Education Based Marketing and the Meaningful Message Strategy

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Ive seen it many times throughout the yearscompanies that believe their potential client base for Aftermarket & Reverse Logistics services is already rearing to go and ready to buy. They assume that their prospects have already made a decision and are currently in the market. However, only about 3% of these potential customers are actually ready to buy today and, most likely, came to this decision without any prior exposure to your companys marketing campaign. How then to attract that remaining 97% who have not yet made a decision to buy? Are they considering it? Not interested? Vaguely open to the possibility? Because of this disparity, your businesss marketing strategy ought to hinge not upon your companys specific capabilities but upon the reasons a potential client should buy in the first place.

Your business must find a way to capture the attention of any still not yet decidedprospects and get the wheels in their heads to spin. Increase the chances that, even though theyre not buying today, they could become buyers tomorrow. Education Based Marketing is a market-data centric strategy that puts the emphasis on trends and hard info rather than descriptions of the company itself. The data you present in an Education Based campaign must deal with broader, overall trends to increase its effectiveness, in addition to a meaningful message, aka the Unique Selling Proposition (USP). This component of Education Based Marketing is extremely important: it focuses on the kinds of challenges your prospective customers business might face and provides solutions without necessarily pushing your own agenda.

How to create a great Meaningful Message

-Make sure to include analysis of current challenges in key areas of market interest

-Measure the impact of industry-specific challenges as they apply to your target market and your ideal customer

-Examine multiple strategies for addressing these challenges, then identify the optimal solution

-Show what the benefits of said optimal solution are in dollars and cents

-Build market awareness of your services

-And finallyput your company at the epicenter of this preferred solution. Present your business as the ultimate provider of the optimal method. 

Having a solid Meaningful Message in your Education Based marketing campaign will elevate your prospects significantly because you are selling yourself as an expert. Potential buyers will trust your insight and will turn to your company when they are ready to pull the trigger and make a purchase. The Meaningful Message defines the selection criteria for the necessary solution and then shows how your company specifically meets all of these needs. Your potential customer base will be at attention once they can understand the problem, which will put them in a position to make a move and buy if they feel you have the solution. 

Additionally, your Meaningful Message will serve to educate your sales team and provide them with ways to effectively win new business. This strategy also gives your business material to use in future white-papers, presentations, press releases, and moreall valuable components to the overall package.

Visit our site today to learn more about how we can help your business cultivate its own Meaningful Message and provide your potential clients with the power of knowledge. 

How is the Liquidation Market Evolving?

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The Liquidation industry has changed a great deal over the past ten years or so. What was once a marketplace built upon relationships between buyers and sellers as well as price of inventory has shifted its focus towards the optimization of excess inventory. These days, its all about sophisticated methods for repurposing that excess and recovering the value within distressed assets. Retailers and Manufacturers (i.e., suppliers) now have a wide variety of options when it comes to liquidation of excess product. Suppliers need their vendors to act as trusted business partners now more than ever. What do vendors, retailers, and manufacturers need to know about the changing landscape of this industry so they can maintain a competitive edge?

The Importance of Information Technology

As technology grows more and more powerful every year, top-tier IT has become increasingly important to operate complex systems like transactions, purchasing trends, and inventory management. Liquidation vendors such as LSI, B-Stock Solutions, and Optoro have all utilized information systems to help them more efficiently manage their businesses. 

Liquidation Providers as Strategic Partners

Suppliers have recently realized that Liquidation is essential to exposing their product to budget-conscious consumers. They are now effectively championing these secondary channels. There are even a number of suppliers who are branding the liquidation platforms managed by 3rd Party Providers so they can sell liquidated products at a premium price. 

Self-Service Liquidation Models

Nowadays, as opposed to sending distressed assets from retail locations to a return center and then to a 3rd Party Liquidator, suppliers are trending towards self-service auction models. This is a solution that reduces logistical handling fees as well as transportation costs because it gives retails and manufacturers the freedom and flexibility to sell products directly from their own return centers. This method also allows the retailer or manufacturer to mark up the price of these products because they have effectively cut out the middle man.

Suppliers Need Flexibility and Options

Liquidation used to be all about selling products to the highest bidder, but no longer. Now, the primary focus has shifted to the optimization and flow of assets in the secondary market. Suppliers want options and flexibility when it comes to how, where, and to whom their products are sold. Its likely that a supplier might utilize multiple liquidators and look to their vendors to manage B2B and B2C liquidation platforms. Its also not unheard of for a B2B liquidation vendor to release a portion of the inventory, on the suppliers orders, to a competing B2C vendor. 

