2023 saw significant price increases within the telecoms industry, many suppliers worked hard to prevent price increases from impacting the end customers, however suppliers had to make price adjustments where necessary to maintain a level of quality and service.
2024 is no different and may suppliers will unfortunately have to do the same and we all know that there is only so many times a customer can accept an increase in prices and that is why Candio are happy to launch ‘The Power of Choice’ Campaign. Giving telecoms resellers and MSPs the opportunity to boost their revenue, profitability or just keep their head above water in 2024 without having to damage relationships.
Introducing ‘The Power of Choice Campaign’
Candio is a software provider purpose-built to help Telecoms, MSPs, and Print providers. We have created a range of self-service digital products that you can rebrand & resell to your customers.
These products have been designed to launch via Opt-Out, Candio provide all your customers with a 30 day trial period, providing full access and benefit to our services and the end of the 30-day trial period if the customer hasn’t opted out of the service the charge will automatically be added to their bill as an additional charge.
Our most popular product for this method is our dark-web monitoring tool SafeWeb. SafeWeb scans the Dark Web and informs your customers about sensitive information that’s been found like their passwords, emails, or credit card details, so they can act and stay safe. SafeWeb includes the following.
- Unlimited Email Addresses
- Monthly in-depth reporting
- Breach Alerts
- Checks all domain records
- Scans all data linked to domain
Launching an opt-out product, may be new to a lot of partners but Candio are here to help and manage the process and many will agree giving customers the choice to opt out of a new product or service can be a smarter move than implementing a price increase. Here are a few of the key reasons;
- Enhancing Customer Satisfaction
One of the primary reasons why launching an opt-out product is preferable to a price increase is the positive impact on customer satisfaction. When a company raises prices, customers often feel like they’re getting less value for their money, leading to frustration and potential attrition. In contrast, introducing an opt-out product allows customers to choose whether they want the additional features or services, making them feel in control of their purchasing decisions. This sense of autonomy can significantly enhance customer satisfaction.
- Reducing Customer Churn
Price increases can lead to customer churn, as some customers may decide to seek cheaper alternatives or cut back on their usage of the product or service. On the other hand, launching an opt-out product can help retain customers by giving them options to customize their experience. Customers who value the additional features or services will happily opt in, while those who don’t need them can continue with their existing plan without feeling the financial burden of a price hike.
- Generating Incremental Revenue
Introducing an opt-out product can open up new revenue streams for your business without alienating existing customers. By providing value-added features or services as part of the new product, you can capture a segment of your customer base willing to pay for those enhancements. This incremental revenue can be substantial, especially if you’ve carefully designed the opt-out product to meet specific customer needs or desires.
- Improving Perceived Value
Customers often make purchasing decisions based on the perceived value they receive from a product or service. Launching an opt-out product allows you to enhance this perception by offering a broader range of choices and customization. Customers who choose to opt in will appreciate the additional value, while those who opt out won’t feel that they’re paying more for the same offering, as they’re not forced into the higher-priced option.
- Maintaining Competitive Edge
In a competitive marketplace, raising prices can make your product or service less attractive compared to alternatives. Launching an opt-out product, on the other hand, allows you to stay competitive by offering additional features or services that differentiate your offering from others in the market. This can help you maintain or even grow your market share while avoiding the negative connotations often associated with price increases.
While price increases may seem like a straightforward way to boost revenue, they often come at the cost of customer satisfaction, loyalty, and competitive positioning. Launching an opt-out product provides a more customer-centric approach, allowing your customers to choose whether they want the added benefits, and it can lead to increased satisfaction, reduced churn, incremental revenue, improved perceived value, and a stronger competitive edge.
Partner Success Results
Candio have worked with over 120+ partner 90% of which have launched an opt-out product to their customer base, based on our current success rates you’d see the following revenue increase;
“Working with Candio has enabled us to help our customers transition to a digital first world, Our partnership with Candio has not only enabled us to provide great services to our customers but its significantly increase our recurring revenue which continues to play a key role in our business” – Martin Dunne, Founder and MD at Mtech Communications
“Launching Candios SafeWeb to our customers will undoubtedly be a game-changing moment for our business. Not only does it showcase our commitment to their security and peace of mind, but it also sets us apart from the competition in terms of providing the most advanced data protection available.” – Adam Monaghan, Tech Director at Fone Communications
“Candio share our passion for protecting customers from harm, so we’re delighted to announce this partnership. The dark web is an underestimated security threat. It’s incredibly common for confidential information to be sold there without oversight, and we’re proud to present a solution.” – Jamie Lake, Managing Director at Pure Cloud
“Candio has been a great addition to our portfolio and helped us t continue to build our recurring revenue.” – Ralph Gilbert, Focus Group
Conclusion
Ultimately, the power of choice can be a potent tool in the hands of businesses looking to grow sustainably while keeping their customers happy. By embracing this strategy, you can achieve better financial results without compromising the trust and loyalty of your customer base.
To find out more about Candio and ‘The Power of Choice” campaign get in touch with a member of the Candio Team.