In a bold initiative, Manitowoc is implementing market-based pricing for its parts stock using in-depth third-party research, to improve customer satisfaction and offer more competitive prices. Manitowoc’s Parts Pricing Manager Astrid Hager-Guthrie shares insights into this initiative and the wider parts market.
Since joining Manitowoc over two decades ago, Astrid Hager-Guthrie has focused on ensuring customers receive the best possible value when purchasing spare parts. These efforts have led to an increase in both customer satisfaction and parts sales over the past few years.
However, Hager-Guthrie emphasizes Manitowoc’s commitment to constant improvement. In late 2023, the company began collaborating with a provider to extensively research market prices for the parts it buys, furnishing Manitowoc with valuable insights.
“We send the provider a list of parts we purchase, and they utilize different methods to glean pricing and availability information from the market. This allows us to acquire at the optimal time, deliver maximum value to customers, and maintain our prices based on real-time market conditions,” Hager-Guthrie explains.
The initial results from the first round of research have already been reviewed and have been integrated into the new price list published on March 1st. Hager-Guthrie hopes customers will appreciate further improvements and increased alignment with market prices when choosing Manitowoc for their parts’ needs.
This market-sensitive approach benefits Manitowoc and its customers by providing insights into parts availability and facilitating better prices with vendors. Hager-Guthrie stresses continuous negotiation with vendors, leveraging market research information to ensure competitive pricing.
Top-notch service
Manitowoc is dedicated to being a one-stop shop for customers, offering quality service, technical expertise, and a vast inventory of 30,000 parts in France and Germany. The company prioritizes on-demand delivery and exceptional customer service.
Hager-Guthrie mentions that pricing initiatives may interlink with Grove CONNECT, Manitowoc’s remote monitoring platform. This involves communicating about specially priced maintenance items at the required intervals.
“Grove CONNECT can alert crane users about upcoming maintenance and provide the parts number for the required maintenance kit. This proactive approach helps customers and dealers plan for upcoming services, with Manitowoc offering a comprehensive kit at a competitively priced level through intelligent parts pricing. This interconnected system streamlines the process and is part of the same infrastructure.”
Despite supply chain disruptions in recent years due to the pandemic, Manitowoc has successfully navigated challenges and now boasts well-stocked warehouses and a more resilient supply chain. Dealers are required to maintain stock levels, and a transparent system enables Manitowoc to globally monitor stock supplies. This policy guarantees customers access to the necessary parts whenever needed.
Manitowoc has also embraced remanufactured options to counteract potential shortages, offering customers a cost-effective alternative and reduced wait times for new parts.
“As Manitowoc assesses the benefits of its intelligent pricing initiative, we remain committed to providing our customers with competitive pricing, superior service, and strategic market insights,” Hager-Guthrie concludes.