Reduced product margins in today's slowing economy are placing added pressure on companies to sell more services. Many manufacturers are now viewing service contracts, historically overlooked, as important new revenue generators. Beyond providing substantial repeatable revenue streams, they connect manufacturers with their channel partners and end customers.
Yet when it comes to services, the greatest challenge that vendors face is not improving the quality of their service offerings but improving the quality of the business intelligence used to effectively reach customers to sell those service offerings.
The reality is that most organizations, and most CRM systems, lack the data analytics to effectively re-engage with existing customers. As a result, customers are failing to renew expiring service contracts, and organizations are failing to sell more extended warranties.
The bottom line is that it is difficult for most companies today to simply stay...