The new rules of the Liquidation marketplace dictate that vendors ought to have strong capabilities in IT management, e-commerce, quality control, and customer service. In particular, a vendor who has a firm handle on software and services has the opportunity to gain a competitive edge. Suppliers too are changing up the game in terms of how they approach the management of their liquidation channels. Suppliers must keep optimizing the flow and value of their products in the reverse logistics supply chain while continuing to build their brand; this demands that liquidation methods be factored into more decision-making than ever before. 

To learn more about how your company can grow to meet the demands of this continuously shifting industry, visit our site today and schedule a consultation for more information about trends and best practices.

Field Service Longevity in a Cloud-Based World

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Cloud computing has revolutionized the way we store and share data across industries. Whether its software as a service (SaaS), infrastructure as a service (IaaS), or platform as a service (PaaS), professionals worldwide have come to depend upon its convenience and accessibility. Smart Technology, the interconnected, intelligent technology facilitated by Cloud Computing, is the backbone of countless global businesses, from education to finance to the food industry. Thanks to the way consumers can use their downsized tech on-the-go nowadays (i.e. smartphones and tablets), its possible for anyone, anywhere, to access the cloud at any time. Businesses like to implement Cloud Computing because its considered a greentechnology, its low cost, and the risk falls upon the provider as opposed to the end-user. However, this revolutionary, user-friendly technology presents a unique set of challenges for Hardware Maintenance companies and FSOs (Field Service Organizations). 

While the Cloud provides access to more efficient, high-tech service solutions (like Remote Diagnostics and Service-CRM), it also has decreased the demand for field service overall. Smart Technology can be implemented remotely and on a miniature scale thanks to our many convenient devices, so the installed hardware base is shrinking. How can FSOs and Hardware Maintenance businesses retain their customer base and continue to grow? Here are just a few tips for surviving Cloud Computing for businesses like these:

Manage Your Installed Base

Protect your installed base density; in hardware maintenance, it is the largest determining factor for driving profits. Understand your Key Performance Indicators (KPIs) inside and out and have a solid working knowledge of all characteristics of service demands. This, paired with an ability to organize and optimize your resource utilization, is key if you want to continue hitting your profit benchmarks.

Utilize Sophisticated Service Management Systems

Use this burgeoning new technology to your advantage. Cloud based Service Management systems can be tremendously beneficial in terms of cost of ownership. These applications provide service optimization in real-time and can be integrated with Smart Technologies to create innovative, efficient service lifecycle management solutionsnot to mention cutting edge services like Business Intelligence (BI) & Analytics plus Remote Diagnostics.

Monetize Your Back-End

Because of the shift in demand, hardware maintenance companies need to seek out new revenue sources if they hope to strike a financial balance. Many businesses have had success by monetizing re-engineered back-end services. For example, increased response time thanks to scheduling optimization could be monetized with a premium priced Service Level Agreement. Marketing tools for improved efficiency to your customer base could prove to be a source of untapped revenue.

Collaborate and Form Partnerships

Because there are so many new and innovative ways to re-engineer service offerings, one company cannot do it all alone. Forging new alliances is the most effective way to build bridges towards profit and growth as well as improve the cost of maintenance services across the board.

Blumberg Advisory Group stands at the ready to steer you and your field service business towards new, exciting opportunities in this cloud-based computing world. Visit our site today and schedule a consultation so we can help you navigate this ever-changing technological landscape and uncover new sources for revenue and ways to grow.

Innovating Reverse Logistics in the Pharmaceutical Industry

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As the former chairperson of The Medical/Pharmaceutical Industry Committee at the Reverse Logistics Association (RLA), I have studied at length the unique challenges of the reverse flow at various pharmaceutical companies.

Pharma industry manufacturers, like consumer technology OEMs, have an opportunity within reverse logistics to redistribute products where they might find greater value, nip potential quality issues in the bud and prevent defects, as well as eliminate the amount of hazardous waste being released into the environment. Pharma companies can also recover and repurpose materials from expired products or those that no longer have economic value. An efficient Reverse Logistics plan can dramatically improve a pharma companys revenue in addition to their bottom line profitabilitynot to mention the potential for increased customer satisfaction and bolstered opportunities within the marketplace.

Some of the trends Ive noticed throughout the pharma industry in regards to Reverse Logistics are:

Disposal & Destruction

How can companies implement cost-efficient (and environmentally sound) methods to destroy and dispose of old products? 

