Editor's Note: MSI Data is currently running a multi-part video series called "Field Force Minute." In this short video from the series, Joanna Rotter with MSI talks about increasing your potential in service by investing in the right tools to do it well.
Product support provides the largest profit margin for equipment dealers, but often isn’t a high percentage of their total revenue mix from sales. Why is that? How can you increase your potential in service by investing in the tools to do it well?
For equipment dealers today, service is the highest margin product they sell. Think about it: if you sell a machine, you make money initially, but it’s a one-time thing.
Equipment dealers are realizing that after the initial sale, product support is key to maximizing revenue, nurturing lasting customer relationships, and providing the largest profit margin possible.
In order to capitalize on this growing potential in service, manufacturers and dealers need to make service efficient and profitable. The only way to compete in today’s competitive service environment is to take advantage of the technologies that make service proactive and customer-centric. Trends like mobility, the internet of things, telematics, and big data help service businesses meet customer demands for strong product support and preventive maintenance programs.