Treat Your Service Portfolio as a Product Line

Treat Your Service Portfolio as a Product Line

Treat Your Service Portfolio as a Product Line

Service and success programs are a significant source of revenue. To assure that they yield their maximum revenue potential they must keep pace with customer needs and expectations.

Formal Product Management of Service Portfolios

Treat service portfolios as valuable offerings by assigning dedicated program management resources to keep offerings up to date and relevant. Consider the following:

Develop service and success portfolios that span delivery silos (Support, Success, Education, Professional Services, etc.).

 

Assign a full-time dedicated product manager to lead program management activities for the service / success portfolios across service disciplines and related product families.

 

Establish goals and objectives for the service program manager based on performance and revenues directly associated with sale and renewal of service and success offerings.

 

Grow the team of portfolio product managers to keep pace with the size, complexity, and financial performance of the service portfolio.

 

To assure that your service and success portfolio remains relevant to customer needs review and update offerings on an ongoing basis.  Consider adding new offerings and enhancements as customer needs evolve.  Be certain to define and articulate the value of all offerings and reinforce service benefits to help sustain customer relationships.

Featured: Success Marketing and Portfolio Management

The eight fundamental Success Marketing and Portfolio Management practices are defined and described within this report.

Log-in to get your copy.

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

Eight Strategies for Keeping in Touch with Customers

Healthy customer relationships require an ongoing dialogue through digital media, self-help, communities and direct interaction with Support and Customer Success team members. This article introduces eight customer interaction best practices to engage and retain your customers.

read more

Six Steps to Effective Customer Success Planning

Planning for customer success starts with establishing how your customers define success with your products. By understanding what your customers expect it is possible to align resources to help customers achieve their desired outcomes. Six steps to effective Customer Success planning practices to engage and retain your customers.

read more

Stop Selling Support and Start Selling Success

Stop Selling Support and Start Selling Success

Stop Selling Support and Start Selling Success

It is no longer enough to attach a support program to a product sale. Effective Success Sales teams must be able to establish long term service relationships that last and grow well beyond the initial sale.

Success Sales Effectiveness

Success sales effectiveness is optimized when Sales teams are knowledgeable of service programs and can articulate a compelling value proposition for long term service benefits.  To maximize sales effectiveness, companies must establish formal success training programs.  Consider the following:

Establish a formal success sales curriculum to instruct sales representatives responsible for selling services (direct and through partners).

Instruct sales teams in the identification of success opportunities.

Provide opportunities for instructor led classroom and virtual training.

Supplement core training with periodic updates delivered through self-paced instructional videos and/or periodic live webinars.

Include coverage of core offerings, value proposition, use cases and overcoming objections.

Supplement sales training with supporting tools and reference materials.

Establish competency-based testing to verify sales representative knowledge. (internal sales staff and partners).

Assure that all service sales staff have been full trained, and their knowledge tested.  Monitor sales effectiveness by measuring initial service contract sales (attach), renewal rates and the rate that service revenue grows from expansion selling.

For additional insights into how to effectively market and sell services, consider the following featured report:

Featured: Success Marketing and Portfolio Management

The eight fundamental Success Marketing and Portfolio Management practices are defined and described within this report.

Log-in to get your copy.

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

Eight Strategies for Keeping in Touch with Customers

Healthy customer relationships require an ongoing dialogue through digital media, self-help, communities and direct interaction with Support and Customer Success team members. This article introduces eight customer interaction best practices to engage and retain your customers.

read more

Six Steps to Effective Customer Success Planning

Planning for customer success starts with establishing how your customers define success with your products. By understanding what your customers expect it is possible to align resources to help customers achieve their desired outcomes. Six steps to effective Customer Success planning practices to engage and retain your customers.

read more

Treat Your Service Portfolio as a Product Line

Your Support Value Proposition is Out of Date

Your Support Value Proposition is Out of Date

Changes to product licensing – perpetual to subscription – will change the services and benefits customers need and expect from you. Make sure that your value proposition is up to date and relevant to the way you license products and deliver services.

