As a tech partner, you already know that schools and other organizations needa robust, and customized technology plan. This is probably why you’ve been successful in the tech industry, thus far. However, you could be missing out on a vast section of the market that is currently in a growth phase with low hanging fruit for a third party technology company. The market term is called Buyback, and if you’ve never heard of it, it’s simple - the buying of retired technology.
Adding buyback to your service offerings could be a game changer. It would increase your profits, value proposition, and decrease your customer churn rate, but most importantly it will make you more competitive and overall valuable in the tech industry. Below are 5 ways that adding Buyback to your product listing can change your business and grow your market share.
At this point, you may be asking, how would I just add a service that we do not provide and are not set up to provide? The simple answer is: find a trustworthy ITAD (IT Asset Disposition) partner to do all the work. This blog will walk you through some of the benefits of finding a partner and adding buyback as a service.
1. Getting Maximum ROI for Your Customers
As technology ages, it loses resale value. When discussing maximum ROI for a fleet of devices in use, in a school or an organization, we need to look at two factors: 1 - how many years does the technology provide value for the users before becoming outdated, and 2 - at what point is the technology past it’s ideal age AND the device is still worth a good market price? Typically, this is around year 3 or 4, but will vary from device to device.
By offering buyback to your customers, you are able to assess, recommend, and set a good point in the life of the device that they would want to sell to get maximum ROI. When your clients are able to receive the highest payout for unused or aged devices, these funds can go back into upgrading systems, software and other IT assets.
2. Adding A Buyback Partner
Adding a buyback partner is pretty simple, and makes offering buyback to your customers a no-brainer. A buyback partner should be trustworthy and transparent, plus they should allow you to dictate the role they play with your customer. Silent partnerships are a great option for some companies and can enhance the customer experience by limiting interactions.
While finding new customers is always the goal, growing your business with the customers you have established relationships with is invaluable. By adding buyback to your services, you are able to grow your business by offering more to the customers you already work with. Organic growth is essential for any business.
4. Customer Relationship Enhancement
Nobody, especially not school administrators, want to shop around for new products or services. Talking to salesperson after salesperson is tedious and time consuming. As an already established relationship exists, you would be able step in and offer a buyback service. This would alleviate stress for your customer, and enhance your relationship. They want to go with someone they trust, why not foster your relationship by adding more quality service offerings.
5. Additional Revenue Stream
While better customer service is important, you may be wondering, ‘will this have any tangible benefit for my company?’ The answer is yes, adding an additional service would also add another revenue stream that takes little to no work for you. Again, it just comes down to selecting the right partner. In fact, some companies may even have the ability to create a custom branded deal registration site that you can share with customers at no cost to you.
In conclusion, if you are a third party tech partner for schools or organizations, we recommend giving some thought to adding a Device Buyback Program to the products that you offer. This is a win-win for you, and for your customers. You will bring value to your partnerships by offering a way for the customer to actually make money off of old devices
Looking for a partner that can do all of this for you? Learn more about us and give us a shout.