Grow Service Contract Revenues and Improve Attach & Renewal Rates
Commercial Service Contracts on products sold to other businesses represent a significant source of revenues as well as profitability for many manufacturers of commercial equipment. The current attach rates for most B2B companies are below 20% resulting in lost revenues, lower profitability, and higher customer churn.
Commercial Service Contracts require different processes to achieve the desired goal for contract revenues, attach rates, and renewal rates. Businesses can grow service contract revenues by:
- Streamlining Configure, Price, and Quote (CPQ) processes
- Managing the Sales opportunities based on install base and warranty entitlements
- Enabling the channel partners with better sales and service delivery capabilities
- Leveraging the customer insights to drive revenues & profitability
Mize Service Contracts Management solution enables manufacturers and channel partners to streamline quote to renewal processes to grow B2B service contract Revenues.
Configurable Service Contract Programs
As compared to simple consumer-oriented service programs, business customers expect more options in service contracts such as maintenance, Service Level Agreements (SLAs), outcome-based services, remote monitoring, or other value-added services.
Mize solution enables you to manage various policies, pricing, terms & conditions using flexible policy manager.
Configure, Price, Quote (CPQ) Service Contracts
Mize solution capabilities to Configure, Price, and Quote (CPQ) commercial service contracts enable sales people to drive service contract revenues and renewals.
When businesses own multiple products or a fleet, Mize solution allows the process to quote or propose for all products eligible for a service contract. The program can apply pricing and discount based on the various products and options included.
Mize Service Contracts solution helps to generate proposals using templates in PDF, MS Word, or excel formats.
Contract Sales and Opportunity Management
Service sales require accurate product registration information to track ownership, warranty entitlements and eligibility for contract offerings.
Using Mize Service Contracts solution, service sales team at the manufacturer and channel partners (distributors, dealers, VARs) can generate opportunity reports and quotes. The service contract opportunity reports help sales teams to identify the products eligible for service contracts or renewal using the expiration dates of standard warranty or existing service contracts. The opportunity reports delivered to the sales team on a regular basis help them to follow-up on service contracts at the right time.
Mize solution automates Email or mobile notifications to customers to increase attach and renewal rates.
Contract administrator can register multiple products for a customer and manage the virtual stock or inventory of the service products.
Optimize Service Delivery
Mize Service Management supports various service delivery options including
- Depot Repair Management for centralized repair
- Field Service Management for on-site service
- Service Center Management for service at a local dealership or service center
- Self Service by providing customer access to Knowledge, Support, and Parts
Support for SLA requirements
Commercial service contracts may have such SLA terms as expected response or resolution times, availability of parts, scheduled or condition-based maintenance. Mize solution supports such SLA terms by tracking service requests from initiation to completion.
Customer Portal to simplify access to services
My Customer Portal enables business customers to access information and perform various tasks based on their authorization. Customer portal enables self-service by tracking of all products, plans, and entitlements.
Mize CX Connect provides standard web services based on API and data exchange using different file formats (CSV, Excel, JSON, XML). In addition to portal access, B2B customers can integrate with:
- EAM (Enterprise Asset Management),
- ERP (Enterprise Resource Planning), and
- Service management systems.
Gain Actionable Insights to drive performance
Manufacturers can gain actionable insights against install base and customers to manage the service contract opportunities. Companies can track Key Performance Indicators (KPI) such as Revenues, Earnings, Attach Rates, Renewal Rates, Loss Ratios, and Profitability.
Request a Demo now to learn how you can streamline your commercial service contract processes to grow contract revenues and improve attach & renewal rates.