A new benchmark instrument could help companies identify the services that generate the most revenue for them.
The Technology Services Industry Association has launched a tool designed to evaluate service revenue generation metrics, according to an article on the Service Visions blog. This is big news for anyone looking to grow service revenue streams.
It’s a great way of creating your list of service offerings based on standards. Constantly measuring services that customers actually use or identifying services they don’t use is the smart way to adjust and improve those standards.
That means every time you take a customer service call, your management software has to reference their customer contract, and any service you provide on a call-by-call basis is cataloged within the service agreement history. This will allow you to aggregate agreement services and measure usage across customer segments.
For services your customers never use, you may want to reallocate resources or even consider eliminating that service. Heavily used services represent opportunities to maximize your potential revenue. By monitoring customer usage, you can focus on what they are buying and sell them more of that service or expand your offerings in that area.
As the Service Visions article points out, this new benchmark takes the guesswork out of what services are really driving revenue.
Source: Service Vision, June 2012