Are you thinking of investing in a VAR Business? Do you feel elevated about the scope of VAR business? Or, are you worried about the shifts in technology in the business landscape? If these are your thoughts, don’t worry. There are several choices of opportunities. The only thing that you must keep in mind is to develop your business around this system and invest sensibly.
However, before going deep into the sensible investment in your VAR business, let’s look at some of the basics.
What Are Value-Added Resellers (VARs)?
A value-added reseller is a business that focuses on augmenting the existing products and services. The amplification can be done by creating integrations or providing services that add value to the original products.
Moreover, the success of the VAR business has surpassed the ability to offer products in the generation of technology concerning mobile, social, cloud, and analytics.
According to the IDC forecast, around 75 percent of business leaders will hold digital platforms and ecosystem capabilities to adjust their value chains to new industries, markets, and ecosystems.
Hence, it is highly essential to have a VAR success plan. Cloud computing has made a significant impact, and VARs need to invest fairly to make their business respond well to the advancements.
How To Invest Sensibly In Your VAR Business
Value-added reselling has gone through a foundational change in the last three to four years. It is due to the changes in the SaaS world. Marketing your products and services successfully involves considerable planning. It is vital to invest in a set of tools and data that help you achieve your goals.
Let’s go through some of the tools that can be worth investing in before starting your VAR business:
Providing ‘value’ is highly essential for a VAR to acquire leads and other sales opportunities. An Ecommerce store is the best tool for marketing as well as recurring business automation.
VAR Business and its distributors are extensively interdependent. Acquiring product catalogs from numerous distributors and their XML integration with the system is an expensive and extended process.
An ecommerce store for your VAR business will serve this purpose with the help of back-end integration. It not only minimizes the risk of repetition but also enhances business efficiencies.
Moreover, a customer can effortlessly move back and forth with quotations, product images and descriptions, and many more. Thus, offering a customized and personalized experience intensifies the overall satisfaction of the customer’s online presence, thereby leading to the lifetime value of a customer. With an ecommerce store, the customers are more flexible to shop for their products anytime.
Product Catalog Management With Rich Content And Real-Time Pricing
Catalog management is one of the best ways that resellers can use to enhance their business game. The complete information, including texts, images, videos, infographics, and marketing collaterals, enhances the customer experience.
The technical features and information of the products are impossible for anyone to remember. Thus, putting it in a catalog format will allow the consumers to learn about the product in detail.
The VAR should display the live pricing of their products and update it with the changing market trends. There are several tools that you can use for regular updates in pricing without manually doing it yourself.
With the right catalog management tools, a VAR can access electronic catalog feeds from all the largest IT suppliers all in one place for quick product availability, pricing, and specifications comparison.
Therefore, the product catalogs with rich content and live pricing move the deal from one to another effortlessly instead of going back and forth with customers on email. Rich content and real-time pricing of the products will boost the engagement of customers.
Sales Quotation Software
Today, there are over one million information technology products available in the market. Only exhibiting the complete product specifications with images, videos, and other related marketing content on your website is not sufficient. You should also create captivating professional sales quotations for the B2B VAR clients, along with high-quality images and content.
Investing in a Sales Quotation Software allows the VAR business to choose from numerous professional templates that use feed distribution to quote interactive prices. It also facilitates automatic upselling and procurement, hence notifying about each sale.
The sales quotation should include complete technical specifications corresponding to the pricing and availability of real-time suppliers. It will enable sales reps to spend a shorter time in quoting and more on sales. Therefore, you should invest in fully integrated quoting and marketing tools that will help the VAR business to automate the procurement cycle.
Since sales reps are recurring all the time, it can be demanding to keep a track of the leads, sales cycle, opportunities, and customer interactions. An optimized CRM is the best investment that a VAR can make. You can create an easy to adopt and user-friendly CRM system for your VAR business that will assemble and manage all your contacts in an efficient way.
Through mobile CRM, the VAR business can automate, plan, track, and monitor daily sales routines. The CRM allows the team to collect the documents from your customers for verification. It minimizes the waiting time and enhances the efficiency of the entire team.
You can also invest in mobile-friendly ERP and supply chain management tools. In this way, a VAR will never miss any customer requests and keep all the records in synchronization. Thus, CRM will authorize the sales reps to offer substantial service to its customers.
Online Presence And Marketing
It is relatively difficult to imagine a business without an online presence in this modern world. Browsing the products and services online is the most preferred way of shopping nowadays.
Similarly, the VAR business may miss a chance to drive large sales opportunities without an online presence. Having an online presence in the form of an ecommerce store will boost the awareness of the brand among the customers.
Additionally, investment in visibility and tracking tools prove to be of great importance. Keeping a record of the interaction of the traffic on your website further assists the VAR business to make decisions about the marketing trends.
It is significant for a VAR business to automate its internal operations. The time spent by the administrative team on the sales task is indirectly proportional to the acquisition and communication with new and existing customers.
Service automation tool helps to manage all types of IT services and streamline the accomplishment of tasks efficiently and in a cost-effective manner. The services automation tools facilitate filtering all the service requests, billing, tracking, and managing the expectations of consumers.
It will allow more effective communication between the internal stakeholders. Hence, it is advisable to invest sensibly in the right tools before starting your VAR business.
IT Asset Management And Compliance
It is easy to identify the latest sales opportunities if you are well aware of all the information technology assets that your clients use. In-depth apprehension of all IT assets of your clients can be of great significance to your VAR Business.
The IT Asset Management tool allows you to document and trace all imputations such as users, install dates, location, system configuration, and other related data.
VARs should know about how to minimize software spending and risk by streamlining Software Asset Management (SAM) processes and perform some of the administrative tasks such as updating license entitlement records.
They should also know the implementation tools and procedures to intently track the license entitlement of the company and evaluate usage and deployment.
On the contrary, IT compliance tools assist in capturing real-time data. If you have complete knowledge of the IT assets of the clients that require modification, the VAR business will generate revenues and helps to foster long-term relationships with your clients.
The primary goal of any VAR business is to make a profit. After considering all the risks and costs associated with the business, investing sensibly is the right choice. Investment in the above strategies and applications will deliver exceptional value to the customers and would thereby accelerate the growth of the business in the long run.
By investing in the right tools and implementing the planning, a VAR business can enhance its competitive advantage over its competitors. The mentioned investments will cater to the need of the customers in one stop. Think wisely and plan appropriately before getting into the VAR business model.