Most Life Safety companies know service is their most profitable business. The majority understand selling service agreements is the best way to capture this renewable, high margin revenue and build the value of their company. Many believe they are doing a great job growing this business. For almost all the only measuring stick is comparing results to previous years. Far too many continue doing the same things they’ve done year after year. For those that have adapted their business model, the results have been dramatic. For those that haven’t, the opportunity is there for the taking.
Continue ReadingService Revenue Without Installation Overhead
I was part of a panel discussion regarding how to grow service at a life safety industry trade show. Many of the firms attending were planning to expand their brand by adding an additional product line. Some of the mentioned additions included fire alarm, sprinkler, sound, security, etc. The primary justification for adapting their business model is the lucrative service, RMR, available for this type of equipment once installed. Most agreed that service was the goal as profit margins, on the installation of these systems, wasn’t very attractive. Additionally, a significant investment would be required in design and engineering skills and a fairly steep learning curve. Everyone seemed to agree that it was worth the effort and risk.
Continue ReadingWhy Invest in Service Marketing?
Let’s state the obvious; Service is good, Service revenue is good, serving our customers is good….no need for debate or discussion. Everyone acknowledges service is profitable and it helps retain customers. I have never dealt with someone who stated, “I make so much money installing products and systems I don’t need the service revenue.” When the discussion turns to investing in service marketing the conversation usually gets apologetic, or some just plead guilty. Very few firms set aside funds for service marketing aids or service sales training. Technical training sure, software investment often, but putting some commitment and dollars specific to service marketing, it’s the exception. That leaves sales and marketing efforts that are dated and out of touch with current conditions. Sales reps have no formal service sales training and utilize service agreements that demonstrate little value to prospective clients.
Continue ReadingIt’s All About the Base
A key to success for any business is growing its customer base. It’s typical when speaking to a firm they refer to “their base”, as repeat customers. That may include clients who come back to them for equipment purchases, upgrades, enhancements, repairs, service, etc. This is a fair representation of a customer base, but it doesn’t differentiate the most sought after base by most highly successful firms.Continue Reading
Perfect for all personnel involved in service sales, this book describes the keys to success for selling service on technology-based products and systems. Anyone indirectly involved in service sales such as technicians, engineers, administrative assistants and others who work with customers will also find the book beneficial.
Readers will learn the unique skills and methodology required to be successful from the industry expert.