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Connected Customer Experience

Building an OEM Recurring Revenue Stream with Customers

Author Tim Nissen on Aug-5-2020

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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.

This reality is quantified. A study by McKinsey indicated manufacturers achieving a 20% increase in aftermarket revenue and 30% growth in long-term contract penetration by creating bundled service offerings. They built Forever Transactions with their customers. Is this your reality?

According to a recent study by CFO Research, 80% of companies surveyed will have recurring revenue models in place within the next 5 years. Manufacturers miss revenue and profit opportunities if they don’t have the infrastructure to offer and manage recurring revenue streams.

Mize’s Connected Customer Experience Platform and configurable Smart Blox enables you to acquire and retain subscribers to grow recurring revenues, to

  • Streamline, simplify, and enhances Subscriptions - Set up and administer flexible service programs configured to the industry, product, and customer needs
  • Launch effective Subscription Campaigns - Use the web, mobile, social channels, or email to market, sell, and manage subscription programs.
  • Manage Subscriptions - Consumers can manage all the subscription programs and information from online or through a mobile app.
  • Gain Actionable Insights - Dashboards and detailed analytics to help marketers optimize campaigns, promotions, and customer segmentation.

Your company can generate a profitable and predictable, recurring revenue stream through Mize’s Smart Blox for Subscription Services, Parts, Plans, IoT, Knowledge, Service, and Support.

Building a Forever Transaction is the function of having the right culture, systems, process, pricing, and performance metrics in place. Robbie Kellman Baxter, a leading membership and subscription business model expert and bestselling author relays your options in her book, The Forever Transaction: How to Build a Subscription Model So Compelling Your Customers Will Never Want to Leave.

Mize is offering you a free digital copy of her bestseller, along with a look at Mize’s Connected Customer Experience Platform and configurable Smart Blox. Mize automates the capabilities for you to create a Forever Transaction, through an integrated, single-system platform that enables your reoccurring revenue stream.

See how - Request your Mize demo and receive your free book today.

Request Your Demo & Book

How to Build a Forever Transaction with Every Customer

Author Tim Nissen on Jun-10-2020

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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.

According to Mize’s industry research, the customer acquisition-retention numbers tell the story:

  • Repeat customers will spend an average of 67 percent more with you
  • A mere 5 percent increase in your customer retention will yield profit increases between 25 percent and 95 percent, depending on your margin structure
  • It costs five times as much to attract a new customer than to keep one you have
  • 89 percent of companies view Customer Experience the key factor in driving loyalty and retention.

Warranties and service contracts create the forever transaction reality. Managing them is often the obstacle to overcome. A tangible answer is having Connected Customer Experience platform capability to coordinate all processes to assure a seamless provider-customer connection that maintains your brand’s loyalty among everyone involved.

Mize conducted a virtual presentation on this subject, identifying the features and benefits of this Connected Customer Experience platform for your customers, that’s now available for you to view on-demand. It’s headlined by Robbie Kellman Baxter, best-selling author and Founder of Peninsula Strategies, and Ashok Kartham, Founder and CEO of Mize, relaying 25 years’ experience working with global manufacturers and Fortune 500 companies in delivering enterprise software solutions for Service, Warranty, Parts, Support, and Knowledge Management, where industry and company applicable. It highlights how to construct a successful subscription model for Heavy Equipment, Transportation, Machinery, Durable Goods and Building Materials manufacturers.

This presentation provides insight to start, scale and sustain your subscription business, with practical steps to transform from transaction to membership commerce. You’ll see how to generate a greater share of income through a subscription model, creating substantial value for you and your stakeholders, and how to think beyond product-based revenue.

According to the research data behind this presentation, subscription business growth trends reflect that over the past seven years, subscription companies increasing sales by more than 300%, representing an 18% CAGR. These companies are growing five times faster than the S&P 500 company revenues and U.S. retail sales, and are experiencing 10x sales growth of the DAX (Germany) and ASX (Australia) index entities.

View the presentation’s recording today, to see the feasibility of creating forever transactions, and forever customers.

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