Recall Management

Pharma companies must develop procedures to handle recalls efficiently and proactively. Its also very important to keep public opinions and customer satisfaction positive throughout the procedure. 

Restocking and Rebalancing Product

Its vital to have processes set in place to handle the returns of overstocked items and quickly move these goods to markets where they will be in higher demand. 

Asset Recovery and Liquidation

Materials like plastics found in packaging material have a lot of lingering economic value that ought to be capitalized upon. Its important to recover this type of material and find channels through which to repurpose it. It might also be contributed to regions suffering through economic crises, especially goods that still have useful shelf-life but are no longer being sold as intended. 

Optimization of Transportation and Shipping Costs

Leaving your transportation un-optimized, in any industry, is a major blow to your businesss reverse flow. In the pharma industry, like so many others, its all about identifying new strategies for shipments that result in both increased speed and reduced costs. How can your company further utilize the assets and resources accessible to you? 

Its true that pharma companies are expanding and optimizing their reverse logistics processes across the globe, and there are regulations that pharmaceutical companies in particular must adhere to. Reverse Logistics for all methods of distribution in the healthcare industry is mandatory. The reverse flow of any expired or non-saleable medication must be very carefully regulated and documented to ensure proper disposal, but its also important to keep detailed documentation of these processes in order to take full advantage of potential revenue opportunities. Pharma companies often dispose of a great deal of material that could be repurposedthey are often leaving money on the table. 

Schedule a consultation with us today to get more insight about the specifics of Reverse Logistics as it relates to the pharmaceutical industry. With todays increased environmental and safety concerns, not to mention a slew of new United States healthcare laws, theres never been a better time to optimize your Reverse Logistics System and re-strategize. 

The Benefits of Automated Process Integration

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In a recent survey conducted by the Blumberg Advisory Group, it became clear that one of the greatest benefits of a sophisticated SLM strategy is automated integration of SLM businesses processes, such as parts management, reverse logistics, and field service. Our study found that the destiny of a company’s overall service performance can be traced back to its success in integrating various business functions in the service supply chain.

It’s always encouraging to see hard data backing up strategy, proof that a service business’s success lies within its ability to set goals and make plans. Simply put, our survey revealed that SLM automated process integration gave service organizations a way to meet their benchmarks and perform more efficiently. Meeting or exceeding plans results in better service organization performance, and better performance leads to more efficient plan-creation down the line.

A few examples of organizational SLM processes that work best when integrated in tandem are:

-Product Design and Post Sales Service

-Knowledge Management and EPC (Electronic Parts Catalog)

-Knowledge Management and Field Service

-Reverse Logistics and Field Service

-Call Center and Knowledge Management

-Service Parts Planning and Service Parts Pricing

Automated integration of these composite business functions resulted in organizations with increased performance efficiency in the following areas:

-Service parts fill rate

-Field tech utilization rate

-First time fix rate

-Mean time to repair

Service organizations that met or exceeded their goals using automated process integration reported field technician utilization rates that averaged 81 percent and 85 percent, respectively.

Firms that integrated service processes also reported major improvements in repair times and service parts fill rates. These improvements helped organizations achieve their performance goals and positively impacted the firm’s bottom line.

As seen in the chart below, service organizations automatically integrating call center and field service processes in some manner reported an average time to repair of 14.2 hours, 35% better than the 21.8 hour average time to repair reported by firms that performed those two processes separately. Service organizations that perform knowledge management and call center processes with some degree of automated integration reported average repair times that were one third better than those that did not—15.3 hours compared to 20.3 hours.

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When repairs are faster, businesses also see an increase in positive customer experience. Results like these show us that SLM software is indeed a worthwhile investment, helping service organizations meet their goals and make worthwhile, realistic plans for the future.

Automated SLM process integration also improves the impact on bottom lines. These survey results prove that automation and integration of processes gives service organizations a leg up in terms of generating much greater shares of service revenue, as a percentage of their companies’ total revenues. 

In short, automation and integration of SLM processes give businesses a boost in terms of quality and productivity, which results in a better customer experience, more efficient service operations, and an increase in service revenue. All in all, the benefits of sophisticated SLM process integration are clear.

To learn more about SLM software and find out if your business is ready to integrate, feel free to take a look at one of our previous blog posts on the topic and visit our site for more information on how the Blumberg Advisory Group can help you meet and exceed your business’s goals.