ParTech, Inc. (NYSE: PTC)
ParTech, Inc. (NYSE:PTC). is a world leader in systems and service solutions for the Restaurant, Hotel, Retail, Pharmacy, Cinema, Convenience, Spa, Casino, and Cruise industries.
ParTech had been focused primarily on the Quick Service Restaurant Point of Sale (POS) Marketplace for 20+ years. Competition was increasing within the Quick Service POS Industry and ParTech was seeking new areas of growth.
ParTech tasked me with evaluating new market POS Hardware opportunities outside the Quick Service Restaurant Vertical.
My first initiative was to understand PartTech’s strengths and assess the POS market needs within various industries outside of Quick Service. I did this by conducting an extensive internal audit of ParTech’s capabilities as well as phone and face-to-face interviews with key software vendors, industry influencers and end users of POS solutions within targeted vertical markets. Ultimately, I recommended ParTech focus on 6 new vertical market opportunities (Retail, Convenience, Pharmacy, Cinema, Cruise and Casino).
My recommendation for implementation was to target up-and-coming regional vertical specific POS software vendors within these 6 vertical markets and convince them to package our POS Hardware and service support with their software solution.
What we learned through our interviews with vertical specific regional software solution vendors was that their growth expansion was limited by their ability to handle service support when hardware and software systems went down. Since Point-of-Sale is considered mission critical for most retail establishments, being able to provide onsite support within 4-6 hours is essential.
ParTech already had an established in-house Nationwide Service Support Group to support large clients such as McDonald’s and YUM! Brands. Allowing our up-and-coming new industry partners to leverage ParTech’s service support services would enable these regional software providers to expand at a much faster rate.
Although ParTech had a very strong hardware solution, we unexpectedly discovered that it was the ParTech Service Support offering that was the primary selling point that consummated the partnership with these new industry POS software vendors.
I recommended we train our new partner vendor sales teams on the ParTech POS Hardware and service support capabilities and let our partner sales teams become the key channel partner to introduce Partech HW into each of the 6 new vertical markets.
This Partner Channel Model approach was different from ParTech’s direct to business sales approach they had within the Quick Service Marketplace.
I worked with the ParTech Business Development Team to target key solution providers in each of the 6 new verticals and partner with them. Before the end of my engagement with ParTech we had partnerships with 10 software vendors within 6 new vertical markets generating $10M in annual new sales.