It goes without saying that technology is making a statement in every field as days are passing. Replacing our age-old methods and techniques to a much better alternative, it has become a crucial part of our lifestyle. That said, one segment that we are going to touch upon today are Digital Signage.
Almost every industry is gradually pacing up to replacing the paper stands and manual communication processes with Digital Signage Solution . If you are in any business that delivers signage to its clients, you might as well want to offer a software solution that completes the range of services that you offer.
The easiest and simplest way to achieve the same is not by attempting to develop a software from scratch (though you can go for it at your will!), you can always partner with an enterprise that already has such a solution and white label it.
The White Label Solution will save you time, resources and finances.
What is a White Label Solution?
Presenting or selling an already built solution/product of another enterprise to your existing or new clients with your own brand identity is called White Labelling in layman terms. The technicalities of its holding completely depend on the set agreement between the two parties involved.
Whitesolutions have gained quite a popularity in the past decades. Coming back to signage, you could be a digital signage hardware manufacturer, a restaurant consultant or a POS Solution provider for that matter. Adding digital signage software solution to your current portfolio of services is going to fill up an impending need.
A digital signage software is a solution using which one can easily manage the content on multiple remotely placed digital screens easily without having to be physically present at the location. This saves countable efforts of your client’s marketing and communication team.
Who should consider getting a white labeled digital signage solution?
Before delving into this topic, it is crucial to assess whether this partnership is the right fit for your business. Many individuals and companies rush into partnerships simply because a few clients request the service, often overlooking the long-term benefits or how it aligns with their business goals.
The key question is not the type of business you’re in, but rather the long-term vision or goals you have for the partnership. This collaboration holds the potential to generate recurring revenue and may even open new service verticals that surpass your primary offerings.
When evaluating the need for a white label partnership, consider these points:
Long-term goals: Determine how the partnership aligns with your future objectives and aspirations.
Ability to manage the additional client base: Assess your capacity to effectively handle the increased client load that may come with the partnership.
Sales strategies for acquiring new clients: Develop effective strategies to attract and secure new clients, leveraging the partnership to expand your customer base.
Business priority: Determine the level of priority and significance this partnership holds in relation to your overall business strategy.
Willingness of the existing team to handle the division: Evaluate whether your current team is prepared and willing to take on the responsibilities and challenges associated with this partnership.
By considering these factors, you can make an informed decision about pursuing a white label partnership that aligns with your long-term vision and maximizes the potential benefits for your business.
How white label digital signage help in your business growth?
Thinking about it? Here are the most basic advantages of using a White-Label solution.
1. Bridge the gap between client’s needs and your business: Every client wants their needs to be reliably taken care of. To take the business relationship with your existing clients a step further you can add a white labelled digital signage software to your portfolio.
If they are using multiple digital screens, a software solution is an appreciated service to them. Taking care of their needs helps you establish a firm and long-term partnership with your clients.
2. Earn more and define your pricing with freedom: White label partnerships tend to offer you complete freedom to sell the labelled solution at the price that works well for your business and clients.
The payment terms as well can be defined the way that suit you best. Since you are presenting the product as your own, it sets off more reliability as well.
3. No Vendor Lock-in: With the white label partnership, you are free to rename the solution that works well with your brand. Branding is as important as the solution itself, and it will open the gates of establishing your presence as a noteworthy partner in that domain too.
With your brand name, you are completely free to present it as needed with no vendor lock-in.
4. Enhance your Company Profile: Including a branded digital signage platform in your portfolio will strengthen your corporate profile and significantly improve your relationship with existing clients.
Reversing the scenario, new clients on lookout for a digital signage software might sign up with you and may end up going for other related services that you offer.
5. One-stop solution to your client’s needs: Your clients will not have to go to another vendor to employ their digital signage software solution since you are already offering one.
With this, you will act as an entity taking most of the digital signage handling needs of your clients.
6. Tap into a growing market: As of 2022, the global digital signage market was valued at approximately USD 24.86 billion. It is projected to experience a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030, indicating significant expansion opportunities in the coming years. (https://www.grandviewresearch.com/industry-analysis/digital-signage-market).
The numbers say it all. The market for digital signage carries a huge opportunity since every business is now looking for ways to communicate digitally.
