One of our colleagues recently published a paper titled 'Equipment and Aftermarket Growth Strategy.' What he found was that for firms that made equipment with long life cycles, there was a tremendous opportunity to link strategies related to the original equipment to strategies for aftermarket parts and service support.
His paper includes case studies of firms that used their parts and service superiority in order to build a preference for their equipment. Another firm’s business model involved equipment design that facilitated modernization and upgrades over its life.
When your product is going to be used by customers for years and years, there is a great opportunity to learn from firms that have built life cycle relationships with their customers. These firms not only get the parts and service business, but also are well positioned when it’s time for their customers to replace the equipment itself.
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Building Life Cycle Relationships With Customers
Friday, October 22, 2010 - Permalink
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