From Product to Subscription-Centric Value

The benefits promised from post-sales services need to reflect the needs and expectations of customers.  Support and post-sales service benefits can be so much more than commitments to keep technology up to date or the speed that issues will be responded to.  Customers need and expect that your products will positively impact their business.

Consider how the elements of your service value proposition must change as you switch from product-centric perpetual licensing to subscription services.

Recommendations

 

  • Make sure that your value proposition is aligned with the way that you license products and deliver services.

  • Structure your value proposition to convey how your services will help customers use your products (onboarding and adoption) and apply them effectively (success services) to yield tangible business outcomes.

  • Evaluate your current service offers and consider what if any new services are required to meet customer needs and expectations.

  • Train and enable sales channels (direct and partners) to articulate your services value proposition.

  • Reinforce service value throughout the customer relationship – not just prior to renewal.

Featured: Success Marketing and Portfolio Management

The eight fundamental Success Marketing and Portfolio Management practices are defined and described within this report.

Log-in to get your copy.

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

Eight Strategies for Keeping in Touch with Customers

Healthy customer relationships require an ongoing dialogue through digital media, self-help, communities and direct interaction with Support and Customer Success team members. This article introduces eight customer interaction best practices to engage and retain your customers.

read more

Six Steps to Effective Customer Success Planning

Planning for customer success starts with establishing how your customers define success with your products. By understanding what your customers expect it is possible to align resources to help customers achieve their desired outcomes. Six steps to effective Customer Success planning practices to engage and retain your customers.

read more

Selling Service Value

Selling Service Value

Selling the value of service is making the case for why the customer is better off with it than without. Selling services demands that you establish a credible and compelling value proposition.

The Guide to Selling Service Value

Selling services demands that you establish a credible and compelling value proposition. The value proposition describes the relationship between the price and benefits from the services a customer receives. To be compelling, the benefits must be perceived to exceed the cost. Service benefits may be intangible – insurance against risk, or tangible – a commitment of specific resources or attainment of a specific outcome.

Although difficult, it is imperative to quantify the value of all service benefits so that they can be compared to the price. A compelling value proposition is fundamental for successful sales and renewal activities. Selling the value of services requires the following:

 

  • Understand your customers’ needs and expectations from the product and services they buy from you.

  • Offer a robust portfolio of services. Not all customers will need or benefit from the same types of service so develop offerings that can align to the customer segments you serve.

  • Set reasonable prices for your offerings. This does not suggest that reasonable is low, but it must be justifiable. Customers must understand and agree that the benefits of service are consistent with the price they pay.

  • Create a clear and compelling value proposition.

  • Help sales channels and renewal teams understand the elements of the value proposition so that they can clearly articulate it to customers during sales and renewal activities.

Support Program Design, Competitive Analysis and Pricing Strategy

Support program design and pricing is challenging. Contact me to learn how ServiceXRG can help you determine if your service portfolio is up to date and aligned with customer needs.

  • Do you offer the right programs?
  • Is your portfolio Customer Success-Ready?
  • Do customers need more or less than what you offer?
  • How well is your pricing aligned with customer expectations?
  • What do your competitors offer and what do they charge?

Contact us now to learn how we can help develop and optimize support and services portfolio offers.

Chat with us (see link on right side of screen), send an e-mail to tsweeny@servicexrg.com, or use our contact form.

Featured: Selling Service Value

Selling services demands that you establish a credible and compelling value proposition. To be compelling, the benefits must be perceived to exceed the cost. This playbook describes the essential steps to develop a compelling value proposition to maximize support sales and renewal activities.

Login to get your copy.  Not a Member?  Learn more about our Service Success programs or contact us.

