Playbook for Selling Ice - Wellsys water...Playbook for Selling Ice Moderated by: Steve Cole...
Transcript of Playbook for Selling Ice - Wellsys water...Playbook for Selling Ice Moderated by: Steve Cole...
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Playbook for Selling Ice
Moderated by:Steve ColeDirector of Dealer Training
January 15, 2020
Investing Together
Panelists:Austin Veach OfficeH2O
Ryan Bowen Pure Water Solutions
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Why Should You be Selling Ice?Increase Your Revenue
Expand Addressable Market
Fill an Unmet Need
Expand & Retain Customers
Increased ProfitabilityRental rates from $99/mo. - $299/mo.Additional charges for sanitizing and/or filter changes
Higher company valuation with Ice vs. Water Only(## Multiple) x ($125) > (## Multiple) x $55
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Why Should You be Selling Ice?Increase Your Revenue
Expand Addressable Market
Fill an Unmet Need
Expand & Retain Customers
Your market opportunity grows without expanding geography
Allows for increased manpower
Increased earning opportunity for sales teamReduced turnoverBeneficial for attracting sales talent
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Why Should You be Selling Ice?
Customers WANT to rent ice from youNo capital outlayMinimize number of vendorsPreference of full-service vendors
– Filtered/Purified ice & water– Includes filter changes & sanitizing
Increase Your Revenue
Expand Addressable Market
Fill an Unmet Need
Expand & Retain Customers
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Why Should You be Selling Ice?
Grow the revenue from your existing customers and increase their stickiness
Your local competition offers iceThe easiest sale is to an existing customerYour customer is looking for one water/ice provider; be
their answer
Increase Your Revenue
Expand Addressable Market
Fill an Unmet Need
Expand & Retain Customers
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Back to the Basics: Equipment SelectionsLow vs. High Capacity
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Back to the Basics: Equipment SelectionsBin vs. Dispenser
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Back to the Basics: Ice OptionsFlake vs. Chewable vs. Cube
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Panel Discussion
Ryan BowenPresident – Optimum Water
Austin VeachPresident – Office H2O
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Panel QuestionsI often hear the term "lead with ice." Can you please break that down for me? What specifically does that mean and how can we execute it?
Do I compensate ice sales the same as I would water?
What are the logistics for upgrading? For instance, if I funded a 60-month cooler 2 months ago for $55 and now they want ice for $99, how do we handle the funding/pay-off AND sales compensation?
Where do you find the most demand for ice products?
What’s your sales pitch for ice?
What’s the biggest objection from customers?
What percent of the ice machines you placed last year were with existing customers vs. new customers?
Can water cooler technicians be trained to service ice machines?
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Thank You!
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Leaks: How to Minimize Your Exposure
Presented by:Jason YarnesVice President of Operations
January 15, 2020
Investing Together
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Why Should You Care?Risks are significant
Leak damages can run into the hundreds of thousands of dollars per claimOut of pocket costsIncreased insurance premiumsCustomer dissatisfactionReduces your exit valueMisplaced blame on the dealer
The good news is that it is relatively easy to reduce your exposure
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How Can You Minimize Your Exposure?Installation policy
Contract language
Leak response protocol
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How Can You Minimize Your Exposure?
Best method to reduce exposure is not to have a leak in the first place
Trainings and Standard Operating ProceduresInstallation Training
FittingsBest practices
Service TrainingRefurbishment and Replacement
Installation policy
Contract language
Leak response protocol
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How Can You Minimize Your Exposure?Installation policy
Contract language
Leak response protocol
MaterialsSource tubingSaddle valves
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How Can You Minimize Your Exposure?Installation policy
Contract language
Leak response protocol
MaterialsCertified filters
Big difference between certified filters and certified mediaHow to tell if your filter is certified
Pressure-reducing valves
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How Can You Minimize Your Exposure?
PolicyMulti-story buildingsHigh valueHigh technologyWeekend/holiday installs
Installation policy
Contract language
Leak response protocol
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How Can You Mitigate Your Exposure?Installation policy
Contract language
Leak response protocol
WarrantyLimitation of liabilityIndemnificationInsurance
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How Can You Mitigate Your Exposure?Installation policy
Contract language
Leak response protocol
WarrantyLimitation of liabilityIndemnificationInsurance
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How Can You Mitigate Your Exposure?Installation policy
Contract language
Leak response protocol
Many possible causes for leaksDealers sometimes blamed inaccurately
Important to visit site immediatelyTry to determine root causeTake pictures of origination point and any damageTake good notes
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Happy Leak Prevention!!
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Accelerating Growth via Territory Expansion
Moderated by:Marvin SalganovDirector of Business Development, Bluline
January 15, 2020
Investing Together
Panelists:Eric Sweeney H2Office Tech
Barry Snyder Optimum Water Solutions
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Interest in ExpansionOur preference is for our existing dealers to expand into openterritories versus recruiting unproven new dealers into themIt turns out that many of you are similarly interested in expansion opportunities‒ In our recent dealer survey, about half of you expressed interest in expanding into
a new territory this year
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The Fundamentals
When should you consider expanding? Where should you consider expanding?
Must it be near my existing territory?How do I maximize the probability of success?
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Opportunities for Territory Expansion
What is Quench’s expansion assistance program?Extended payment termsSubsidized sales training at PWP University
What does Quench look for in a candidate for expansion?Track record of penetrating an existing territory
Recruiting, training & retaining key employeesOperational and financial stability
Track record of adding a new territory
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Panel Discussion
Barry SnyderCEO & Founder – Optimum Water
Offices in:Pittsburgh | Raleigh | Jacksonville
Savannah | Orlando | Charleston | Boston New York | Charlotte
Eric SweeneyFounder & Partner – H2Office Technologies
Offices in:Atlanta | Nashville | Charlotte
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Panel DiscussionHow did you decide where to expand?‒ Must it be near my existing territory?
