Service Contract Management: Winning Strategies for Managing Customers’ Expectations

May 09, 2009 in Sales & Marketing

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Best-in-Class companies achieved a 90% contract renewal rate.
Best-in-Class companies experienced a 28% improvement in service-level agreement / contract compliance over the past two years.
Best-in-Class companies achieved a 26% increase in total service revenue over the past two years.

Closing the sale of a service contract is not an end unto itself. Rather, it represents the culmination of one set of business development processes, and the start of a subsequent set of after-sale processes. All of these business processes must focus on assisting the organization’s ability to make a real contribution to the bottom line, improve customer satisfaction and yield a larger - and more predictable - revenue stream. Best-in-Class organizations do a much better job of packaging, selling, and managing service contracts than do all others; but there are some key areas where even the leading service organizations still fall short.