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login to Access the Full Report

If you don’t have an account, create a free* membership.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Success Access – Open” shortcode=”wcm_restrict” plans=”success_plan” start_after_trial=”off” _builder_version=”3.26.6″]

[/et_pb_df_wc_restrict_content_close_tag][et_pb_df_wc_restrict_content_open_tag admin_label=”Success Enterprise / Team – Open” shortcode=”wcm_restrict” plans=”success-enterprise-plan, success-team-plan” start_after_trial=”off” _builder_version=”3.26.6″ z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login

*Membership level determines your access to ServiceXRG research and other member services. Paid memberships include access to research and playbooks. Free memberships include access to some reports and discounts to others. Please visit our membership page for a list of available membership programs.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/wcm_nonmember]

[/et_pb_df_wc_restrict_content_close_tag]

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

How Much Should You Charge for Support?

How much should you charge for Support?  It’s a driving question as your organization seeks to drive recurring revenue growth. And it’s a balancing act. Let’s explore a Support pricing model that’s been shown to work equally well for businesses and their customers.

read more

GUEST POST: Sell Services Faster and More Accurately

Company executives understand that selling services alongside core product offerings leads to greater alignment and customer value, while subsequently decreasing the likelihood of customer churn and loss of recurring revenue. Well-defined services and the means to sell them are imperative. so why is selling services so difficult? This article introduces 10 ways to help Sales teams sell services.

read more

Is It Time to Modernize Your Service Portfolio?

Modern, well-defined post-sales service portfolios that combine elements of Customer Support and Customer Success can significantly increase your ability to help customers use and apply products; reduce churn; and expand revenue growth. This article will help you to determine the type of post sales service portfolio you need.

read more

Treat Your Service Portfolio as a Product Line

Service and Success programs are a significant source of revenue. To assure that they yield their maximum revenue potential, treat service portfolios as strategic offerings in the corporate portfolio by assigning dedicated program management resources.

read more

Top Reasons Why Customers Do Not Buy Services

Top Reasons Why Customers Do Not Buy Services

Why don’t customers buy services? Because they believe they do not need the coverage or that they do not feel that the costs outweigh the benefits. Selling the value of service is making the case for why the customer is better off with it than without. Selling services demands that you establish a credible and compelling value proposition.

Overcome Customer Objections

Selling the value of service is making the case for why the customer is better off with services than without. Selling services demands that you establish a credible and compelling value proposition to equip your sales channels with the knowledge and skills to overcome customer objections.

Top Reasons Customers Do Not Buy Services

Why Customers Don’t Buy Services

The primary reason customers do not buy services is that they do not feel that they need what is offered. Sometimes customers do not buy services because they are simply not given the opportunity to do so. In other cases, customers react to the cost of services and feel the price is too high, or they simply cannot afford to purchase a service contract.

When customers express that they do not need services there is also a consideration for the price they are asked to pay.  If services were free, then they would most certainly take the services.  This “I can do without” attitude combined with some degree of price sensitivity demands that we equip our sales channels with the knowledge and skills to overcome customer objections.

Establish a Compelling Value Proposition

The value proposition describes the relationship between the price and benefits from the services a customer receives. To be compelling, the benefits must be perceived to exceed the cost. Service benefits may be intangible – insurance against risk, or tangible – a commitment of specific resources or attainment of a specific outcome.

Although difficult, it is imperative to quantify the value of all service benefits so that they can be compared to the price. A compelling value proposition is fundamental for successful sales and renewal activities. Selling the value of services requires the following:

  • Understand your customers’ needs and expectations from the product and services they purchase from you.
  • Offer a robust portfolio of services. Not all customers will need or benefit from the same types of service so develop offerings that can align to the customer segments you serve.
  • Set reasonable prices for your offerings. This does not suggest that reasonable is low, but it must be justifiable. Customers must understand and agree that the benefits of service are consistent with the price they pay.
  • Define a clear and compelling value proposition.
  • Help sales channels and renewal teams understand the elements of the value proposition so that they can clearly articulate it to customers during sales and renewal activities.

