Contractor Marketing: 3 Service Marketing Lessons you can Learn From Comcast
Earlier this week Comcast announced that it will be launching a new home energy management service to Xfinity customers. The new service gives homeowners the ability to remotely control HVAC systems through a web-based software solution. Comcast customers will be able to log in from any location and access and manage their home temperature through a smart thermostat. I assume Comcast will be selling the equipment and software service as a monthly subscription – increasing customer retention and monthly recurring revenue. This service compliments other Comcast offerings like home security, movie streaming and even computer tech support services. Comcast offerings are moving far beyond the cable market and are now stretched into several service verticals including: alarm and security, IT service, telecommunications and now HVAC.
Love them or hate them, Comcast executives understand the consumer service market and are slowly increasing their market share outside of the cable market through value-added service offerings. Here are 3 lessons you can take away from Comcast:
- Exclusive Differentiation – What can you deliver that no one else delivers in your market? Comcast has enhanced product offerings built into their Xfinity service offering. These services increase customer loyalty and build long term retainable value of customer relationships. Let’s say I pay $199 per month for cable and internet service. Over a 5 year term I’m worth $12k to Comcast. With the new home energy management service, which may be valued at $19.95 per month that increases not only the customer revenue value by $1200 per year but may also increases my retainable value to a potential 7 or 10 years as a Comcast customer.
- Place a Net Around Existing Customers - Generating a new customer is expensive and is much more difficult than increasing the long term value of your existing customer base. Comcast does a great job of including value-add special offers in monthly billing statements, frequently runs direct mail campaigns to existing customers and runs ads on their TV network for upgrades and enhancements to service. What can you do to communicate with your existing customers to consistently stay in front of them and provide value-added services?
- Customer Convenience – Purchasing or upgrading from Comcast is as easy as pressing a button on your remote control. Infact, you can even purchase items from home shopping networks by pressing buttons on your remote. Comcast has done a good job of taking the guess work and has reduced the barriers to make a purchase. This includes technology, a 24 hour sales call center, customer support and various internet executions.
About The Author
: Steve Teneriello is the Founder of The Service Coach and is a seasoned senior marketing strategist and business development professional experienced in both residential and commercial sales and digital marketing. Throughout his career Steve has worked with over 300 small to medium-sized service business owners helping them develop and implement systematic and formula driven marketing, sales and operations strategies that fuel growth and profitability. Learn More About Steve Here