Question

Topic: Strategy

How To Develop The Spare Part Business?

Posted by Anonymous on 10/19/2010 at 1:46 PM ET 250 Points
Dear All,
I had a question from a long time. But now its becoming a fire fighting for me.I want to know that how to develop Spare part business for machinery like Compressors, Pumps,Blowers.
Please advice ASAP.


Thanks and regards,
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RESPONSES

  • Posted on 10/19/2010 at 4:10 PM Accepted
    Are you in the business now, or are you trying to start a new business?

    Who is your primary target audience? What do they need? How do they select a supplier now? What are the most important criteria?
  • Posted on 10/21/2010 at 8:02 PM Accepted
    Two responses: first, learn as much as you can from published articles and studies - must be current and from highly regarded sources, such as trade pubs and general business pubs (WSJ, Forbes, etc.) Note: Google will NOT have good business info; don't spend time on blogs; they're opinions and you don't know what's credible.

    Second, get on the phone and find out how these products are sold. Then start calling distributors or reps (or appropriate parties.) Ask them how open they are to new vendors; what they expect from a vendor; what needs are not being currently met, etc..

    Do your own due diligence. To find out more, read Competitive Intelligence Advantage.

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