Selling Services Blog

Take Action: Use Data to Meet Your Sales Quota with Service Renewals

Our New White Paper Explains How to Leverage Installed Base Data to Achieve Your Numbers Year After Year

using data to hit revenue Take Action: Use Data to Meet Your Sales Quota with Service Renewals

We’re heading toward the mid-year mark in 2014…are your sales numbers where they should be? Whether you’re a local reseller or part of a global sales force, it’s never too late to put in place a proven approach to revenue growth — one that will allow you to meet and exceed your sales quotas in ways you’ve never seen before.

What’s The Secret?

If you’re tired of costly prospect lists, ineffective cold calls, and crazy and complex sales schemes, don’t worry, we’re not talking about any of those. We’re talking about service renewals and maintenance contracts, which are attached to nearly all products sold in the IT sector. The customer must renew these contracts to secure continued service protection for their IT assets, which are of significant value to their business.

The challenge is, when service contracts come up for renewal, why is it that nearly one third of the market opportunity goes untapped? The answer is simple — the time and sales costs associated with tracking data and maintenance contract expiration dates on existing customer accounts can be overwhelming for manufacturers. And most service sales solutions on the market do nothing to resolve the data issues that present obstacles to service renewals.

Tap Into a $60 Billion Market

With contract renewals generating $60 billion annually in North America alone, manufacturers today can’t afford to overlook this market, and now’s your chance to tap into it. To explain how, we’ve launched a new, step-by-step white paper for senior sales executives titled, “Using Data to Meet Your Sales Quota“.

Available as a complimentary download from our website, the white paper focuses on the importance of installed base data for not only achieving your numbers with service sales, but for taking nearly all the time and effort out of the process.

Get Practical Insight Now

Want to hear more? Then download the white paper now. It’s not only free, but it’s packed with practical insight – including seven proven steps to data-driven success with service sales. And if you want a glimpse into what the white paper has to offer, stay tuned for our next post, which will provide an overview of one or more of those seven steps.

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Want to see more great sales, marketing and business advice from MaintenanceNet? Browse our resource library. If you need assistance or have questions, please get in touch with us at 760.496.7564 (Toll Free: 866.699.7212) or contactus@maintenancenet.com.

Posted in Automation, Big Data, Channel Enablement, Channel Sales, Data Management, Data Quality, Sales Automation, Selling, Service Sales, Uncategorized | Leave a comment |

Ten Essential Data Points for a Successful Service Annuity Practice

Ten Data Points Ten Essential Data Points for a Successful Service Annuity Practice

So, you’ve got your dedicated service annuity practice up and running and you’re ready to rock it, with new revenue streams looming on the horizon. If you’re ahead of the game, the power of today’s advanced technologies and best practices are behind your initiative, meaning you’re integrating multiple data sources, leveraging analytics and automating sales and marketing processes.

Scalability? You’ve got that covered, too, with next-generation tools that will enable you to quickly extend your reach and achieve a higher return on a much lower investment. The goal is to execute service renewals more efficiently and at a significantly lower cost than alternatives such as hiring more staff or outsourcing.

Don’t Forget the Basics

Whether you’ve established a world-class service annuity practice or you’re still striving to get there, you won’t succeed if you forget the basics. As we’ve posted before, data is the force multiplier behind an effective initiative, and it must be properly mined, aggregated and enriched to provide your sales team with complete and accurate visibility into the opportunities that await them.

Entitlement systems, ERP and CRM platforms, and product and service catalogs – along with your supply chain partners’ systems – represent the sources for this data, so plan on digging deep to extract the information you need. Speaking of which, what are the most important data points to keep in mind as you build and grow your service revenue data core?

Here are the 10 data points that are essential to your success:

1. Product and service serial numbers
2. Product and service description
3. Install site for the product/service
4. Service expiration date and duration
5. Product end of life/service end of life dates
6. End client company name
7. Customer contact information: First/last name, email, phone number
8. Customer-specific discounts
9. Assigned sales rep
10. Supply chain partner information

Next Steps: Go Big!

As your program goes global, you’ll also have to take into account currencies, languages, geographic regions and more. Ultimately, all the data adds up and paints a picture of the sales opportunities that lie ahead. The next step is to add predictive or prescriptive analytics, trend analysis and propensity to buy analysis into the mix and you’ll then be positioned to anticipate customer needs and buying behavior. This will allow you to cast a dramatically wider net and implement a highly targeted marketing campaign. The result? You’ll see service renewals and upsell and cross-sell opportunities skyrocket, and you’ll realize an even better rate of return.

By now, it must be clear that with service annuity programs, the devil is in the details. Focus first on addressing your key data points and you’ll set yourself up for success.

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Want to see more great sales, marketing and business advice from MaintenanceNet? Browse our resource library. If you need assistance or have questions, please get in touch with us at 760.496.7564 (Toll Free: 866.699.7212) or contactus@maintenancenet.com.