Support Program Design, Competitive Analysis and Pricing Strategy

Support program design and pricing is challenging. Contact me to learn how ServiceXRG can help you determine if your service portfolio is up to date and aligned with customer needs.

  • Do you offer the right programs?
  • Is your portfolio Customer Success-Ready?
  • Do customers need more or less than what you offer?
  • How well is your pricing aligned with customer expectations?
  • What do your competitors offer and what do they charge?

Contact us now to learn how we can help develop and optimize support and services portfolio offers.

Chat with us (see link on right side of screen), send an e-mail to tsweeny@servicexrg.com, or use our contact form.

Featured: Selling Service Value

Selling services demands that you establish a credible and compelling value proposition. To be compelling, the benefits must be perceived to exceed the cost. This playbook describes the essential steps to develop a compelling value proposition to maximize support sales and renewal activities.

Login to get your copy.  Not a Member?  Learn more about our Service Success programs or contact us.

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login to Access the Full Report

If you don’t have an account, create a free* membership.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Success Access – Open” shortcode=”wcm_restrict” plans=”success_plan” start_after_trial=”off” _builder_version=”3.19.8″]

[/et_pb_df_wc_restrict_content_close_tag][et_pb_df_wc_restrict_content_open_tag admin_label=”Success Enterprise / Team – Open” shortcode=”wcm_restrict” plans=”success-enterprise-plan, success-team-plan” start_after_trial=”off” _builder_version=”3.26.6″ z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login

*Membership level determines your access to ServiceXRG research and other member services. Paid memberships include access to research and playbooks. Free memberships include access to some reports and discounts to others. Please visit our membership page for a list of available membership programs.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/wcm_nonmember]

[/et_pb_df_wc_restrict_content_close_tag]

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

How Much Should You Charge for Support?

How much should you charge for Support?  It’s a driving question as your organization seeks to drive recurring revenue growth. And it’s a balancing act. Let’s explore a Support pricing model that’s been shown to work equally well for businesses and their customers.

read more

GUEST POST: Sell Services Faster and More Accurately

Company executives understand that selling services alongside core product offerings leads to greater alignment and customer value, while subsequently decreasing the likelihood of customer churn and loss of recurring revenue. Well-defined services and the means to sell them are imperative. so why is selling services so difficult? This article introduces 10 ways to help Sales teams sell services.

read more

Is It Time to Modernize Your Service Portfolio?

Modern, well-defined post-sales service portfolios that combine elements of Customer Support and Customer Success can significantly increase your ability to help customers use and apply products; reduce churn; and expand revenue growth. This article will help you to determine the type of post sales service portfolio you need.

read more

Treat Your Service Portfolio as a Product Line

Service and Success programs are a significant source of revenue. To assure that they yield their maximum revenue potential, treat service portfolios as strategic offerings in the corporate portfolio by assigning dedicated program management resources.

read more

Making the Case – Overcoming Customer Objections to Buying Services

Making the Case – Overcoming Customer Objections to Buying Services

A credible value proposition based on what customers need and want from Services is the best way to overcome customer objections to buying services.

Making the Case for Services

Customers want the products they purchase to work.  Many understand that technology is inherently complex and access to expertise and periodic updates are worth the investment.  This is particularly true if a product is considered business critical. Some customers conclude that they need Services on their own, many do not however and need to be convinced.

Selling the value of service is making the case for why the customer is better off with service than without.  Selling services demands that you establish a credible and compelling value proposition built upon the understanding of what customers want and need from services.

Top Reasons Customers Use Services

Customers that purchase services are most likely to use them to adopt and use products effectively and not simply to fix problems. 

The value of services must therefore emphasize Services’ ability to provide tools and resources to help customers implement, learn and use product effectively.  A complete and compelling value proposition must also recognize that if product issues do arise, services are available to respond quickly.

