Aftermarket market for accessories, spare parts, consumables and services used in the upkeep or enhancement of an initial equipment purchase
Entitlement Gap the difference between actual Aftermarket revenue generated vs. missed Aftermarket revenue potential
In the Aftermarket industry today, 80% of the installed base is not served by the OEM. Companies who are hoping and waiting for their installed base customers to call them to fulfill a need are missing out on a huge opportunity. Waiting for Aftermarket sales to come to you will result in missed revenue for you and potential customer downtime for two main reasons:
- Your customer goes to a competitor for their Aftermarket needs
- Your customer is unaware of their need for a required part/service
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Using your own installed base and service data, you can glean many insights into the buying patterns and behavior of your customers. Being proactive can enable you to easily meet or exceed your revenue targets, avoid downtime for your customers, and capture maximum wallet share from your customers.