Most durable goods manufacturers are mired in manual service contract administration – from initial offering to servicing, through to renewals. While being a strain on operations, it’s a drain on revenue stream maximization: most OEMs realize less than 15% of potential service contract revenue.
Connected Customer Experience
To a company, each has heightened concern about brand loyalty. Across all durable goods categories, time to market has hastened, providing customers more options. Churn is real – organizations must be prepared to protect their turf while gaining opportunistic market share.
Manufacturers have experienced an evolutionary shift in how they manage service interactions after the original product sale. Having considered the warranty initially as a necessary cost, they had to keep customers happy, resolve product failures, and obtain critical data required to improve product quality. Manufacturers no longer view the provision warranty and aftermarket service as a cost of doing business. It's now seen as an opportunity to add value, obtain critical insights to drive product innovation, and generate incremental revenue and profits.
Manufacturers are saddled with multiple legacy systems that seem like they’ve been with the company from its concept. Some may have…
During the second half of 2020, your company's field services operations will build its road forward. Initiatives previously tabled for further discussion later are now immediate concerns. Automating knowledge management, service delivery and parts availability for web-based availability, is now top-of-mind. Considering customer access and contact is becoming increasingly difficult, pandemic-fueled necessity is driving attention to cloud-based information access and workflow.
This blog post was written by Robbie Kellman Baxter, founder of Peninsula Strategies, LLC, and a bestselling author. She is an expert on membership and subscription-based business models. Her clients have included start-ups and mid-sized venture-backed companies as well as industry leaders such as Netflix, Oracle, Electronic Arts, and eBay. Robbie will be the guest presenter at a webinar hosted by Mize on April 23, 2020 titled Building a Forever Transaction with Every Customer