Austin 2019 Construction Monthly

How Technology Has Changed
INDUSTRIAL EQUIPMENT
SALES...CONTINUED
Customers receive this education, but in the cloud. Included
product training in the operating system connects to other devices
and machines.
Education implementation is in the cloud. It’s accessible on a remote
server.
Rather than focus on personalized service, manufacturers are focusing
on optimizing technology to be more accessible.
The struggle lies within the support, maintenance, and upgrades
within the cloud.
Expand
All marketing encourages the customer to spend more, and the
same goes for equipment. When this type of marketing as applied
in a traditional sense, it was to promote newer equipment customers
could use as a replacement.
These leads were perfect when cross-selling and upselling to existing
customers. Your customer base keeps coming back and new products
generate more revenue.
Today, equipment isn’t replaced as a whole. Customers want solutions
rather than new products. So they invest in spare or replacement
parts, contract features, and software upgrades.
This means a lot of focus falls on third-party products, especially
the tech-based ones. While this may not drive revenue streams
as strongly as before, you’re establishing better relationships
with your customers and expands your business.
Renew
This helps bring customers back by renewing their contract.
Before, there was a specific renewal process and specialized
personnel who handled renewals. This strategy ensured high renewal
rates and predictable revenue streams.
Today, renewal is either automated or tech-assisted. Technically,
linking the renewal phase with the adoption phase helps save
time.
The only time the renewal phase occurs is when the contract expires.
This way, your customer will decide to agree to renewal
based on your equipment’s success.
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