It is accepted wisdom that only a small portion of an Original Equipment Manufacturer’s installed base accounts for a large percentage of aftermarket sales or profit or growth or whatever else your favorite metric may be. It’s the famed Pareto principle or 80/20 rule at work !! Companies large and small use this as a […]
Focusing on the few at the expense of the many Read More »
Customer segmentation is a crucial strategy in the aftermarket industry, where businesses provide support, maintenance, and replacement parts for equipment and machinery that customers have already purchased. Effectively segmenting customers based on their installed base data allows companies to offer more customer-aligned aftermarket services, optimize inventory management, and enhance customer satisfaction. Identifying the right segmentation
Identifying Segmentation Criteria for Customer Segmentation in the Aftermarket Industry Read More »
The Industrial Installed Base Data needs a lot of attention in terms of frequent updates, fixing missing data, data duplication, getting rid of data silos, and so on. Many industrials often appoint interns to fix their Installed Base Data, but have you ever wondered how this goes? An internship program is a great way for
Data interns running your Installed Base project? Read More »
In part 1, we looked in detail at what it means by wallet share leaking and how organizations are leaving a lot of money with high margins on the table by not harnessing their wallet share or entitlement in an institutionalized way. We also touched upon the fact that in the world of AI by
The Silent Drain on Your Profits Wallet Share Leaking? – Part 2 Read More »
As Industrial OEMs embark on the journey through 2024, they find themselves at the crossroads of innovation and efficiency. In this blog, we delve into strategies designed to fortify and refine inventory management practices in the intricate landscape of Industrial manufacturing. Best Practices for Optimizing Inventory Management 1. Embrace Technological Advancements In the dynamic realm
Optimizing Inventory Management: A Strategic Guide for Industrial OEMs Read More »
Over the course of half a decade, I’ve had the privilege of collaborating with numerous OEMs (Original Equipment Manufacturers). Interestingly, a common thread among these OEMs has been their interest in seeking my expertise to provide guidance on Bill of Materials (BOM) data maintenance. This interest has stemmed from my close familiarity with their own
Simplified Strategies for Effortless BOM Data Maintenance for Industrial OEMs Read More »
Prospecting lies at the heart of successful sales for Industrial Original Equipment Manufacturers (OEMs). It involves identifying and cultivating potential customers to build a robust sales pipeline. In this blog post, we’ll explore the concept of prospecting, delve into various methods, and shed light on key sales methodologies tailored for the industrial OEM landscape. Understanding
3 Best Practices for Industrial Prospecting Read More »
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