As a manufacturer, you're more likely to keep your customers if you look beyond making and selling products and explore ways to build each customer relationship, such as by offering additional updates, services or information.
When you're only providing a product, itÕs relatively easy for a customer to place a value on that product and follow a lower price elsewhere. But it's not as easy for customers to place a value on relationships.
New ways to deepen the customer relationship and grow revenue include providing services and subscriptions that tap into device sensor data, according to a recent article on Manufacturing.net .
It takes innovative thinking to come up with additional offers that your customers can't get anywhere else. If you're supplying them with tires, for example, what else could you offer that would make your customers more efficient, productive and profitable?
"The potential rewards for organizations that embrace a data culture in the world of ubiquitous computing are clear," according to the article. "The only question for manufacturers now is, will they ride that wave, or will it knock them off their feet?"
The manufacturers that do get knocked off their feet probably aren't going to have time to get back up. If you're late to the game, you're going to have issues catching up, because implementing technology that supports manufacturing innovation takes time, planning and money.
"Of all the decisions that manufacturers need to make as they embark on this journey, looking at the wingspan of their technology partners may be the most important," the Manufacturing.net article notes.
Now is the time for manufacturers to ensure they have the technology foundation in place to take advantage of new opportunities for generating revenue and to build deeper customer relationships.
, June 24, 2014