3 Healthy Habits to Start Improving Your Wallet Share
The foundation of a healthy and vibrant business is a complete and deep understanding of the manufacturers’ installed base. Even more critical is the ability of OEMs to use this information to the fullest extent possible to drive customer understanding and superior Service execution for wallet share growth.
We’ve observed distinct differences in growth and profitability of Aftermarket businesses across the B2B manufacturing sector. In an earlier blog post, we described the range of customers in the context of an Aftermarket Maturity Model, with Champions and Laggards anchoring each end of the spectrum.Here are 3 habits to adopt now to improve your wallet share.Click To Tweet
So what separated the Champions from the Laggards? The answer was “a lot” and it led us to describe 3 Habits of Aftermarket Champions:
- Take Charge Champions are proactive. They don’t wait for the customer to call them. Instead they make it their job to get in touch with end-users to provide advice, context or best practices to get the most out of the equipment they own.
- Dive Into Data Champions are data driven. There is no guesswork, or going with your gut when it comes to extraordinary performance. Champions eat data for breakfast, lunch and dinner! Metrics are the lifeblood of their business, and this culture pervades their organizations from top to bottom.
- Sell with Savvy Champions have a selling culture. This was one of our most surprising findings from our interviews – having the discipline and habit of knowing when to sell, and how to approach the customer really separated Champions from the Laggards. This meant not just technical training for sales and service reps, but sales training to drive optimal customer outcomes. The last point cannot be emphasized enough, as the biggest buzz-killer for customers is an overt, blatant sell during a service call.
None of these are unique either individually or collectively, but like all habits, they have to be ingrained in individuals and organizations through training, communication and change management.
Champions do it successfully. So can you.