Growing Aftermarket Sales & Service with Digitization - Markus Rimmele on Industrial Growth Insitute Episode 4
Key Points
Digitalization can help middle-market industrial manufacturers improve the buyer experience and differentiate their offerings.
An adapted mindset and digital approaches can help grow high profit aftermarket parts, service and training revenue.
Digital tools can provide an approach to gain entrance to accounts where incumbent competitors are entrenched.
Whether or...
Growing Aftermarket Sales & Service with Digitization - Markus Rimmele on Industrial Growth Insitute Episode 4
Key Points
- Digitalization can help middle-market industrial manufacturers improve the buyer experience and differentiate their offerings.
- An adapted mindset and digital approaches can help grow high profit aftermarket parts, service and training revenue.
- Digital tools can provide an approach to gain entrance to accounts where incumbent competitors are entrenched.
- Whether or not machinery manufacturers like the trend, buyers expect it.
Summary
In this episode, Ed interviews Markus Rimmele, an industrial automation professional. Markus shares his journey from being a field service technician to founding Digitalitum, a company focused on digital transformation in manufacturing.
They discuss tips for mid size industrial manufacturers to boost aftermarket sales and service, and Markus explores the challenges faced by technicians, such as troubleshooting and implementing digital tools, and the importance of change management.
Marcus shares many lessons learned including:
- the need for a hybrid approach in digitalization
- value of cultural diversity and intellectual elasticity
- commitment to helping manufacturers navigate the digital landscape
- the concept of digital transformation and how it is a tool to help businesses become more efficient and provide more value to customers
- importance of understanding the customer's biggest problems and using digitalization to address those issues
- trends driving the need for digitalization in the manufacturing space, such as increasing complexity of machines and a decline in skilled technicians
- how digital tools, such as IoT and immersive technologies, can bridge the skills gap and improve maintenance efficiency
- value of quality and service in capital equipment purchasing decisions - potential for digital services to create recurring and predictable revenue streams
- challenges and misconceptions surrounding digitalization
- insights into the commercial opportunities for OEM manufacturers. T
Takeaways
- Digital transformation is a tool to help businesses become more efficient and provide more value to customers.
- Trends driving the need for digitalization in manufacturing include increasing machine complexity and a decline in skilled technicians.
- Digital tools, such as IoT and immersive technologies, can bridge the skills gap and improve maintenance efficiency.
- Quality and service are important factors in capital equipment purchasing decisions, and digital services can create recurring and predictable revenue streams.
- Challenges in digitalization include resistance to change and concerns about data security, but these can be addressed through proper implementation and cybersecurity measures.
Helpful link - Markus and Ed discuss digitalization and servitization in a webinar conversation https://www.consiliumglobalbusinessadvisors.com/partner-marketing-for-machinery-oems
Learn about my Overall Revenue Effectiveness™ Framework for Industrial Manufacturing Revenue Growth - https://www.consiliumglobalbusinessadvisors.com/overall-revenue-effectiveness-to-help-manufacturers-improve-sales
Check out Markus' website - https://digitalitum.com/
LinkedIn: Markus Rimmele & Ed Marsh
Twitter: Ed Marsh
Instagram: Markus Rimmele & Ed Marsh
YouTube: Markus Rimmele & Ed Marsh
Show Transcript
Industrial Growth Institute on YouTube
Chapters
00:00 Introduction and Background
03:10 Field Service Technician and Lessons Learned
05:56 Meeting Revenue Targets and Building Machines on Site
10:06 Freelancing and Experience Across Industries
12:56 The Importance of a Multilingual and Multicultural Background
15:57 Founding Digitalitum and the Digital Toolbox
25:05 The Power of LinkedIn and Hybrid Approaches
30:00 Cultural Differences and Intellectual Elasticity
35:04 Living the Passion through Digitalitum
36:04 Defining Digital Transformation
37:03 Providing Value to Customers
37:26 Overcoming Resistance to Digitalization
37:49 Drivers for Digitalization in Manufacturing
38:36 Complexity of Machines and Skills Gap
40:06 Digital Tools for Machine Maintenance
41:34 Implementing Customer Portals
42:41 Taking Progressive Steps in Digitalization
43:01 Digital Services Platforms
43:46 Value of Quality and Service in Capital Equipment Purchasing
50:33 Data as the New Gold
54:47 Decay in Overall Equipment Effectiveness (OEE)
58:57 Recurring and Predictable Revenue Streams
01:05:23 Using Digital Services as an Entry Sale
01:10:27 Misconceptions about Digitalization
01:12:42 Commercial Opportunity for OEM Manufacturers
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