Service can drive revenue streams for new services or equipment
As organizations face greater competition in equipment sales, they are looking to service for a spark in supporting their revenue and growth ambitions. Most organizations recognize service’s impact on customer satisfaction and the revenue protection that comes from the mitigation of customer churn. However, service can also add to the top line by eliminating areas of revenue leakage, uncovering new opportunities for contract and part sales, and contributing relevant information that creates revenue opportunities for new equipment or new services.
Service can significantly contribute to and accelerate product-related revenue streams. As service often owns the relationship with the customer, it can often serve as the lead generation engine for new sales that are aligned with customer value. These new sales can come in the form of new services, new equipment, or new capabilities that are driven by a better understanding of customer needs. Service’s ownership of critical asset data in the form of asset use, history, and more puts it in the ideal situation to recommend tailored solutions that can impact customer value.