When companies first started offering guarantees on their products, it was a terrific way to boost revenues and gain customer loyalty.
However, as the number of claims has progressively increased over time, managing the warranties to improve customer satisfaction has proven to be problematic.
Let us explore how using a sound warranty management app can provide a strategic benefit to your company.
Table of Contents
Stop warranty frauds -
If customers love your products, there is a high possibility that counterfeit/ look-alike products of yours are floated in the market with your brand name. Your brand name is used by the counterfeit & sell substandard products in your name. This not only increases your warranty claims, but customers also lose trust in your brand.
Using the NeuroWarranty app, when any product comes for warranty claims, you can track details like when the product was manufactured and who was the supplier/ OEM. This will help in tracking which supplier is using the wrong product.
Streamline customer communication -
Customers, when registered for a warranty claim, want constant updates on their claim status, but ensuring that customers are aware of their warranty claim's status is an expensive and time-consuming process for brands.
Absence of a direct communication channel between customers who claim a warranty and customer service teams forces brands to take up the process on-call resulting in additional service costs and reduced profits.
At the same time, 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 to communicate and register their feedback.
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.
Get 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 app 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.
Automate warranty claims management -
Traditional warranty management processes are manual and labour intensive, thus driving up costs. Automating the warranty process with the NeuroWarranty App allows you to reduce your dependency on customer support executives and reduce customer support costs. Automating the process allows brands to manage a large number of warranty claims at once on a single screen, thus cutting down the operational cost significantly.
Get market/ product insights -
Warranty Applications 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 warranty management app. 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 selecting a warranty management app, it's important to find an app that can offer you the right warranty analytics. The application should be able to provide the right services that fit your needs and is optimized your business.
Trusted by 100s of leading brands including - Syska, JCB, ResQtech, NeuroWarranty is a QR Code-based warranty management software that is easy to implement yet extremely powerful. Customers can register for a warranty by simply scanning a QR code placed on your product and entering the purchase details.
You can sign up for the warranty management app by scheduling a demo and getting a free 14-day trial here - get a demo when you schedule a demo, an account manager will contact you and organize a call to discuss your business requirements.