1. Turn Refurbished Parts into Revenue
Anyone in the Repair & Return industry knows that not all products sent in to be repaired are returned to the customer. As a matter of a fact, the Aberdeen group states that this occurs at least 30% of the time. If you aren’t reselling these refurbished products to customers, manufacturers and suppliers at a discount, you are missing out on a huge opportunity of additional revenue. And if you want to become best in class in the industry, hire a dedicated sales team for these products. You can increase sales of these products by more than 10%, directly impacting your top line and maximizing the value already produced products.
2. Standardize your Return, Repair & Refurbishment Processes
Providing a superior customer experience is directly linked to increased revenues and success in today’s competitive environment. The easiest way for service organizations to provide this is to set the right expectations up front when creating service contracts, ensuring that both your customer and workforce are aware of exactly what needs to be done and when. Defining and standardizing your processes will significantly decrease delays and bottlenecks while increasing customer satisfaction.
3. Get Paid for RMA Pick up
If you sell and service small or easily portable products or equipment, you probably have faulty items shipped to your repair center. But what if you offered technician pick up service instead? Many customers would be more than willing to pay for the convenience of this type of service. A few additional stops for your field technicians and you now have an additional source of revenue, happier customers, and a way to set yourself apart from your competition.
4. Don’t Let Warranty Renewals Slip through the Cracks
If you are not closely tracking all active warranties, then you are missing out on a huge amount of potential revenue. Making sure that your sales team contacts all customers prior to warranty or contract expiration will increase your renewal rate and your company’s income. Contract management software makes this process simple and straightforward by sending automated alerts and providing quick warranty renewals.
5. Automate your Return & Repair Process
The easiest way to increase your repair center revenue is to automate your processes. Automation speeds up the entire cycle, adds standardization, increases consistency & efficiency, enables the reduction of excess inventory, and provides insight into the location, quality and condition of all parts and products throughout the service lifecycle. Aberdeen reports that organizations that have automated tracking have seen a 4% decrease in total repair and refurbishment costs and have been able to reclaim 28% of the initial value of their parts and products.
If you want to learn more about how to drive revenue, as well as how to cut costs, increase efficiency and raise the ROI of your repair operation check out our Depot Repair Solution and our Contract Management Solution or Contact Epiphany for a personalized demo.