Market Research Is Not a One-and-Done Process

Market Research Is Not a One-and-Done Process

According to Investopedia, the term market research refers to “the process of evaluating the viability of a new service or product through research conducted directly with potential customers.” It allows a company to define its target market and get opinions and...
Why Pricing Services is Critical to OEMs Performance

Why Pricing Services is Critical to OEMs Performance

If you are responsible for pricing in an OEM business, you have three major revenue streams: finished products, spare parts, and services and service contracts. In the life science business and a few others, most of your income and profit comes from selling a fourth...
Growth from Your Installed Base of Legacy Products

Growth from Your Installed Base of Legacy Products

If you make tangible products and have been in business for more than seven or eight years, you have legacy products in your installed base. That is fine because industrial OEMs expect after-sales service to generate eight to 10 times the original sales revenue during...
The Primary Tool for Growth Is Innovation

The Primary Tool for Growth Is Innovation

Recently, both inflation and labor reports have indicated that the likelihood of a recession is declining. An improved economy means business leaders can take one eye off economic risk and increase their focus on growth (total revenue and earnings before interest,...
OEMs Need a SWAT Team to Keep Improving

OEMs Need a SWAT Team to Keep Improving

Do you feel calm and relaxed when you walk out to your car in the evening? When you get home, are you ready to deal with the typical family and household issues, or do you want to be left alone in a quiet corner? It is usually the latter if you have a bad day in the...