Changes in customers, markets, and technologies create room for new approaches and business models. The greatest potential for new revenue streams likely resides in aftersales. This is partly because complementary products and product-related services have traditionally emerged from the need to address warranty claims for primary products or offer spare parts after the sale. On the other hand, customers in the service field have often been left unaddressed and can now be addressed more easily and appropriately thanks to new digital touchpoints.
The opportunities to expand one’s portfolio are diverse and can be tailored to each industry, segment (B2B, B2C, B2E), and business field. The following topics have become more than just trends across industries and promise to establish themselves as key portfolio components for manufacturers:
- Digital Services Like Predictive Maintenance, Monitoring, Analytics, IoT Dashboards, VR/AR Models, Remote Services, Machine Learning Data
Examples: Sensors installed in the system and a module for a predictive maintenance system (PDMS) actively indicate that a wearing part should be replaced. The option to store large amounts of data in the manufacturer's cloud or to view usage behavior in the form of dashboards is subject to a fee.
- Pay-Per-Use Models Like Performance-Based Contracting (PBC), Traditional Leasing, Insurance, or Subscription Models for Selected Digital Services
Examples: In a logistics facility, payment can be made based on the number of stored items, or with construction machinery, billing is done based on usage (operating hours, excavation volume).
- Training and Certifications Like Continuing Education for Processing or Using Products or Paid Certification Offers
Examples: For the processing of new building material, a training course is offered that craft businesses can book for their employees. Or a fee-based certification is required for the installation of a new ventilation system.
- Business Support Without Direct Reference to the Core Product, Such as Consulting on the Optimal Use of a Product or Consulting Services for Other Use Cases of the Original Product
Examples: Courses and training measures on house (re)construction on the part of the manufacturer of building objects or building materials or the offer of (study) trips, language courses, seminars etc. on the part of a publisher, manufacturer or service company.
Thanks to digital networking, manufacturers today can collect data on usage behavior throughout the entire product lifecycle. Combined with customer data from other sources (marketing automation, customer data systems, web profiles, social media, etc.), customers, along with "smart" products and services, bring a wealth of information into the company. In real-time, manufacturers and providers learn how their customers are using the respective product or device and its condition. The usage phase becomes a central business field. Based on such information, new services can be offered.
The technological foundation for new business models includes customer portals. To learn all about the number one trend topic, download our new whitepaper "Customer Portals: The True Drivers of Added Value and Revenue": Whitepaper Download.
Still not enough new revenue opportunities, business models, and the latest developments in e-commerce? Then register today for the Sybit Expert Forum on Customer Portals & E-Commerce on June 29, 2023. Top experts will discuss the hottest topics in e-commerce: Portals, AI, Digital Aftersales, Visualization, Buyer Enablement, and much more: https://www.sybit.de/events/ef-portale-ecommerce-excellence-2023