Using Digital Transformation to forge new pathways to incremental revenue streams
In times of economic uncertainty, consumers and businesses alike cut spending to help preserve cash and focus on servicing their existing debts. This means investment in buying new high-ticket products is curtailed, and a ‘make do and mend’ attitude prevails until there are signs of the green shoots of recovery. Although this is undoubtedly bad news for some industries – and particularly those who manufacture and sell ‘non-essential’ goods – it does provide additional opportunity for companies who are prepared to innovate service lines to take advantage of the austerity mentality.
An excellent example of this
is a global leader in manufacturing of residential and commercial bathroom and kitchen installations. They produce a range of high-end fixtures and fittings that are sold to both businesses and consumers direct. But, while these customers are cautious about investing significant sums on high-end refurbishments and renovations in today’s climate, the company has recognised an opportunity capitalise on the need for repairs, servicing and maintenance of existing equipment. To do this, they are transforming their business operations from one that just manufactures and supplies these goods, to one that offers repairs and routine servicing that will extend the productive life of their equipment. And they are doing this with the help of Salesforce from Venerate.
Service line innovations
can help businesses weather the current uncertainties brought to bear by the global pandemic. And the technologies that support this type of innovation can be game-changing for any business that needs to breathe new life into their operations. To find out how Venerate can support your ideas for service innovation please contact us.