CompoundCo. a global operator in the commodity industry provided services bundled with its products as competitive differentiator. Therefore services were mentioned but not charged separately. Now CompoundCo. sought to monetize its services along with its products, thus they wanted to identify successful service-sales implementation strategies.
“In order to gain customers’ trust, we need to prove that we are capable of providing the complete service package and that it will have benefits.”
Senior ExecutiveCompoundCo. an established supplier of commodity goods to incumbents in the industry sought to shift its offering. CompoundCo. currently offers services bundled with its products, which is an industry norm. But CompoundCo. seeks to change this by separating pricing for products and services, as this will provide opportunity for higher monetization.
The key topics in the project were:
Q1. What are the Service sales strategies used by peer companies?
Q2. What are the obstacles encountered in the service sales process?
Q3. What are the coping mechanisms to counter obstacles in service sales?
The services provided by CompoundCo. were bundled with products, are currently not separately as a line item. To shift from this, CompoundCo. needed to operationally understand key aspects of service sales such as service categorization methods, sales and pricing strategies. Therefore CompoundCo. conducted a benchmark study inorder to successfully define its services catalogue and launch service sales.
CompoundCo. utilized SCG’s on-demand workforce for a time-boxed sprint for this benchmarking study.
The SCG's agile workforce began the process by identifying the key sources for insight collection. Next, along with CompoundCo. team a list of key topics were identified, these included sales organization structure, information flow tool capability, and demand identification.
Based on above the SCG's agile workforce identified entry level strategies for CompoundCo. Additionally, insights on resource allocation and service categorization along with case studies from peer companies were provided. Next the SCG's agile workforce identified the various pricing models used by peer companies and the packaging strategies.
Based on the above analysis, the SCG's agile workforce developed customized service packages with specific values required by CompoundCo. In addition, the SCG's agile workforce provided a roadmap for service categorization and practices for effective service sales implementation
SGC’s on-demand workforce provided CompoundCo. a framework to build service offerings that are monetizable and measurable. Through this project, CompoundCo. acquired strategies for transformation towards a service organisation that can further impact their revenue potential and increase it by over 20%.
“I was happy with the work and the insights were valuable.”
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