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?
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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