In today’s ever changing environment, it’s important for any successful business to develop a competitive advantage in the marketplace and mitigate the risks that come along with day-to-day operations. Customers are looking for added benefits when choosing a product and, with the amount of competition in the marketplace, customer retention is becoming increasingly difficult. Custom warranty programs were created with these things in mind. They are warranty programs modeled after those used in other industries and applied to any specific product a business offers.
There are several warranty programs currently being utilized by businesses today, however, these programs tend be costly and time consuming for a small to mid-sized business to implement effectively. Retailers such as Best Buy allow you to purchase an additional warranty that covers damage to an electronic device excluded by the manufacturer’s warranty, such as accidental damage. In the auto industry dealerships offer extended drivetrain warranties and tire companies offer warranties for every new tire purchased.
The programs allow any size business that manufactures, distributes, or sells a tangible product to build a warranty program. Not only is it a strong marketing tool, but it also allows the business to generate an additional source of revenue. Because of the simple application requirements and a transparent claims process, customers have an increased value of the services offered, leading to greater customer retention. This gives the businesses a strong competitive advantage within the marketplace. Implementing the custom warranty program also highlights the business’s inefficiencies, allowing the owners to understand what products have the highest warranty claims.
If you have any questions you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
Kenner French, is a former small business contributor at Forbes.com, author of three books, an executive at AI-focused VastSolutionsGroup.com, a keynote speaker, and a Dave Matthews Band fan!
