The time for Aftermarket & Services revenue growth has finally arrived. After years of appropriately focusing on supply chain and operational initiatives, Service leaders are finally turning their sights to growth. In fact, a recent TSC survey (free download below) suggests that Service Revenue will be the top initiative for 2018 – a full 46% of survey respondents indicated this was their highest vote getter. Here are some of the key benefits of addressing existing customers’ needs for B2B manufacturers:
- increased visibility into the existing install base
- improved customer connectivity and engagement
- enhanced effectiveness of aftermarket revenue campaigns
This is a welcome change as tending to existing customers’ needs is critical for a healthy growth strategy for any company.
Installed Based Management in the spotlight
What’s even more heartening is that approximately 31% of the survey respondents also indicated that Installed Base Management is a top initiative for their companies. Now this may sound obvious, but without a solid understanding of customers, their behavior and needs, revenue generation initiatives are doomed for failure. Or at least lots of unproductive and incomplete implementations.
None of this is possible without investing in people, process and tools – and in this regard, more than 60% of Service organizations are planning for budget increases to support aftermarket growth. For most of these organizations the cost investment comes in the form of better account management and in sales and marketing initiatives to increase service product reach.
Know your customers
In addition to actual coverage and renewal, service organizations must understand how customers are utilizing products and services. Awareness of customer adoption and usage will allow for improved account management opportunities. This customer intimacy during the asset lifecycle will further create the makings of new Innovative Products and Services in the future. It might also yield ideas for net new services that can be valuable to customers.
Loyalty and lifetime value with Entytle Insyghts
Entytle has developed considerable expertise in making it easy for B2B manufacturers to increase loyalty and lifetime value of their installed base through timely and targeted engagement with their customers. Don’t let your customers drift away! Give them reason to stay connected with you! This is a game changer for organizations that deploy Entytle Insyghts Software platform, with resulting ROI in excess of 100% and payback measured in weeks and months…not years!