Optimizing the Lifecycle for Each Piece of Equipment
What if you could gain detailed visibility into the equipment that a customer purchased or rented, including all the related technical information, trade information, usage, opportunities and service calls — as well as customer service agreements and warranty information?
It would help the sales team become much more productive and informed in daily interactions with customers.
Take, for example, the optimal time to renew an equipment lease. Research indicates that, if you hit the timing right, you have a much higher probability of renewal. Miss the ideal timing, and renewal rates can drop by as much as 50%.
This may sound like business as usual, and, at its very core, it is. However, when you can help your sales team increase effectiveness by providing them with the information they need when they need it, it helps avoid missing available information, like a renewal that slips through the cracks. It also increases efficiency, which frees up your sales team to go after new business and increase revenue.
Mining Valuable Equipment Data
Another way to improve the effectiveness of a sales team is to make equipment usage data readily accessible. While some sophisticated systems use IoT technology to capture intel, it’s more likely that multiple people across your organization — from call center representatives to service technicians — are interacting with customers and machinery every day.
Suppose a service person learns that a piece of equipment is being more heavily utilized than expected, which may impact maintenance requirements and warranty limits. This seemingly small piece of data — that may be relatively insignificant to the person who recorded it — could totally alter the pattern of how you should be following up with this customer and when to begin the sales conversation about replacement equipment.
Perhaps this usage information is already being captured. Most equipment dealers house their order, sales and service history in their back-office ERP system. With access to this system, the sales team may be able to get to the rows of order history and usage data and sort through it for their own customers.
However, this approach has its challenges:
- It’s time consuming — time that could be better spent on high-value tasks like selling
- The sellers may not be able to find the information, or they may miss something
- It is performed at the individual salesperson level — and not consistently executed across the organization
And this example is about just one piece of data from one customer. Every day, multiple people throughout your organization are interacting with many customers in many ways, learning all types of important details. What if you could organize this information and serve it up in ways that your sales team can act on? This is the type of competitive edge that results in uncovering new opportunities and growing share of wallet.