recommending?
Not just how long the office equipment or technology might last, but how long they should use it before considering new innovations that could positively impact their organization.
Do These Two Things to Create Lifelong Customers
There are (at least) two things you can do to secure Customers for Life®.
First: Have a Recommended Lifespan in Mind
When leasing office equipment, Unified Communications (UC) and other technology, you'll find that many of your customers are unaware of the lifecycle of the product they are leasing. We suggest a technology review, at least annually but ideally quarterly, with your customer to ensure their business is still benefitting from the equipment and technology they are using. For example, technologies with rapidly-changing innovations like cyber security or Wi-Fi will likely have a lifespan of two to three years while longer-lasting UC, Network Infrastructure or other office equipment could have a lifespan of three to five years.
Second: Prevent Indifference to Aging Technology
The second step to creating a Customer for Life is ensuring your clients aren’t okay with their old technology and understands the pitfalls of owning outdated tech or equipment. If your customer decided to pay cash or has chosen a finance program that allows them to own the technology or equipment at the end of the term, we have seen the common response to be, "Things are still working fine, we can connect once we start to see signs of failure.”
Central to this strategy is managing through the ancient idea of “ownership.” No one wants to own technology or outdated equipment anymore (take your iPhone, as an example). Business owners want to know how long it should last to still get an outstanding experience and expect to get the next best thing as the product or technology evolves. There is no ownership strategy in Cloud or As-A-Service models and the adoption of this new consumption model is the new normal.
Why Customers for Life Matters to Your Clients Now More Than Ever
Our Customers for Life® strategy isn’t just about you. It's about providing your customers with the knowledge, equipment and technology they need to succeed. It's about creating a long-term, mutually beneficial relationship where they can trust you to be the expert advising them on the latest innovations that can help them build their business.
Your clients aren’t facing the same cyber security threats that they did three years ago. They could be exposing themselves to new risks and threats and missing out on critical innovations. If you educate and consult to help them understand why current technology and office equipment keep them in line with the pace of innovation, you will earn customers who look forward to working with you for the long term.
To learn more about offering a monthly payment option to your customers, click on the link below to book an appointment with one of our team members.
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and now has offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow.