Many companies think of warranty management as just another part of their customer service and a burden on their sales revenues. However, with the help of a sound warranty management solution, you can turn your warranty expenditure into a profit-making asset.
This blog will look into how brands can leverage warranty management to increase sales and profits.
Warranty is an important ingredient in building customer satisfaction and paving the road to retaining them. A well-executed Warranty process reinforces customers’ faith in your brand because they feel taken care of even after the purchase. It helps your brand retain customers and eventually increase sales.
If you are looking for a Warranty Management system that can help you automate the process and provide an unparalleled experience to your end customers check out NeuroWarranty's warranty management software.
Here is how a warranty program can benefit your brand -
With increased digitization, more manufacturers are turning to technology solutions to optimize the warranty management process.
While manufacturers have traditionally viewed warranty management as a necessary evil, studies now prove that the right technology can help manage warranty information and claims processes more effectively, which can positively impact revenue.
What is a Warranty Management Software?
In many organizations, warranty services and claims procedures are typically handled internally and impact several departments, from the supply chain to customer service.
If you are not all using the same system and viewing the same data, this can cause many problems. By investing in a warranty management app, brands can ensure that the warranty management process not only goes smoothly but also brings added benefits to them.
Today’s warranty software products are also AI-enabled, allowing manufacturers to use machine learning capabilities to automate time-consuming functions. This helps improve the warranty process and ensures a superior level of customer service while delivering profitability.
Benefits of a Warranty Management Software-
Improved Warranty Process.
In general, warranty management software helps ensure uniform standards in warranty processes while providing increased transparency and communication between manufacturers, and suppliers.
Let’s look at some of the additional specific benefits:
- Faster processes: A warranty management app can help to easily track the progress of each claim and process each stage faster. By allowing the system to automate menial jobs, your employees will have more time to focus on bigger tasks and improve their skills.
- Reduce fraudulent risk: Customers who are worried about their data can be easily reassured as the risk of fraud is reduced with a warranty management system. As all of the processes and policies are already in place and with the latest technology any issues or errors such as fraudulent activity are much easier to detect and stop.
- Cost-effective: With a management system you can easily save on administrative costs as the system will automate claims and settlement processes.
- Improved customer service: With real-time data available you can easily track the progress of each claim to keep customers updated and improve overall customer satisfaction.
- Clearer insights: Clearer insights and analysis data are available with the help of a warranty management system. This makes it much simpler to monitor any quality issues and gives you a clear understanding of customer requirements.
Get you warranty data and analytics -
A warranty tracking software allows you to handle all your post-sales support requirements from a single screen, thus saving efforts and costs. But there are other benefits an advanced warranty tracking software can deliver for your brand like -
Improving your customer service -
Data can help you streamline your warranty claims service. Using reports from the analytics dashboards, brands can review the process at scale and figure out new easier processes. Analyzing the data will allow you to look into your post-sales customer service and find out which step the customer finds the most exhaustive and time-consuming.
Improving your product -
Track warranty data to find out what aspect of the product is triggering the most warranty claims. Warranty data not only allows you to save R&D costs but also allows you to use user-generated data to create an improved customer experience. Warranty data provides direct information about how and when your products fail. With this information, you can identify parts and systems that need improvement. Warranty data will also give you insight into what needs to be improved to reduce failure rates and improve customer satisfaction.
Get your end customer data -
Customer data is the biggest advantage for businesses, whether it be for online or offline marketing campaigns. It facilitates the retention of existing customers when utilized for loyalty programs and acquires new customers for other products through effective marketing strategies like promotion and cross-selling.
Customer data is a gold mine for any business and is the biggest advantage that they could have. Businesses use it to help them retain their existing customers by utilizing a loyalty program and acquiring new customers for their other products through a cross-selling strategy.
They can also use customer data to tailor every online marketing campaign to their existing customers to increase their return rates. Customer data can be used to promote businesses in a way that's more personal because it's like having a relationship with every customer.
NeuroWarranty's warranty management software specializes in delivering end-customer data to brands, and at the same time, helps brands build a profitable interaction with their customers. To know how NeuroWarranty helped market leader Syska increase profits by harnessing customer data read the complete case study here.