Installed Base Selling is the ability of an OEM to drive revenue across their existing customer base to sell aftermarket products & services, upgrades, modifications, and new equipment. Almost 90% of an OEM’s internal team’s workflows are tied to the installed base creating an abundance of opportunities. These teams take on a variety of roles from someone who is taking inbound calls, making outbound calls, field service technicians who work on the equipment, account reps selling new equipment, to distribution networks.
Unfortunately, most OEMs can not proactively engage their installed base to drive revenue across their teams. The challenge starts with data, leaving customer-facing teams with a lack of discoverability and insight. In order for these teams to come to any conclusions about their customer, they spend countless hours maneuvering through several data sources pulling and organizing information. This is where an Installed Base Platform (IBP) fills these voids to engage OEM’s existing customers using data to drive revenue.
An Installed Base Platform (IBP) provides a trusted source of clean data with insights that are used to drive action across OEM stakeholders. By taking an OEM’s tech stack, pulling the data, running it through a data quality engine, unifying it, and applying analytics to it an OEM can truly begin to understand their customer base.
Utilizing clean enhanced data and providing access across stakeholder groups from an Installed Base Platform equips their teams with a variety of distinct use cases.
Here are the five ways through which you can increase installed base visibility and increase revenue
1. 360 Installed Base visibility
Discoverability across all accounts with detailed information of each touchpoint across their entire installed base. Stakeholders can quickly search, filter, prioritize, and research their accounts without navigating through multiple sources of information
2. AI-driven customer insights
Applying analytics to an OEM installed base drives insights to help understand customer loyalty, the share of wallet, potential to buy, and the capability to create automated/predicted opportunities.
3. Prioritized hunting list
Clean installed base information equips stakeholders to create hunting lists to identify customers for targeted parts, services, warranties, and upgrades.
4. Marketing Campaigns
Specific criteria to target locations with hyper-focused offerings that create value compared to messages that have no correlation to a customer’s installed base.
5. Shared unified, cleansed Installed Base (IB) data with other systems
Cleansed IB data is utilized to enhance other workflows and/or other technologies such as pricing, inventory, customer portals, and eCommerce.
These use cases substantially enhance workflows to help triage churning customers, increase wallet share and expand market share by allowing their customer-facing teams to spend less time researching and more time selling. There is no longer a need for manual processes to exist, digging into multiple data sources and spending countless time organizing and analyzing information. All of this can be done in an automated and non-error-prone process.
In summary, OEMs have vast opportunities to drive revenue across their installed base but struggle due to data and complex workflows. By using an Installed Base Platform, OEMs can drive several use cases to engage their customers with true visibility, analytics, hunting list creation, and sharing unified data with other systems. This all ties together to help their internal teams to spend less time researching and more time selling.