How do you find a sales leader in a new territory?How many people do you need to start a new territory and what positions?How do you generate leads in a new territory?What key performance indicators did you track to evaluate success?What collaboration and communication tools have you used for remote employees?What pricing considerations should you make for the new market?How often do you engage with and/or visit the new territory?How do you make sure not to neglect your existing territory?What is the biggest challenge in operating multiple locations?
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Thank you!
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Closing Remarks
2020 Dealer Meeting
Presented by:Todd PetersonChief Operating Officer, Quench
January 15, 2020
Investing Together
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Indirect POU Business At A GlanceKey stats:
262 dealers241 US21 International
3 distribution centersFactory in Korea
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Why Be In Direct & Indirect POU?Broader participation in fast-growing POU industry‒ Quench’s market share is only ~10% in the US‒ Quench’s Direct rental sales reps are encouraged to focus on national/multi-region
accounts
Greater purchasing leverage with our suppliers‒ Benefits Direct and Indirect Businesses
Offers a pipeline of future acquisitions
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Vision & Strategy
VisionTo invest in making our dealers the most successful entrepreneurs in the POU industry
StrategyTo focus investments on those areas which accelerate dealer growth and improve dealer profitability, including product innovation, dealer training & support, and value-added servicesTo help facilitate a lucrative liquidity event for dealers if and when they desire one
Investing Together
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Channel StrategyQuench’s direct business and indirect business are run as separate divisions with separate leadership, IT systems, and business strategies
Quench direct sales reps are not allowed to promote the brands or core product lines of our dealers or vice versa― Smaller-volume specialty products available to all Quench dealers (e.g. WS 12000), where the
dealer or direct volume alone isn’t large enough for us to secure exclusivity from the supplier
Dealers are free to compete with Quench’s direct rental business― Quench’s Direct rental reps are encouraged to focus on national/multi-region accounts
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Product StrategyMaintain/extend our dealers’ competitive advantage in the marketplace
Continuous innovation of exclusive new products― “Good, better, best” solutions― Increasing emphasis on high-value, emerging “Water 2.0” solutions (ice, sparkling, flavors, etc.)― Differentiation from lower-end competitors
Periodic upgrading of aesthetics and features of existing products― Consistent, distinctive family look for each brand
Leveraging of Quench’s purchasing power to reduce costs― Consolidation of spend with a small number of strategic suppliers
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
State Of The Industry: Great Time To Be In POU
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Stock market at all-time highs…
Great Time To Be In POUStrong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
Unemployment at historical lows…
Great Time To Be In POU
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
79.5%
54.2%
20.5%
45.8%
0%10%20%30%40%50%60%70%80%90%
100%
US Western Europe
POU Penetration by Market
Bottled Water Coolers POU Water Coolers
Great Time To Be In POU
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products 7.6
7.7
7.8
7.9
8.0
2018 QuenchInstall Base
BWC Growth 2019
Mill
ion
Uni
ts
US Bottled Water Cooler Installed Base
The US bottled water cooler industry generates more new installs each year than Quench’s entire rental install baseEach of these new installs is a prime target for POU
Great Time To Be In POU
Source: International Bottled Water Association
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
For the first time, financing companies are emerging with an exclusive focus on POUThose financing companies aren’t just
competing by offering competitive rates but also value-added services
Great Time To Be In POU
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Concerns about the environmental impact of bottled water…Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
Great Time To Be In POU
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Concerns about contaminants in tap water….Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
Great Time To Be In POU
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Concerns about health impacts of sugary drinks…
34
36
38
40
42
44
Soda Bottled Water
Gallo
ns p
er Y
ear
US Annual Per Capita Consumption
Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
Philadelphia & Berkeley are the first two cities to pass a tax on sugary drinks in the U.S.Berkeley's tax of 1 cent/oz of sugary drink has caused a
decline in soda consumption by more than 20%!
Great Time To Be In POU
Source: International Bottled Water Association
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Strong economy
POU continues to take share from bottled water
Availability of growth financing
Favorable macro trends
Growth in higher-value specialty products
Account for 42% of new rental revenue in Quench’s direct businessDefensibility from low-cost water coolersUpselling opportunity to existing customersIncreased customer “stickiness”Less customer price sensitivity
Great Time To Be In POU
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State Of The Industry: Continued Consolidation
>1,100 POU dealers in N. AmericaDespite the record number of POU acquisitions in the last 2 years, the number of dealers continues to grow
20122010 2013 20142009 201820172016 2019
Quench Acquisition Timeline
RegionX
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Tradeshows• (May 6-8) NAMA Show – Nashville, TN• (Nov 9-11) CTW Show – Orlando FL
Webinars• (Feb 12) Annual Dealer Meeting Summary/Review• (May 20) New 15000 Ice Unit Kick-off• (Aug 12) How to Upsell/Cross-sell High Dollar Units• (Nov 4) 9000 & 11000 Refresh/Sales Best Practices
2021 Dealer Meeting• (Jan 20-21) Rosen Shingle Creek - Orlando, FL
Event Calendar
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We’d Love To See You At NAMA…
…And At CTW…
November 9-11, 2020Orlando, FL
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…And At Our New Offices In PA…
33,000 square feet
30 minutes from PHL International Airport
1 mile from King of Prussia Mall (largest mall in America)
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…And Next Year In Orlando
January 20-21, 2021at the
Rosen Shingle Creek