Industrial OEMs are increasingly recognizing the immense value of proactive marketing prospecting. As a result, Industrials are acknowledging the significance of building a world-class aftermarket prospecting engine. In this blog post, we will delve into the top challenges of aftermarket prospecting teams faced by Industrial OEMs in the areas of People, Process, and Technology when it comes to aftermarket prospecting.
Challenges of Aftermarket Prospecting Teams in the areas of:
1. People’s Challenges
- Lack of specialized skills:
Aftermarket prospecting demands expertise in data analysis, lead generation, and customer segmentation. However, finding an individual who possesses an understanding of this evolving and untapped market can be difficult. - Inconsistent execution:
Even with a team of skilled professionals, maintaining consistent execution can pose a challenge. Aftermarket prospecting requires a persistent and consistent approach, but without proper oversight and training, individual team members may struggle to execute tasks consistently. - Silos between departments:
Effective Aftermarket prospecting necessitates collaboration among various departments, including sales, marketing, and customer service. Unfortunately, department silos often hinder effective communication and cooperation, leading to missed opportunities and inefficiencies.
2. Process Challenges of Aftermarket Prospecting Teams
- Lack of a standardized process:
Aftermarket prospecting requires a well-defined, standardized process to ensure consistency and effectiveness. However, many Industrial OEMs lack a standardized process, resulting in inefficiencies, missed opportunities, and inconsistent results. - Data quality and accessibility:
Effective aftermarket prospecting requires accurate and accessible data. However, many Industrial OEMs struggle with data quality and accessibility due to silos between departments, incomplete or outdated data, and a lack of proper data management tools. - Inefficient lead prioritization:
Prioritizing leads is critical to aftermarket prospecting, as it helps teams focus on the most promising opportunities. However, many Industrial OEMs still rely on manual lead prioritization, which can be inefficient, subjective, and error-prone.
3. Technology Challenges
- Incompatible systems:
Aftermarket prospecting requires seamless integration of various systems, including customer relationship management (CRM), sales automation, and marketing automation tools. However, many Industrial OEMs struggle with incompatible systems, resulting in data discrepancies, inefficiencies, and missed opportunities. - Lack of automation:
Automation is a critical component of a world-class aftermarket prospecting engine, as it enables teams to focus on high-value tasks and reduces the risk of human error. However, many Industrial OEMs still rely on manual processes, resulting in inefficiencies, missed opportunities, and inconsistent results. - Insufficient data analysis:
Effective aftermarket prospecting requires data analysis to identify patterns and opportunities. However, many Industrial OEMs still lack the necessary tools and expertise to analyze data effectively, leading to missed opportunities and inconsistent results.
Impact of These Challenges
According to a recent survey by McKinsey, companies that address these challenges effectively can achieve significant benefits. For example:
- Prioritizing data and analytics doubles the likelihood of being a top-quartile performer in the industry
- Implementing automation can reduce lead times by up to 80% and improve sales productivity by up to 14%
- Overcoming departmental silos can enhance sales effectiveness by up to 20%
Source: https://www.mckinsey.com/capabilities/operations/our-insights/the-imperatives-for-automation-success
In conclusion, aftermarket prospecting plays a critical role in the growth strategy of any Industrial OEM. However, it is not without its challenges. By addressing these challenges in the areas of People, Process, and Technology, you can improve your aftermarket prospecting efforts and drive more sales. To learn further about building a world-class aftermarket prospecting engine, watch our webinar video featuring our CEO, Vivek Joshi, “Build a World-Class Aftermarket Prospecting Engine“, you will gain valuable insights into the latest strategies and tactics for aftermarket prospecting. Also, read about how can Industrial Aftermarket teams understand their customers better.