Top Reasons Customers Use Services

Most Important Attributes of Service

The services characteristics customers want most are access to expertise when they need it. They expect service organizations to be available during reasonable hours and to be responsive to requests for help.  As noted above, access to technical expertise is not simply about fixing issues, it must also be used to provide training and coaching to help customers apply products more effectively. 

Most Important Attributes of Service

Support Program Design, Competitive Analysis and Pricing Strategy

Support program design and pricing is challenging. Contact me to learn how ServiceXRG can help you determine if your service portfolio is up to date and aligned with customer needs.

  • Do you offer the right programs?
  • Is your portfolio Customer Success-Ready?
  • Do customers need more or less than what you offer?
  • How well is your pricing aligned with customer expectations?
  • What do your competitors offer and what do they charge?

Contact us now to learn how we can help develop and optimize support and services portfolio offers.

Chat with us (see link on right side of screen), send an e-mail to tsweeny@servicexrg.com, or use our contact form.

Featured: Selling Service Value

Selling services demands that you establish a credible and compelling value proposition. To be compelling, the benefits must be perceived to exceed the cost. This playbook describes the essential steps to develop a compelling value proposition to maximize support sales and renewal activities.

Login to get your copy.  Not a Member?  Learn more about our Service Success programs or contact us.

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login to Access the Full Report

If you don’t have an account, create a free* membership.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Success Access – Open” shortcode=”wcm_restrict” plans=”success_plan” start_after_trial=”off” _builder_version=”3.26.6″ z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]

[/et_pb_df_wc_restrict_content_close_tag][et_pb_df_wc_restrict_content_open_tag admin_label=”member – Open” shortcode=”wcm_restrict” plans=”success-enterprise-plan, success-team-plan” start_after_trial=”off” _builder_version=”3.26.6″ z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]

[/et_pb_df_wc_restrict_content_close_tag]

[et_pb_df_wc_restrict_content_open_tag admin_label=”Not Logged In – Open” shortcode=”wcm_nonmember” start_after_trial=”off” _builder_version=”3.0.100″]

[/et_pb_df_wc_restrict_content_open_tag]

Login

*Membership level determines your access to ServiceXRG research and other member services. Paid memberships include access to research and playbooks. Free memberships include access to some reports and discounts to others. Please visit our membership page for a list of available membership programs.

[et_pb_df_wc_restrict_content_close_tag admin_label=”Not Logged In – Closed” shortcode=”wcm_nonmember” _builder_version=”3.0.100″]

[/wcm_nonmember]

[/et_pb_df_wc_restrict_content_close_tag]

Related Articles

Customer Success Marketing and Portfolio Management

Technology service programs are evolving to offer new value and benefits such as use and adoption assistance and resources to help attain successful outcomes. As technology service programs change service marketing must evolve beyond selling the initial service engagement and focus on sustaining and growing relationship value.

read more

How Much Should You Charge for Support?

How much should you charge for Support?  It’s a driving question as your organization seeks to drive recurring revenue growth. And it’s a balancing act. Let’s explore a Support pricing model that’s been shown to work equally well for businesses and their customers.

read more

GUEST POST: Sell Services Faster and More Accurately

Company executives understand that selling services alongside core product offerings leads to greater alignment and customer value, while subsequently decreasing the likelihood of customer churn and loss of recurring revenue. Well-defined services and the means to sell them are imperative. so why is selling services so difficult? This article introduces 10 ways to help Sales teams sell services.

read more

Is It Time to Modernize Your Service Portfolio?

Modern, well-defined post-sales service portfolios that combine elements of Customer Support and Customer Success can significantly increase your ability to help customers use and apply products; reduce churn; and expand revenue growth. This article will help you to determine the type of post sales service portfolio you need.

read more

Treat Your Service Portfolio as a Product Line

Service and Success programs are a significant source of revenue. To assure that they yield their maximum revenue potential, treat service portfolios as strategic offerings in the corporate portfolio by assigning dedicated program management resources.

read more

Pin It on Pinterest