Posted in Automation, Big Data, Data Quality | Leave a comment |

Five Reasons to Create a Dedicated Service Annuity Practice Right Now

Position Yourself For Continued Growth During an Economic Slowdown

survive the downturn Five Reasons to Create a Dedicated Service Annuity Practice Right Now

In our last post, we discussed how service renewals represent the silver lining in an economic slowdown, offering opportunities for sales growth when IT product sales are on the decline. Now, we’re taking the conversation a step further and bringing you five reasons to create a dedicated service annuity practice right now – whether you’re facing a down economy or not.

1) Long-Term IT Asset Protection

When IT budgets are slashed, your customers will do what it takes to make their technology investments last longer, which opens the door for more service contract renewals to be sold. Your customers want to protect the products and services they’ve already purchased from you. Your job is to help them do that with service contracts. It’s that simple.

2) Recurring Revenue

Maintenance services represent a high-margin, high-profit recurring business that delivers sales results month after month and year after year. Considering that some manufacturers might have thousands of service contracts up for renewal at a single customer site in any given month, the opportunity we’re talking about is sizeable. Not only that, but service renewals also allow manufacturers to strengthen ties with their customers over the long haul — an important reality in a world in which finding new customers is much more costly than selling and marketing to existing customers.

3) Predictable Revenue Streams

Because businesses today recognize the value of protecting their IT assets with services, they are not about to leave those assets unattached to a service. In other words, if products fail, they don’t want to lose their entire investment due to a lapsed service contract. The purchase of a service renewal is therefore highly predictable, unless of course, the time has come for product refresh.

4) Anticipate Product Refresh Opportunities

The process of monitoring expiring service contracts is ongoing and, when done right, it allows you to prepare your sales team to anticipate customer purchase decisions, whether it’s the need for service renewals, add-on or complementary products, consumables or a product refresh. And because the customer’s connection with your company is already there, the sale – no matter what it might be – is most likely yours for the taking.

5) Gain a Competitive Edge

For even more of a competitive edge when making a commitment to service renewals, give your sales team access to today’s most advanced service revenue automation platforms. The most effective systems in this space are equipped with powerful analytics for targeting the right customer at the right time with the right offer. They also include channel-enablement tools and campaign management capabilities that involve your partners every step of the way, helping you automate and accelerate the sales cycle and turn your opportunities into cash in an instant. The result is potentially millions of dollars in new revenue each month or each quarter.

The bottom line is that a dedicated service annuity practice can give your sales team a chance to shine, even when clouds are hanging over the economy. So don’t stand on the sidelines and let this opportunity pass you by. Make the most of shifts in the economy and good things will happen.

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Want to see more great sales, marketing and business advice from MaintenanceNet? Browse our resource library.

If you need assistance or have questions, please get in touch with us at 760.496.7564 (Toll Free: 866.699.7212) or support@maintenancenet.com.

Posted in Automation, Big Data, Campaign Management, Channel Enablement, Channel Program, Channel Sales, Data Management, Data Quality, Sales Automation, Selling, Service Revenue, Service Sales, Uncategorized | Leave a comment |

How The IT Slowdown Will Speed Up Your Recurring Revenue Programs

It was just a few years ago that parts of Asia, South America and the Middle East were experiencing double- or even triple-digit growth in IT product sales. Back then, businesses across these regions were building out their enterprise IT infrastructures around a new generation of tools to enable better and faster communication and improved productivity.

keep calm and sell more renewals branded 257x300 How The IT Slowdown Will Speed Up Your Recurring Revenue Programs

The economic pendulum has swung back in the other direction, however, and recently, research firm IDC predicted a slowdown in emerging markets for the remainder of 2014. In fact, IDC has lowered its forecasts for IT market growth in Asia Pacific (including China), Central and Eastern Europe, the Middle East and Africa, driving down its forecast from 5% to 4.6% this year.

In spite of these disappointing numbers, there is a silver lining: in a down economy, focusing on service contract renewals can bring recurring revenue streams, sales growth and much more to manufacturers and their channel partners. When IT budgets are slashed, your customers will do what it takes to make their technology investments last longer, which opens the door for more service contract renewals to be sold. Clearly, there’s no time like the present for the supply chain to gain insight into contract expiration dates across their emerging markets customer base.

That’s why a dedicated service renewal practice makes sense today, and why you should consider putting one in place in your organization – no matter which direction the economic climate is headed.

In our next post, we’ll take this conversation a step further and discuss five key ways a service renewal practice can boost sales and strengthen customer service for your business.

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Want to see more great sales, marketing and business advice from MaintenanceNet? Browse our resource library.

If you need assistance or have questions, please get in touch with us at 760.496.7564 (Toll Free: 866.699.7212) or support@maintenancenet.com.

Posted in Channel Sales, Sales Automation, Selling, Service Contract Management, Service Revenue, Service Sales | Leave a comment |