Annual Aftermarket Benchmark Study 2023

In times of uncertainty, companies face critical choices. A heightened focus on existing customer relationships is one route you can take to maintain profitability.

Mike Bernard, Chief Marketing Officer

In uncertainty, prioritizing value-added services, upgrades, and parts secures revenue and customer loyalty. Acquiring new customers costs five times more than keeping existing ones. ‘Locking in’ customers through agreements strengthens market position.

Chris Kennedy-Sloane, Business Consultant

Investment in e-commerce and supporting digital solutions can no longer be slow-walked. Critically, companies found success with partial plans and did not let perfect stand in the way of progress. If you’re considering a digital transformation, just get started. Do not attempt to boil the ocean and solve everything at once. Find manageable areas to make small improvements. Collect wins, socialize them within the rest of the company, and find the next area to work on.

Dan Cakora, Business Consultant

Organizational agility is one of the key success factors in aftermarket business. One excellent method to foster this culture is through clear responsibilities. Aftermarket organizations are usually organized around functions such as sales, sourcing etc. I recommend every organization run Price-Volume-Mix analysis where each element, like volume, or cost development is owned by the suitable function. This keeps the whole organization working together and ready to pivot when needed.

Kalle Aerikkala, Business Consultant