Revenue Generating Programs & Products for the Construction Equipment Industry
Construction equipment manufacturers and dealers learned the hard way during the last several years just how dangerous it can be when sales drop precipitously. Perhaps, like many, you started looking around for additional revenue generating ideas to tide you over. Just because financial times are now on the upswing for the construction equipment industry doesn’t mean you should stop looking for more diverse revenue streams.
Diversification is a smart business plan regardless of today’s economic times. We all learned in grade school about “banana republics,” dependent on a sole source of income. The same is true in the construction equipment industry, and for every other type of business. It’s simply too risky not to have multiple income sources.
Right now is the best time to diversify.
Earn more money.
Certainly, the more ways you have to create income, the better protected you are against the next downtown. But diversification isn’t simply a hedge, it is the headwaters of new revenue generating streams. What OEM or dealer doesn’t want to earn more money in good times, as well as bad?
Specialized financial services are the perfect opportunity. We’re talking about extended warranty products your customers already need and loyalty programs your customers definitely want. Offering these highly relevant programs – and tailoring them to individual customer needs – increases your value to customers, helps them save money and adds revenue to your bottom line, too.
Extended service contracts, physical damage coverage and loss damage waivers all enable customers to protect their investment in the lifeblood of their business – their heavy-duty equipment. Loyalty programs reward them for doing business with you on an ongoing basis and give them compelling incentives to stick with you.
Less work, more profit.
Specialized financial services are easy to implement and low-maintenance, so you earn more without taking on a lot of extra work. That delivers more profit.
Extended service contracts cover the shortfall between your customer’s expectation of product reliability and dependability and the actual design, content and assembly performance. For you, it’s a management tool that assures customer satisfaction over the entire ownership experience. ADI has developed a custom warranty management software system – Warranty Connect – which streamlines and automates the entire warranty process for both OEMs and dealerships, seamlessly connecting manufacturer, dealer and machine owner, 24/7.
We’re also the first and only company to offer construction equipment insurance products like loss damage waivers and physical damage coverage, in a way that allows dealers to directly benefit from the sale and revenue of these products. We do that by seamlessly making your dealership an insurance agent – by piggybacking on our expertise and licensing, you can better serve your customers with products they really need, and earn income at the same time.
With competition tighter than ever in the construction industry, and narrowing opportunities to land deals, dealers and OEMs must adopt new, creative methods of finding and retaining customers. You can do both by implementing a customer rewards program. ADI makes that easy, too, with a Customer Loyalty Platform specifically designed for this industry. The platform enables you to provide consistent, relevant incentives that can transform promising leads into sales and one-time customers into dedicated customers-for-life.
Looking for the smartest way to diversify? Specialized financial services expand opportunities for manufacturers and dealers to generate ongoing revenue long after equipment has left the floor.