You know the drill. Negotiating contracts with independent software vendors (ISVs) can take months. And that’s after you’ve spent months researching and vetting the right applications and services, though before you spent valuable, costly time updating and integrating the services for your clients. It’s largely non-billable time that costs your company money. And you have to do it again and again, for each and every cloud application and service you want to add to your portfolio. It all cuts into the profitability associated with expanding your cloud solution portfolio.
At the same time, customers are seeking out more cloud services – and just like you, your customers don’t want to individually research solutions and then manage multiple vendors and multiple subscriptions separately. They are likely to choose or migrate to a service and solution provider that can offer them the widest depth and breadth of solutions.
How can you build your cloud solutions portfolio to drive revenue, keep your customers happy and break into new markets, while still keeping overhead under control? Here are three ways to make it work:
1. Form smart partnerships
Recognize it’s not savvy – or profitable – to negotiate dozens of individual contracts with ISVs. Form a smart partnership with a single cloud e-commerce solution provider that offers a large, varied and vetted portfolio of cloud services and leverage their connections. You could end up with a single contract covering all the solutions you offer, streamlined provisioning and consolidated billing and invoicing.
2. Bundle your own IP in the mix
Selling your own intellectual property (IP) typically generates the largest margins of any business activity. However, bringing your solutions to market can be a lengthy, time-consuming process. By bundling your solutions seamlessly with your other cloud service offerings, and getting those solutions in front of your customers as they shop, you build profitability and ensure long, beneficial relationships with your customers.
3. Create up-sell and cross-sell opportunities
In a crowded cloud marketplace, it’s easy for your customers to become overwhelmed with the options available. Most are willing to invest in the right solutions; the ones they know will solve both their critical business needs and the ones that offer unique industry-specific capabilities – if they can identify those solutions. A curated catalog consisting of a collection of trusted, familiar cloud services along with specific vertical and compatible horizontal offerings gives your customers enough choice without overwhelming them with options.
Grow profitability and monetize the cloud by expanding your cloud service offerings in ways that speed your time to revenue while keeping overhead costs low. Learn more about how it can be done here.