JUNE 20198UTILITY IS SERVICE AND SERVICE IS UTILITYBy Avnish Arora, Sr. Vice President - Sales & Marketing, HBL Power Systems LtdA seasoned business strategist, Avnish values practical and agile techniques to transform businesses to the next level, and exemplifies inspiring leadership qualities IN MY OPINIONe are witnessing the increasing trend of technology involvement in our daily lives and this is primarily influenced by both the products & services. This also brings into the fold the relevance of an empathetic service into a product life cycle and in turn derivation of customer satisfaction from it.Factually speaking, if a manufacturer of a technology intensive product is able to value innovate its produce by hand holding its services to the user, it is an unbeatable combination for any utility. This ensures the best realisation of an attractive return on investment for the buyer. According to Forrester research - it costs 5 times more to acquire new customers than it does to keep the existing ones. To make the matters even more serious, the Harvard Business School report claims that on average, a 5 percent increase in customer retention rates results in 25 percent ­ 95 percent increase of profits. The same truths are revealed by KPMG, who found customer retention is the main driver of a company's revenue.The key areas which can be cultivated by offering prompt services to the user can be:· Help Carrying out product improvements by the manufacturer in the long run· Help adding credibility to launching of future value innovations loaded with additional benefits· Help Providing wide variety of commercial choices for repeat requirements· Help creating a self-sustainable eco systemFurther by not forgetting the users after you have serviced them allows to tap and exploit market potential with precision. So one must closely engage with customers through teaching them in a lucid form about the key functional benefits of the product within the gamut of the services it can give and then continue to nurture our loyal users to make them the torch bearers and being instrumental in generating marketing buzz.WAvnish Arora
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