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 product’s lifetime. These legacy products are the gift that keeps on giving!
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After I published this article, I saw an article titled OEMs Bring More Technology to the Farm with Retrofits in Precision Farming Dealer. Here is the key paragraph in the article, which quotes Deere, Inc.
“If you’re looking at you just got a 2-year-old sprayer or 4-year-old sprayer, and you’re not ready to upgrade to a brand new one, or you just got that sprayer and you want to get the latest and greatest technology, you can do that with See and Spray Premium. You don’t have to go buy a whole new sprayer. You can get that as a precision upgrade on your sprayer today. So, if you’re looking to get little incremental value on your sprayer and take advantage of this technology, what we’re trying to do is not make you fully commit to a totally different sprayer. You can get that, order it, get it installed on your sprayer today, and get this awesome technology where you can go in the field, spray just weeds, cut down on your costs and look at better yields.”
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