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Servitisation is the biggest ‘big idea’ since just-in-time and lean manufacturing practices emerged in the 1980s. It offers you the promise of higher profits and competitive advantages. But you’re probably worrying about the potential implications for your company if you embark on a servitisation journey.
In this 15-minute video, The CIM’s Manufacturing Ambassador for Yorkshire Dave Pannell talks with Business Growth Expert Mark Prince about what sevitisation is, and how you can gain a competitive advantage by creating a service-based business model.
- Instead of only offering traditional products which provide you with a one-off purchase value, you also offer service-based products
- Offering service-based products means that you gain a healthy regular income without having to worry about how to make that next product-only sale
- Providing services to your customer base not only increases your revenue but also builds a strong trust-based relationship with them – this means further opportunities for product or service-based sales with them in the future