Earlier this month, we reminded readers about the top strategic trend of 2018, according to a survey conducted by Field Technologies Online increasing the efficiency of field technicians—and now we’d like to focus on an initiative every business can identify with: increasing revenue.
Although in the number three spot per the survey results, nearly half of respondents listed this strategy as a focus. However, it’s important to note that understanding customer needs and expectations is paramount in driving the right kind of service offerings and elevating the customer experience to meet the demands of your client base, which in turn, will positively impact revenue.
Let’s examine a few strategies to implement in your daily operations in order to better serve customers and positively impact bottom line revenue.
Performance-Based Service Contracts
The “next generation” elevated customer service to drive more business and increase profit lies in one of the first interactions with the customer—securing the contract. Field service organizations who have not already transitioned to more varied and performance/outcomes-based contracts should seriously consider the benefits.
Why? Performance-based contracts are results-oriented and focus on the outputs, quality, or outcomes of deliverables by your company. Performance-based work requires integrating predictive analysis into your operations, enabling you to more easily monitor, track, and maintain assets while simultaneously fulfilling the service contract and keeping your costs down. Predictive analysis enables your organization to better serve customers by minimizing the reactive dispatches and preventing machinery from breaking; no downtime.
In return for the focus on customer outcomes, the customer receives higher value and the service organization can charge a premium over traditional service contracts to increase revenues.
Enabling Technician Selling
Just how important is enabling and empowering your field technicians when it comes to sales? In the field service business, the technician is the employee that spends the most face time with a customer, organically establishing a rapport and trust based on excellent customer service and quality of work. Who better to cross-sell or up-sell a customer while on the front lines in the midst of problem-solving?
Empowering field technicians as salespeople requires access to knowledge about the customer, intimately understanding company offerings, providing training to prepare for “selling,” and the ability for the technician to quote while in front of the customer (both the process and access to the right software). This requires providing the technician with access to customer information and job history in real time via a cloud-based mobile Field Service Management (FSM) solution.
While many field service companies are already deep into their 2018 strategic plan, implementing tactics and seeing success, it’s never a too late to reassess the plan and integrate a few popular industry-centric ideas. Nearly half of businesses in the field service industry surveyed place increase revenues as a critical strategic 2018 objective. Two tactics that can help promote revenue-producing activities include performance-based contracts and enabling technicians to cross-sell and up-sell when face-to-face with the customer. Consider how these two initiatives—or other strategies your company is executing—can work in tandem to increase revenue.
Jolt Consulting Group helps service organizations increase revenues, improve operations and better connect with their customers. For more information on we have helped others in your industry, visit our case studies and client results or contact us today
Field Technologies Online, Prioritizing Top Field Service Strategic Initiatives, November 28, 2017.