How is your industrial manufacturing business capitalizing on revenue growth opportunities?
Your account executives (AEs) and field reps have finally closed a major sale with a big client. Now, how do you ensure that you’re getting the most recurring revenue potential out of that sale? Building upon the trust and relationship that you’ve already invested valuable time and resources in seems like a logical step, right?
Many major industrial manufacturers, like you, often miss these three key aftersales opportunities that they can (and should) leverage with an inside sales team partner. By working with a partner for your aftersales efforts, you’ll be proactively engaging and nurturing current customers, to foster long-term customer loyalty. This enables you to capitalize on getting the most out of their current customer’s lifetime revenue potential while enabling your current AEs and field reps to focus on building your future install base.
1. Grow Incremental Revenue with Spare Parts Sales
Although your equipment may perform flawlessly, parts will inevitably break or wear out. That is why having a spare parts supply chain – and an inside sales outreach team is a crucial component ensuring you’re capitalizing on the opportunity. Customers expect original equipment manufacturers (OEMs) to offer lifetime support to help them improve their equipment’s lifetime performance, efficiency, and productivity.
Many industrial manufacturing OEMs often lose the bid for spare parts supply to third-party vendors because they are not proactive in their customer engagement. Having an inside sales team to perform regular customer health checks and ask if they need spare parts will keep you top of mind to capitalize on the opportunity.
Proactive customer health checks with an inside sales team will help you stay top-of-mind whenever your customers need spare parts for your equipment – and they will.
2. Maximize Recurring Sales Potential with High-Dollar Consumables
Consumables may seem like small-ticket items, compared to your large equipment deals, but they still have an impact. Every piece of equipment has them, and recurring purchases for those high-dollar consumables can generate significant long-term revenue opportunities. Because the initial consumable sale is generally smaller, most field reps and AEs don’t focus on capitalizing on these opportunities.
By partnering with a team of inside sales experts, you can actively engage your customers to make sure all their bases are covered, especially their regular consumables, without taking time away from your field reps and AEs. You could also incentivize the sale even more by bundling your high-dollar consumables with corresponding spare parts to capture that excess revenue potential from third-party competition, maximizing your recurring aftersales revenue potential.
Every piece of equipment uses consumables. Capitalizing on high-dollar items can generate significant long-term revenue opportunities.
3. Grow Your Service Revenue Stream with Preventive Maintenance
Industrial manufacturing facilities are incredibly demanding environments that can quickly wear equipment parts down, especially in 24-hour environments. Your equipment will break down or need to be serviced eventually. Providing a proactive service and support program for your equipment is crucial to demonstrating that you stand behind your products. This enables you to also capitalize on spare parts and consumables sales, maximizing your equipment’s lifetime value.
It may seem like small potatoes to your in-house AEs or field service team but offering a preventative maintenance program will help you stay ahead of the support curve, keep your equipment running smoother, longer, and provide a reliable source of recurring revenue.
Partnering with data-driven inside sales experts to stay on top of time-sensitive opportunities and proactively reach out to your customers before their equipment breaks down will be a big differentiator.
Preventative Maintenance is a time-sensitive aftersales opportunity. Data-driven inside sales engagement helps to capitalize on this revenue potential—without using in-house resources.
To learn more about maximizing your aftersales opportunities, speak with a Concentrix expert today.