The latest from the frontlines is a simple yet surprisingly not always practiced play: know your customer and diversify accordingly. Loads of current feedback from stakeholders, researchers and clients themselves delivers this message crystal clear. A recent Harvard Business Review essay puts it this way: “The brands that remove obstacles and encourage progress along their customers’ journeys are the ones that win repeat visits, repeat purchases and word-of-mouth referrals.”
A survey amongst hundreds of industry professionals in construction and event management conducted by Mobile Mini found that its core contractor customer base considers “too many vendors” as their biggest pain point. It was plain to see: Mobile Mini should become the total solution provider solving fragmented rental categories. Through careful vetting and then agreements with local partners, Mobile Mini utilizes its competitive advantage of a national footprint and wide-ranging resources to now offer all pieces of the jobsite rental puzzle.
“We’re the trusted brand, and it’s easiest to do business with one vendor,” says Chad Holan, Mobile Mini’s Vertical Accounts Sales Manager. “And our managed services department is a one-stop shop” giving Mobile Mini customers a Wal-Mart-sized selection of choices to be bundled with the company’s award-winning portable storage units.
The crux is this: diversification in business makes perfect sense. According to a recent story in Economic Times, companies offering multiple services reduce their dependency on a single business line. “Well-diversified companies are in a better position to sustain growth across business cycles,” says the report. “If one business segment slumps, the company’s presence in other verticals can lend stability to its earnings. This works best when a business expands its activities in product lines similar to those it already offers. It makes strategic sense, as the company can leverage on established strengths and capabilities.”
Long the premier name in bank-vault secure portable storage units for construction, retail, hospitality and many more industries, Mobile Mini has been rolling out more of its onsite services, wielding the full power of its 35 years’ experience and the list of preferred vendors that comes with it. The company has created a logistics management monster, saving customers the trouble of calling dozens of vendors for fencing, trash bins, generators, lighting and everything else a jobsite needs. Keeping costs down by processing payment once, rather than for 5 to 10 different companies is yet another reason Mobile Mini is the easiest company to do business with. And the company’s single monthly invoice is accessible anytime from MM Connect, its 24/7 customer portal.
“Mainly, this saves time. And it saves money. The average cost of one invoice is approximately $50 after everyone touches it,” adds Mr. Holan.
According to Mobile Mini’s Vice President of National Accounts Luke Sheffield, “The big thing customers have issues with is dealing with all these different rental items such as fencing and waste bins and generators. They’re a low, low spend to them. It’s more an inconvenience than anything. That’s truthfully what it is, because they don’t want to deal with somebody for toilets, another person that does dumpsters, one person that does office trailers, one person that does containers. That’s a pain. It’s wise to become the Number 1 resource for all those categories; a multi-faceted multi-tiered Amazon type company for the rental industry.”
A recent Forbes story that went viral in the business community, called The Importance of Business Diversification, states in its conclusion, “Invest in research and development and create new products and services that will present new revenue generation opportunities for your company.”
Adds Mr. Sheffield: “As an example, years ago people would search on Excite, Yahoo, whatever was their preferred search engine; and eventually it became just ‘Google that.’ What’s happening now is when you ship something, you ‘just Amazon it.’ You may right now say it more accurately as ‘just get it off Amazon’, but Amazon is already getting 36 planes; they’ve got an airport now in Kentucky and they’re flying all over the country because they’re going to compete with FedEx and UPS. They’re going to gobble up the logistics industry or at least put a heavy dent in it. That’s what great companies do and that’s why Mobile Mini is continuing to expand our reach into areas that make sense for our customers. We’re addicted to finding out what our customers want and serving them as quickly and efficiently as possible.”
In fact, Mobile Mini’s new larger menu is supporting the core business by driving container rentals up and forging even stronger relationships with customers.
“From a rental standpoint as it relates to jobsite, events and construction type equipment, one day soon I’d like for people to be able to say ‘Hey just Mobile Mini it’,” says Mr. Sheffield. “Or just ‘Get it from Mobile Mini.’”
Mobile Mini’s managed services team can be reached at VerticalMarkets@mobilemini.com and 888-838-7015.