Channel Success Stories: Do your due diligence and remain sticky
We conclude the interview with Ronnie Forbes, Co-founder of QikServe this week, on the successes and challenges of growing QikServe using channels to market. For those of you that missed the first interview click here to read more.
You discussed last week that in order for QikServe to be adopted within the market, it needed to be integrated seamlessly with existing hospitality solutions. You successfully partnered with MICROS in 2014, one of the leading EPOS suppliers in the hospitality market at that time. How did you progress the MICROS relationship from there.
It was a very good partnership as we were able to sell our products through their sales channel. However about 12 months later MICROS was acquired by Oracle Systems who wanted to gain a foothold in the hospitality market. The original agreement and business model which we had in place with MICROS was torn up and we had to start again with Oracle.
The business went through a nail biting lean phase as we waited for the Oracle partnership agreement to be put in place and we now had to build up our own sales channel.
So how did QikServe move forward from its 'lean phase' and with a new partnership with Oracle ?
QikServe took advantage of being Oracle's first hospitality solutions supplier and since that tim we have grown from strength to strength. Six years down track we have large global clients rolling out our solution in their stores together with solid data validating our concept. Our clients have experienced between 52% - 72% increase in the average transaction value of their customers which is good news for their bottom line in addition to experiencing reduced staff costs and increased efficiency.
We now have three locations across Edinburgh and the US and the recent £2.7m
investment round led by Maven Capital Partners will support our major expansion into the US as well as strengthening our core team and partnerships.
And what about your channel partners, how important are they to your business?
Our partnerships have now extended beyond POS to loyalty solutions, payment providers and kiosk providers so our channel partners are integral to our service offering.
Well thanks Ronnie for your time and I wish you and QikServe all the best in the next phase of its growth. Just finally, what top tips would you give other businesses considering a channel to market route.
Do the due diligence on your supplier and protect your contractual relationship
Don’t put all your eggs in one basket, channel-wise
Be an integral part of their value chain
Be sticky; spend time developing the relationship with your channel so they are motivated to support you