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Best Practices in Service Offer Development

Offered to: Service Revenue Generation Members

This award recognizes the company that has demonstrated best practices in its portfolio of service offers.

Overview: What You Did

Provide an overview of your best practice at a high level. Details* might include, among others:

  • Business challenges that led to the best practice, e.g., decline in service revenues, drop in attach rates, shift toward cloud-based technology offering
  • Strategy utilized to identify the change in customer needs in order to reposition your services portfolio, e.g., market analysis conducted, segmentation analysis, etc.
  • The value proposition of your new portfolio versus your old portfolio
  • The actual changes made to your portfolio, e.g., addition of outcome-based service offerings
  • Internal collaboration required to bring the new service offers to market
  • Organizational change management issues
  • Roadblocks or challenges faced, and how you overcame them
  • Lessons learned. What would you do differently next time? What can others learn from your journey?

Business Impact: How This Best Practice Has Helped Your Company

Describe how your best practice has impacted business outcomes for your company. Provide supporting evidence*, such as:

  • How the new service offerings contributed to service revenue growth:
    • Percentage of customers who have purchased the new services
    • Service revenue dollars associated with new service offerings
  • How the new service offerings contributed to gross margin expansion (profitability)
  • How the new service offerings contributed to critical KPIs: renewal rates, customer retention/churn rates, attach rates, product/technology refresh frequency, technology upsell/cross-sell, technology consumption (i.e., reducing the consumption gap)
  • Cost savings

Customer Impact: How This Best Practice Has Helped Your Customers

Detail how your innovation has positively impacted your customers.  Provide supporting evidence*, such as:

  • The value of your new service offerings in terms of business benefit/ROI to the customer, e.g., helping customers achieve their desired outcomes
  • Metrics related to consumption of products/services
  • Impact on your customers’ businesses and/or on their customers (e.g., improved ability to respond to their customers’ requests, enhanced operational efficiency, inventory reductions, etc.)
  • Improvements in the creation and delivery of new products and/or product enhancements
  • Customer satisfaction scores
  • Customer testimonials

Your application will also be judged on the following criteria:

  • The Cohesiveness of Your Application. Is there a single, end-to-end narrative that is easy to follow and that is supported by good examples and/or data?
  • The "CXO-readiness" of Your Application. Is your presentation both concise (to-the-point) and compelling in its brevity?
  • The Effectiveness of Your Metrics. Do the metrics that you include adequately support the story that you are telling?

 

* All of the criteria lists above are suggestions only, and provided to give an idea as to the appropriate type and level of detail. These are not comprehensive lists nor intended to limit your response in any way.

 

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