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.
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.
Seemingly every company touts a customer-first focus. Though for manufacturers, an accurate admission is that their concentration is squarely on their products. It’s a common trap: manufacturers have people and processed that primarily think from the product vantage, with systems and technology infrastructure that keeps this mindset prominent.
Is this a profitable way forward?
Mize CEO Ashok Kartham Featured Guest of Field Service News Podcast
Kris Oldland, Editor in Chief of Field Service News recently featured Mize CEO Ashok Kartham on the publication’s podcast, to gain insight into his company’s rapid advances in warranty and service lifecycle management SaaS system for durable goods manufacturers.
When we talk about customer satisfaction, we eventually arrive at talking about how experiences compare to expectations. The more the two are aligned, the more satisfied and trusting your customers feel.
I recently attended the Service World Expo Trade Show in Las Vegas, NV. During the event, I spoke to several service providers about issues they are having with spare parts management. For many companies, this function is one of the most challenging parts (no pun intended) of their business. The typical problems they experience include:
