Manufacturers and their channel partners now have access to expert insight into the value of leveraging installed base data to build stronger service renewal programs that fuel substantial new recurring revenue streams. The information is detailed in a new white paper from MaintenanceNet, Inc. entitled "Why Service Sales Programs Fail," which is now available at no charge on the MaintenanceNet website at http://www.maintenancenet.com/the-value-of-installed-based-data-white-paper.
Installed base data is information companies already have about their customers, encompassing everything from contact information, to purchase and transaction history, to more granular details such as contract expiration dates, product serial numbers and even the last date and mode of communication a customer had with a company.
The premise behind the white paper is that all of this data offers a wealth of information on how an organization can better serve customer needs while also driving revenue growth through more effective service contract sales. And although service and maintenance contracts are attached to nearly all products sold in the IT sector, when these contracts come up for renewal, nearly one third of the $60 billion market opportunity goes untapped.
"The reason service sales programs fail is simple -- the time and sales costs associated with tracking and managing installed base data can be overwhelming. Unfortunately, most service sales solutions on the market focus solely on providing a nice user interface, and do nothing to connect the isolated data repositories or resolve the data issues that present obstacles to renewal sales," said Kelly Crothers, vice president of marketing for MaintenanceNet. "With a single source of truth, manufacturers and their channel partners can turn this data into millions of dollars in new revenue streams each quarter."
When quality data serves as the backbone of service renewal initiatives, sales teams can more effectively monitor service expirations and manage product and service life cycles. In addition, they can automate tedious tasks to significantly reduce the cost of sale, and turn service sales into a low-touch or even no-touch process, Crothers added.
MaintenanceNet empowers the world's leading manufacturers and their channel partners to expand the scope and success of their service sales initiatives. The company has delivered billions of dollars in service revenues, while also improving overall customer satisfaction and retention for the businesses it serves. The key to MaintenanceNet's success is its proficiency in turning incomplete or inaccurate customer data into actionable business intelligence that drives revenue and profits for manufacturers. MaintenanceNet's Service360 cloud -based platform and Auto Quote solution expedites and automates sales processes, and provides a channel-friendly approach to service quoting, ordering and renewing.
For more information, visit www.maintenancenet.com or call 866-699-7212. Follow MaintenanceNet on LinkedIn at http://www.linkedin.com/company/maintenancenet and on Twitter at http://www.twitter.com/maintenancenet.