Servitization Strategies

Servitization strategies refer to the shift by companies from merely selling products to offering comprehensive services that enhance those products. For example, instead of just selling machines, a manufacturer might provide maintenance, training, and support, turning the product into part of a broader service package. This approach helps businesses create stronger relationships with customers, generate recurring revenue, and differentiate themselves in competitive markets. Essentially, it's about focusing on customer needs and delivering value beyond the initial sale.