Selling the equipment is the easy part. The real revenue shows up after the sale.
Sam Neva, Vice President of Sales for Service Lifecycle Management at PTC, joined the show to talk servitization - what it means, and why it's becoming the difference between OEMs who scrape by on hardware margins and ones who build real recurring revenue. Chris caught up with him live at PTC's headquarters.
Manufacturing folks, we didn't forget about you! This episode is geared squarely toward people building equipment. If you want to tighten up your sales process and make your customer relationships stickier, this one is for you.
Sam and Chris get into what's holding most OEMs back from servitization, how AI is starting to change what proactive service looks like, and the math behind why the money shows up years after the original sale.
In this episode, find out:
- Why the smartest OEMs are lowering the price of the original sale, and what they're betting on instead
- The three levels standing between a traditional OEM and a full servitization model
- Why ‘tribal knowledge’ is the hidden gap between engineering and service teams
- How AI is helping teams triage service issues before they need a technician
- The Harvard Business Review stat that shows just how much revenue gets left on the table post-sale
- What Schneider Electric did to grow revenue, win rates, and improve customer satisfaction at the same time
- The first question every OEM should ask before attempting servitization
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Tweetable Quotes:
- “You're reacting to a problem, instead of doing your best to extend and plan that time horizon to prepare for that problem." - Sam Neva, Vice President of Sales for Service Lifecycle Management at PTC
- “Step 1 is what do customers expect from us, why do they expect that, and how can we give them that?" - Sam Neva, Vice President of Sales for Service Lifecycle Management at PTC
- “The goal is how do I make money as the OEM, not just by selling you that box, but selling you the outcome of what that box provides.” - Sam Neva, Vice President of Sales for Service Lifecycle Management at PTC
Links & mentions:
- Benchmark your servitization strategy, a complimentary assessment where ServiceMax experts will evaluate your current service organization and identify opportunities to improve performance, profitability, and customer outcomes.
- ServiceMax, a PTC Technology, is on a mission to help customers keep the world running with asset-centric field service management software. As a recognized leader in this space, our cloud-based software and mobile apps provide a complete view of assets to field service teams.
Make sure to visit https://manufacturinghappyhour.com for detailed show notes and a full list of resources mentioned in this episode. Stay Innovative, Stay Thirsty.
