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.
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.
1. Use warranty analytics to get market insights.
Warranty solutions equipped with intelligent dashboards offer relevant insights for better decision-making. There are many reasons why you would want to equip your business with a digital warranty solution. One of them is because they give you unique insights into the performance of your product in the field.
Analytics dashboards can give you an idea of how your product performs across various geographies and demographics and where you need to improve. This data can help your brand make better decisions in various areas of your business.
With the right warranty analytics in place, businesses can save time, money and resources, and make better decisions. When shopping for a warranty solution, it's important to find a solution that can offer you the right warranty analytics. The solution should be able to provide the right services that fit your needs and is optimized your business.
2. Using customer data to resell and retain customers.
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.
3. Bring your customers online and go D2C
D2C has immerged to become one of the most profitable business models post-covid, and brands are going all out to kickstart their D2C journey. As the online shift is evident and the future of retail sales is online, if your brand fails to bring your offline customers online, customers will move to your competitors who can facilitate this transition.
Bringing your customers online also gives you access to valuable customer data. This data can then be used by your marketing teams to personalize and segment your remarketing campaigns to achieve maximum customer retention rates. A warranty solution like NeuroWarranty brings your offline customers online by aiding a smooth transition through a digital warranty registration process.
4. Leverage feedback and reviews to attract new customers
Collecting feedback and reviews from your end customers can prove to be a rather complicated task, notably for consumer product brands. Using Customer Relationship Management (CRM) software, your end customers can connect directly with your client servicing teams and give reviews, feedback.
Managing feedback and reviews on a CRM, you can analyze the feedback to improve your product, service and leverage good reviews to build trust and image for your brand and increase sales.
While buying separate CRM tools can be expensive and difficult to manage, you can save tons of money spent on buying additional CRM tools. Digital warranty management solutions like NeuroWarranty come with inbuilt CRMs and allow your customer support executives to manage the entire post-sales experience from a single screen.
5. Retain existing customers and increase clv
The majority of consumer brands struggle with retaining customers, as they fail to provide a good post-sales experience and not remarket effectively.
Customers often have to go through the hassle of finding old purchase bills and going through endless calls with your client servicing teams to access some essential post-sales services like warranty claims and product replacement. This leads to an overall bad customer experience and leaves the customer dissatisfied with your brand.
Data from Oberlo shows that 80% of businesses consider email marketing as the most effective strategy for retaining customers. The lack of access to customer data like emails and phone numbers makes the majority of retail and consumer brands struggle with their remarketing efforts. Not being able to target the right segment of customers at the right time costs brands invaluable repeat business.
How can a warranty management solution help you retain customers and increase repeat sales?
NeuroWarranty's digital warranty solution allows your customers to claim a warranty with just a few clicks, avoiding the hassle of finding old purchase bills and going through endless calls with your customer service teams. This creates an unparalleled customer experience and results in customer satisfaction.
NeuroWarranty also empowers brands by bringing them data such as emails, phone numbers and names of their end customers allowing your marketing teams to personalize your remarketing efforts increasing repeat sales and maximum customer retention rates.
This blog post has covered how you can expand your revenue streams by offering warranty services to your clients. We hope you have been inspired by this blog post and can use this information to expand your own revenue sources and help your business grow as a result. To know how a digital warranty solution like NeuroWarranty can help you convert your warranty expenses into a profit-making asset - click here