Aftermarket Parts and Service – Break Away from Convention
According to Gartner, the typical company provides support services and parts for an average of more than seven years after an initial product sale. In the U.S. alone, consumers and businesses spend more than $700 billion per year on spare parts and services. Additionally, the aftermarket parts and service industry has profit margins as much as 10 times those for initial product sales, and post-sale service is key to securing customer loyalty, fostering the company brand, and maintaining competitive differentiation.
Globalization, cost pressures and tech-savvy customers are forcing businesses to distinguish themselves based on the quality of their service operations. Taking a look at the market there are four common qualities best-in-class share in taking their aftermarket parts and service business to the next level.