For manufacturing businesses, the value of aftermarket services is immense. According to one analysis by McKinsey & Company, the average earnings-before-interest-and-taxes margin for aftermarket services is 25%, compared to 10% for new equipment sales.
For this reason, many equipment manufacturers are looking for ways to boost their aftermarket sales and implement strategies that will help create long-term loyalty with aftermarket customers.
One strategy is to turn technical documentation into a powerful resource for increasing aftermarket services. In this guide, find out the four steps you can use to unlock the value of your technical documents and grow your aftermarket sales.
The first step in creating value from your technical documentation is to assess its current state. In some cases, your documents are not driving value for your business because they need a revamp.
Ask these questions as you work with your team to determine the state of your technical documents:
After thoroughly assessing your technical documents, create a list of areas where you see room for improvement. For example, if you discover no centralized storage system in place, it is time to seek a solution.
If you haven’t already, now is the time to transfer your documents into a cloud-based library. This will help prevent issues with version conflicts and allow teams to collaborate to keep documentation up-to-date.
Additionally, a cloud library will make it easier to search for data and use your technical documents to provide around-the-clock customer support. While it requires an investment of time upfront, a cloud-based solution will actually save your team valuable time in the long run.
Once your technical documents live in a cloud-based library, it is time to leverage this data to improve your aftermarket services. The first place to begin is to publish this data in a customer-facing format.
Sharing up-to-date technical documents and precise information can become invaluable to your clients. Customers can use these documents to troubleshoot issues, find parts for assemblies, and more.
In addition to sharing your technical documents with customers, make sure to integrate them into a self-service system that will allow customers to place new orders.
Through a fully integrated platform, you can leverage your technical documents to become the foundation for a loyal customer base. Clients will begin to rely on your technical data to prevent costly downtime.
Capital equipment seller Atlas Copco Construction (ACC) sees its aftermarket services and technical support as a key point of customer interaction after original equipment sales. As such, the company was searching for a dynamic system that would allow them to share current inventory levels and provide customers with technical data regarding how products should be used.
ACC turned to Documoto to implement a cloud-based library and digital storefront to solve this issue. In doing so, they saw a 4% gain in aftermarket revenues, a significant number as they sell $100s of millions worth of parts and supplies every year.
Documoto enables you to turn your technical documents into a living library of information that will grow your aftermarket services. With our cloud-based platform, you can empower your customers to search for important product information, order new parts, and troubleshoot common issues. Request a free demo today.