The 5th edition of Vendavo and Copperberg’s Aftermarket Benchmark Study is packed with insights on servitization, digital transformation, pricing models, and strategies for approaching common Aftermarket Challenges. Get your copy today to start mapping your path forward.
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Manufacturers have dealt with relentless market volatility, soaring operational costs, a global pandemic, geopolitical turmoil, and economic uncertainty – each of which has fundamentally shifted the Aftermarket industry. In the wake of these changes, are manufacturers now fully equipped to increase revenue and profitability through services?
Access the study to explore:
The state of the service businesses
Digital transformation and servitization trends
Pricing strategies and models for lasting profitability
The impacts of skilled labor shortages
Common challenges in the Aftermarket
The need for organizational alignment
The findings in this report provide a roadmap for industrial manufacturers to thrive in an age defined by both disruption and innovation.
“Don’t let perfection be the enemy of progress. Get started with a foundation that can deliver quick wins, and you’ll get support for improving data readinesss in areas that will add value to the business. And for progressively adding new capabilities that drive better business decisions.”
-Mitch Lee, Profit Evangelist at Vendavo
This is the 5th Annual Aftermarket Benchmark Study exploring the evolving aftermarket space.
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.