Entytle makes it easier for Industrial OEMs to retain customers and grow lifetime value from the Installed Base
AUSTIN, TX, UNITED STATES, June 8, 2021 /EINPresswire.com/ — Entytle, Inc., the Installed Base Data Platform company, today announced the launch of the first-ever Customer Loyalty Manager for Industrial OEMs. The solution makes it easier for customer-facing teams to identify and focus on customers at the highest risk of attrition, declining wallet share, or low engagement across channels.
Industrial OEMs are facing increasing challenges as organic growth is slowing down. While customer CapEx spending is cautious at best, finding the ‘next new’ big-conquest accounts is becoming increasingly difficult for OEMs. Industrials, meanwhile, are also investing heavily in IIoT, B2B e-commerce, customer experience, sales enablement, amongst other initiatives to drive revenue growth. However, one largely ignored and untapped source of revenue growth for OEMs is their Customer Installed Base. Historically, this base has been served by the Aftermarket team without active involvement from Sales.
Entytle’s analysis shows that Industrial OEMs add less than 3% new customers per year. On the other hand, more than 70% of new equipment sales are to existing customers, and within that group, almost 90% of customers have frequent Aftermarket interactions with the OEM. In other words, more engaged Aftermarket customers equal more loyal equipment buyers. It also means that loyal customers drive both the aftermarket and new sales for OEMs.
However, with a large and complex Installed Base, it is not easy for OEMs to triage and prioritize their ‘at-risk’ customers, given the poor visibility into their Installed Base. Most aftermarket and sales teams are focused on either the top 20 or the bottom 20 percent of their customer base, driving engagement with these customers largely based on assumptions or hunches, and in turn, ignoring the ‘middle 60 percent’ which holds a huge potential and aftermarket upside. Ignoring this segment of the customer base leads to inevitable attrition and loss of market share.
Entytle’s Customer Loyalty Manager was built to solve exactly this triage and visibility problem. The Loyalty Manager is designed to allow Industrial Executives see through the haze and prioritize areas where their organizations should allocate resources to optimize returns. After all, having an effective team equipped with a set of insights or tools based on unreliable and myopic data can negatively impact the true potential of any business initiative. As Industrials move towards IIoT, B2B e-commerce, and other customer-centered initiatives, having a keen sight on which customers are loyal and which ones will churn will determine the difference between successful investments vs. one for the enterprise-rollout graveyard.
The Customer Loyalty Manager is designed to serve multiple OEM teams meet their customer experience, wallet share, service, and overall growth goals. For example, Outside Sales teams can use it to quickly identify and prioritize risks, understand customer attrition before it happens and also identify potential growth opportunities. This not only enables greater capture of ‘entitlement’ i.e. Aftermarket service and parts but also strengthens the customer relationship to increase success in new equipment sales. Inside sales teams, on the other hand, can gain rapid insights on an account increasing the overall probability of closing an opportunity – the textbook example of an account-based marketing (ABM) strategy. Product teams can use the Customer Loyalty Manager to identify engagement levels of customers to rope them into R&D towards product evolution. Industrial marketing teams are enabled to leverage data in similar ways as their consumer-focused counterparts – having granular, comprehensive, consolidated customer data that enables low effort, high potential target segmentation, highly targeted campaigns using data, and more precise ABM from within their Installed Base.
Rob Bradenham, Chief Growth Officer at Entytle, says, “We’ve worked with world-class OEMs to derive the core metrics that comprise a Customer’s Loyalty. Today, OEMs suffer from a problem of plenty as far as data is concerned. We’ve cut through the noise to synthesize what OEMs need to understand quickly and determine if an account is ‘healthy’ or requires intervention. This enables teams to pre-empt negative trends and resolve rather than rely on static dashboards that are incomplete, silo-ed, and only good, after-the-fact. It’s not just the customer state that we are interested in, but also the rate of change and the amplitude of change in the customer’s health. Our Customer Loyalty Manager was introduced some time back to a select few customers, and we have been studying Industrial needs, quietly refining and testing the tool. With the addition of ‘Activity Index’ to the Customer Loyalty Manager soon, we are taking this to the next level and opening it up to the world”.
About Entytle: Entytle, Inc. is a provider of Entytle Insyghts, the world’s first Installed Base Data Platform (IBDP) for Industrial OEMs to unify, organize and analyze their customers’ information while significantly improving available data quality. Insyghts, a SaaS platform, incorporates purpose-built AI/ML analytics to identify sales and service opportunities to increase wallet share from the OEM’s installed base. Entytle is trusted by Industry leaders including Johnson Controls, Baker Hughes, Peerless Pump, Dematic, ColeParmer, and many more who use Entytle to drive organic growth at scale. Learn more at www.entytle.com.