Gone are the days when industrial companies saw services as an afterthought. Modern executives recognize the potential for growth and stabilization in the service business. A global Bain survey of 51 industrial companies in 2020 revealed that services made up an average of 35% of revenue and 60% of profits. Effective service can increase the lifetime value of products, help retain customers, stabilize the company’s revenue against external shocks, and grow profits. Value-added services that combine product, service, and digital solutions hold even more potential as we enter a service-based future.
About the University of St.Gallen
Founded in 1898, the University of St.Gallen in Switzerland consistently ranks among the top European business schools. The university is internationally recognized for the excellence of its integrative education through EQUIS, AACSB, and AMBA accreditation. Its programs in business administration, economics, law, social sciences, and international affairs attracts a diverse and motivated student body of 9,000 students from 83 countries.
Industrial Services: How to Sharpen the Go-to-Market Strategy
Industrial companies are increasingly prioritizing their long-neglected service business. But many are struggling to find the right commercial model.