Net promoter score (NPS) is one of the most widely used methods to identify customer satisfaction and loyalty. It's a comprehensive measure – covering both the number of promoters and detractors for the service that companies provide.
Connected Customer Experience
Generating a recurring revenue stream with customers is critical business objectives facing Durable Equipment Manufactures today. The key: building a forever transaction with every customer you have.
Aly Pinder, Program Director for Service Innovation & Connected Products at IDC, discusses how knowledge transfer can be seamless across service organizations.
Optimize Your Service Contract Operations: Increase Your Service Contract Revenue
A statistic to overcome: Companies realize less than 15% of potential service contract revenue.
Overall, unachieved revenue results from businesses not offering service programs beyond standard product warranties. Even when service programs are offered, the attach rates remain low as some retailers and channel partners may not focus on service sales, or customers fail to understand the value of these programs.
This month's webinar, hosted by Mize, Inc., highlighted the top priorities for manufacturers and services organizations driving investments around service innovation. Improving the customer experience, growing revenue, and innovation through knowledge management figured prominently.
Our presenters, including Aly Pinder, Program Director for Service Innovation & Connected Products at IDC, Stuart Ransom, Chief Revenue Officer of Mize and Michael Blumberg, Chief Marketing Officer of Mize, led the discussion of how end-to-end service excellence enables the framework to meet the challenges faced today and in the future.
It’s every manufacturer’s challenge: how to build a forever transaction with every customer you’ll ever have.
Initial product sales are your primary focus, and rightly so – they provide immediate net new revenue, cash flow and market share growth. Though when you turn a single-event sale into a subscription model, the revenue scope shifts to an ongoing relationship, facilitating a forever transaction, and often a customer for life.