Digital Reinvention: how do you apply it to your Aftermarket Business?
How hard do you work to sell new equipment with your Original Equipment sales team? It’s obviously a key area and receives great deal of focus and attention by today’s diversified manufacturing organizations.
So why is it that for most companies, their “share” of the customer spend AFTER the original equipment sales cycle drops to less than 20% during the lifecycle of that piece of equipment in many, many cases? What has happened to the customer relationship AFTER they started using it? Are you trying as hard to stay connected during the lifecycle as you did to sell the original piece of equipment? Do you think it’s ok to just react to when your customer calls you?
Maybe it’s time to reinvent what you do in your Aftermarket?
In a recent article written by Harvard Business Review (https://hbr.org/2017/12/what-successful-digital-transformations-have-in-common) , they speak of this critical need of digital reinvention and specifically mention focusing on your core areas for better growth.
Your Aftermarket business is your core business. If you aren’t reinventing your Aftermarket organization, could your competitor be beating you to the punch? Your Installed Base is being swarmed by the “competitive sharks” that you compete with on a daily basis. These competitors know that if they show value to YOUR customers in the operational effectiveness of those assets that you originally sold…then THEY maintain the relationship, THEY stay connected and THEY get the next order!
One way to keep these sharks away from your customers, is to digitally reinvent the way in which you proactively work to make your customer’s assets run in the most optimized fashion.
Maybe it is time that you look at what is at your fingertips. Those years and years of transactional data hold great value if you can extract ways in which to proactively reach out to your customers.
2018 is upon us. Digital reinvention may help you raise your market share in your own Installed Base while also fighting off those sharks that are looking at your customers. Take your steps now.