Just about everyone sells their product based on the premise that it will generate some form of ROI (time, money, efficiency). OEMs are no different. The key to sales growth is demonstrating to customers that the new machine they buy will bring them some measurable ROI.
A lot of OEMs have traditionally done this in the sales process by looking at case studies, use cases, industry metrics, and white papers. Unfortunately, as we all know, sometimes the customers just aren’t buying it (literally).
Selling what you think the ROI will be is a tough road for anyone; including OEMs, but what if you could prove it with hard data. I mean really prove it.
This is what some really smart OEMs are starting to do and it makes total sense.
Giving prospective buyers objective data
The answer is in the heading above, data. The goal of forward-thinking sales and product departments are thinking about how they can show customers hard ROI on the spot; rather than collecting data from existing customers and hoping customers see how it would translate to their business.
“How in the heck do we do that?”
Yeah, obviously this is what you want to do. So how do you do it?
The secret lies in knowing what a prospect or customer is doing, you can actually help them generate better ROI, and prove cost payback faster. If you understand how your machine is running, being used, and being taken care of while it sits on their shop floor, you could easily coach them to guaranteed ROI.
This is something you already know. Most OEMs in the sales process know that under the right circumstances, their products could replace or be introduced in a way that easily produces ROI for the customer. The problem is that the customer may not be effectively leveraging the machine properly; nor do they have the capacity and wherewithal to do this.
That’s where OEMs could potentially help. By looking at machine analytics, you could figure out exactly what would be needed to generate ROI and coach the customer to successful ROI. An objective success metrics that both the OEM and the customer could agree upon.
An easier sale for OEMs
Delivering this in the sales process would be a home run. Imagine you’re a business development professional for an OEM, and in the sales discovery process you can build out a perfect plan for what ROI would need to be achieved to make the sale. You could then show them exactly how that would take place and give them real data on progress and help as you go.
Additionally, after the sale, you could actually then take their behavior and machine use and feed it back to your design/engineering team to improve the way they design and build machines. You could actually build the machines better so that they generate ROI faster and more inline with the way customers use them.
Under this model OEMs can apply a more data-driven sales approach, help their engineers build better products, and agree with customers before the sale on what ROI will be and how to get there. This is something manufacturers have been clamoring for and OEMs are just now figuring out how to give it to them.
Solving problems through better sales
Right now the model is very reactive for service and support of existing machines. A customer comes to you and says they have a problem; likely weeks after it happens. This means the ROI could be shot and could lose a customer — or future sales. By knowing about these problems in real-time, you can prevent these issues before they even happen and advise customers on best practices…. proving ROI.
How does this data work?
KNOW how fast a machine runs, the uptime, real ROI behind why it is worth it to replace an existing machine with new one. This will allow OEM’s to have a complete data-driven sales process and a better product value proposition.
Instead of anecdotal evidence from existing customers about improvements in uptime and speed — which may be apples to oranges for certain businesses — advanced analytics will allows OEM’s to be able to show them exactly what improvements were made using exact metrics, and prove exact cost payback of those improvements, the amount of time it took for the machine to pay for itself, and the long term profitability to the implementation. Paint by numbers using data for the sales process.
This gives your customers the case for them on the spot. This will allow them to more easily justify the cost of the machine to any higher ups or shareholders. It can shorten the sales process and allow your salespeople to present a better value proposition.
SensrTrx gives OEMs this ability. You can read more about it here.