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      2 min read

      Best Practices to Increase Service Contract Renewal Rates

      Service Contract renewals are vital for a steady stream of service revenues.  Renewal Rate is also a key performance indicator for service revenues, customer satisfaction, and customer loyalty.


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      1 min read

      How do you Plan to grow Service Contracts Revenue?

      Your product install base provides a huge opportunity to grow service contract revenues and profits, but attach and renewal rates for extended warranty and service programs (EW/ES) stay below the desired levels.


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      2 min read

      5 Opportunities to Increase Extended Service Warranties

      The sale of extended service programs and warranties can be lucrative. It also provides customers with peace of mind and the feeling that we work in their best interest. In those companies who sell these warranties, opportunities to make that connection are often missed.
       
      Here are five times during the customer service lifecycle where the sale of extended service warranties can be easily promoted: 


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      3 min read

      Key Factors Driving Revenue Growth in the Field Service Industry

      Given the enormous attention that field service organizations (FSOs) are placing on growing topline service revenue, Blumberg Advisory Group and Giuntini and Company recently partnered to conduct a study among service executive about best practices involved in selling extended warranty and/or extended service programs. A key finding of the survey is that the configuration of extended warranty and extended service programs has a tremendous impact on the sale of these programs.  In other words, the length of coverage, level of customization, processes engaged and resources employed in delivering the warranty, and entitlement levels offered play a key role in driving sales. These findings suggest that the more distinctions a company can make about its service program, as defined through the configuration, the more effective the company will be at getting customers to purchase it.


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      4 min read

      Extended Service Best Practices to improve Attachment Rates and Renewal Rates

      Recently, Blumberg Advisory Group and Giuntini and Company conducted a study about the Extended Warranty/Extended Service Market.  We looked at various aspects of sales process and specifically evaluated the Warranty Attachment rate (i.e., customers signing up for these programs) and Renewal rate (i.e., customers renewing their agreement during the warranty or at the end of the term)  as they are Key Performance Indicators (KPIs) that measure how successful a company is in marketing and selling extended warranties and extended service programs. Best in class performance would equate to companies achieving an attachment rate of 50% or higher and renewal rates of 75% or better.


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      2 min read

      Transforming a Customer Service Culture in Manufacturing

      The post-sale experience is a giant opportunity for many manufacturers.

      Let's say you buy a refrigerator. Buying an appliance like that is a big investment that should last a long time, but there are many reasons you might need support.


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      2 min read

      10 reasons why Customer Self-Service Portals increase customer satisfaction

      A Customer Self-Service Portal helps companies to reduce customer service costs significantly and leads to better customer satisfaction, loyalty, and engagement


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      2 min read

      How to Get Your Employees Obsessed with Customer Service

      Imagine you could develop a customer-focused culture so powerful that your employees always seem to do the right thing.

      They encourage each other, proactively solve problems, and constantly look for ways to go the extra mile. In short, imagine a workplace culture where employees were absolutely obsessed with customer service.

      Almost every leader wants this.

      My new book, The Service Culture Handbook, provides step-by-step guidance on how to get there. It combines lessons from elite companies with practical advice that's easy to implement.

      Most important, it shows what customer-focused organizations do differently. Here are a few highlights:

      #1 Customer-Focused Companies Have Clarity

      Here's an easy way to test the strength of your organization's customer focus. Pick a random sample of employees at all levels (executive, mid-management, and frontline). Ask them to answer these three questions:

      • What is our customer service vision?
      • What does it mean?
      • How do you personally contribute?
      The average employee struggles with these questions, or their answers don't match their colleagues'.

      Employees in customer-focused companies can give clear and consistent answers to these questions. That's because their organizations have a clearly articulated customer service vision that's consistently reinforced.

      #2 Customer-Focused Companies Engage Employees

      Will we ever stop talking about employee engagement?

      Probably not. It's important but there just aren't many companies that are good at it. According to Gallup's most recent employee engagement report, the percentage of engaged employees has remained relatively flat since 2013.

      There is a silver lining in that report.

      According to Gallup, the best companies have 70 percent or more of their employees engaged. And they do it by following a few basic steps:

      • Employees know how the organization defines success.
      • Employees know what's expected of them.
      • Employees feel they are making a contribution.
      Look familiar?

      These same key drivers are the ones customer-focused companies use to ensure employees understand the customer service vision.

      Sure, there's a bit more to it than that. Which leads us to number three.

      #3 Customer-Focused Companies Are Committed

      "We're working on customer service this year."

      I've heard many executives make that statement. Each time, I know they're bound for failure. Why? Because customer service isn't something you treat like a New Year's resolution.

      Customer-focused companies have leaders who are truly committed. Here are just a few things that set them apart from the rest:

      • Customer-focus is a way of doing business, not a side-project
      • Strategic decisions are made with customers in mind
      • Customer-focused leaders consistently model the culture
      • Employees are truly empowered to deliver outstanding service
      • Customer-focused leaders take the long-view on investing in service

      I'm sorry to tell you that culture isn't a quick fix. You need to be fully committed if you want to make a lasting change.

      These three characteristics of customer-focused companies are just the icing on the cake.


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      3 min read

      Connected Customer Experience or CRM Service Cloud?

      Manufacturing companies are increasingly considering customer experience as a sustainable differentiator and redesigning their business to be more customer-centric. Manufacturers face a different set of challenges in executing their customer experience strategies as compared to service companies with frequent but short interactions. The durable products last for years and the customer service the companies deliver during the own cycle is more critical to build customer loyalty and maximize customer lifetime value.


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      5 min read

      What does Connected Customer Experience mean?

      Connected Customer Experience means:

      • Knowing who your customers are, understanding how customers use your products, and being there when customers need help
      • Making it easier to do business with you, implementing customer-centric processes, and eliminating frictions and gaps in the customer interactions
      • Improving customer satisfaction, retaining more of your customers for long term and maximizing the customer lifetime value of the loyal customer base
      • Supporting customers across all channels, devices, and screens, bridging the silos of knowledge, applications, and systems, and connecting all service interactions throughout the customer lifecycle

      We look at five ways Connected Customer Experience enables you to build a sustainable competitive advantage and maximize customer lifetime value.


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      Connected Customer Experience

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