The aftermarket services revenue challenge
Aftermarket services are an untapped source of revenue at many B2B suppliers, especially manufacturers. Yet current methods for identifying timely and profitable sales opportunities from existing customers can actually cost more than any potential profit. What sales leaders need is an automated system that proactively analyzes their existing customer data and behavior to uncover just the right customer leads at just the right time. Entytle, with decades of B2B aftermarket services expertise, has developed software that works with existing sales, service and customer data systems to generate recurring revenue. The software works with existing enterprise and customer relationship management systems and data, and delivers timely, actionable customer leads. The prescriptive, predictive, and proactive methodology of Entytle software uses sophisticated algorithms to analyze customer purchasing habits and behavior. Its machine-learning algorithms continually update and refine its analysis providing increasingly targeted leads for greater closure rates and customer retention.
With thousands of customers and hundreds of products, most sales organizations do not have the time or tools to chase down existing customer opportunities for up-selling or post-sales revenue. There is simply no easy way to mine customer data at just the right time, for just the right customers. Yet according to an article in Forbes,1 there are plenty of reasons to make that extra effort:
- A 5% increase in customer retention can result in 75% greater profitability.
- Another analyst firm calculates that it costs five times more to acquire new customers than to retain existing customers.
- And more importantly, aftermarket products and services typically have higher profitability than the original equipment, thereby boosting bottom lines of companies that do this well.
Sales leaders already know there are tremendous revenue opportunities for retention, up-selling, cross-selling, service, and replacement parts. They also know they have mountains of customer data to sift through to reach their goals. Unfortunately, many current methods for closing repeat sales and add-on services using that data are time-consuming and not easy to repeat. Entytle has developed a SaaS solution to help you with exactly this problem. Check out our new whitepaper at www.entytle.com.