Be it hospitality, corporates, retail, education or any business, they ought to use a for variety of reasons and this gives your business the right reason to venture into digital signages.
7. Leverage on expertise and support: Developing proficiency in a new product can be a time-consuming process for you and your team. When embarking on the journey of building something from scratch, it is prudent to explore the option of a white-labeled partnership.
By entering into a white-labeled partnership, you gain access to a product that has been meticulously designed and extensively researched by another team.
They have already tested the product with customers and fine-tuned it to ensure optimal performance. This means you receive a tried-and-tested solution that is ready to be branded as your own.
The advantages of white labeling extend beyond the product itself. You also benefit from the expertise and support of the team behind it. They have invested considerable time and effort into perfecting the product, and their knowledge can significantly expedite your learning curve. With their guidance, you can navigate the intricacies of the product more efficiently, saving valuable time and resources.
Furthermore, a white-labeled partnership fosters a mutually beneficial relationship. As you integrate the product into your business, the original team continues to provide ongoing support, ensuring a seamless experience for both you and your customers. This collaborative approach enables your business to flourish alongside theirs, driving growth and success.
Things to take care while choosing your White Label Partner?
Security: It is crucial to have a partner who goes with a well-documented approach that defines and meets all the peripheries of the partnership so much that you have a resolution in hand in case of security vulnerabilities.
Scalability: Any solution that you decide to opt for has to be scalable and this goes without saying. Scalability could mean adding new features or more digital signage. The part where your clients wants to scale things up and how to go with the part when more signage come in picture must be defined.
Reliability: Make sure that the solution you opted to partner for is robust. Your partnered vendor would be offering provided training on how to go about the solution however there might be instances where you still need them to guide you. Ensure that the set vendor is reliable and approachable at instance when the need arises.
Partnership Experience: The vendor you are partnering with needs to know how the set relationship works and that it’s a two-way street. It is equally important to ensure that they have previous experience in working with professionals in your same field.
How to evaluate the success of your white label partnership?
Everything said and done, make sure to evaluate the success of your white-label partnership every quarter or twice a year.
Take into consideration the below factors to evaluate its success and the next steps forward to benefit from it even more:
Measure based on the objectives:
The only way to find out if your partnership has been working out in your favor is to evaluate it based on measurable criteria like:
- Increase in sales
- Return on Investment
- Expansion in market reach
- Improvement in brand visibility
- Revenue growth
- Customer Acquisition rates
- Customer satisfaction scores
Conduct Customer Surveys
You get the most honest feedback about your service from your end customers. A lot of businesses opt to conduct customer surveys that lead them to the very core of their customer needs.
With indicators like:
- Customer satisfaction
- Product Quality
- Overall experience
- Preference over others
You can analyze if the white label partner is a right fit for you and what changes you need to make to get better results.
Review Market Penetration
Assess the partnership’s impact on your business market penetration and expansion.
Find answer to the below gripping questions that could help you analyze on the situation:
- Did the partnership help you reach new customer segments?
- Did you enter new markets that helped your business to grow?
- Did you gain any competitive advantage that benefitted you?
- Did it have any impact on your market share growth?
- How did the partnership help you get brand recognition?
If the answer to these questions indicates a good impact on your business, the partnership has been worth it.
Get Feedback from Internal Stakeholders and employees
Both your stakeholders and employees are a core part of your team. By assessing their satisfaction levels, impact on their productivity, results and challenges faced, you can gain valuable insights about the impact on the partnership on your overall business and organization.
By following these evaluation steps, you can gain a comprehensive understanding of the success of your white label partnership.
This assessment will enable you to make informed decisions, identify areas for improvement, and optimize the partnership to drive even greater success.
So, what do we conclude here?
If you are completely convinced that the vendor as well as the solution that they are offering is something that will add value to your business, the white label partnership can turn out to be a fruitful venture. Risks are involved in any business, but the outcomes can be beneficial with the right planning and implementation.
White Label partnerships offer more flexibility compared to the risks they have. We, as DotSignage, have ventured into many white label partnerships for our Digital Signage solution. From what our clients say, they are happy and satisfied to have partnered with us.
Are you looking for a White Label Partner for a Digital Signage Software? Fill out our partnership form or reach us out to info@dotsignage.com