Selling Industry 4.0
The new sales mind-set for connected products
Industry 4.0 has radically changed the products companies make and how they make them. But, how do these products impact how they sell them?
In Selling Industry 4.0 we examine the opportunities—and challenges—an Industry 4.0-enabled world brings to the sales process. While clients are typically open to new technologies and products, they may not always understand the value proposition right away. Further complicating matters, such investments can carry higher price tags.
Industry 4.0 technologies can change the sales relationship in several key ways:
- Longer sales cycles and broader sets of stakeholders. Industry 4.0-driven products and services are often characterized by increased complexity, a broader array of functionality and technological specifications, and capability for deeper connectivity. Getting in early can mean the difference between making the sale—or missing out.
- Greater involvement and support from a network of vendors and providers. Large, more complex deals requiring integration of multiple systems can mean that selling extends beyond a single organization—and even the customer—to a network of contributors.
- New opportunities in aftermarket support. For original equipment manufacturers that have seen value “leakage” to third-party providers of aftercare services, Industry 4.0-enabled products can help reclaim the relationship with the customer.
- New pricing models. Firms can use the data to develop pricing models based on outcome, which opens up opportunities to sell in new and different ways.
New products and services. The digital aspect of smart, connected products means the vast amounts of data generated by the machines can become a product in their own right.