Most companies consider their warranty management process to be merely a cost and drain on revenue. Not many companies have invested in the warranty to improve customer satisfaction and cut costs.
But, those companies which have invested in warranty management software saw 150% lower costs than the ones with no right warranty management software.
Most companies have a solution that they think is right for them, failing to see the immense costs they create due to their multiple platforms, duplicate tasks and an amount of manual work involved in the processes.
These solutions are not only cost ineffective but these blind the company from seeing the warranty as an opportunity to boost sales and revenue.
At the end of the day, it is all about customer service and customer experience. But does it end just there? You need to give the best customer experience for them to repeat their purchase.
If you think you have the right solution for warranty management, then look at the below challenges that you are already facing.
Cumbersome Warranty Claim Process for Customer
The basic process of registering for the warranty itself is cumbersome for today’s customers. If not cumbersome, it’s a tedious process or paper-based process.
Customers usually drop Warranty registrations for this very reason. Later when the customer finds the need for a warranty, he will not find the best way to raise a warranty claim.
This leads to customer frustration and you lose the chance of making this customer a loyal customer for your business. Once the customer is dissatisfied with a brand’s product, it is highly likely that the customer does not make a repeat purchase from the same brand.
78% of customers have backed out of purchase due to a poor customer experience. (Glance)
Invest in warranty management software that makes customer warranty registration extremely simple and even rewarding.
Investing in Neurotags app-less warranty registration process which smoothly onboards the customer from offline to the online world, gives your customer a rewarding experience.
Not just that, but you get registered customer data and a platform to re-engage with the customer after purchase to boost repeat sales.
Most importantly, the NeuroTags warranty solution gives you the best customer data platform to understand personalized customer journeys which helps you to target them at the right time with the right message.
Manual and Duplicate Data Entry
Is your office staff manually entering all the data gathered by external sources?
Check if your existing solution for warranty management is doing this. Data gathers from and stores into multiple platforms attributed to multiple sources. This leads to numerous touches resulting in slowing the process and opportunities for errors.
The right warranty management solution must be able to automate this entire claim process. Not just automating, but the solution must employ the best of the technology to provide the company with smart insights to be implemented in product and service enhancement.
What can this do for you? Cut the warranty costs drastically, speed up the warranty claim process, give your customer the best experience so that the customer repeats the purchase from your brand.
Limited Reporting and Data Insights
When there is limited capability for detailed data analysis, reporting becomes problematic. Check if you quickly run a report showing all the issues that customers have experienced in the last 6 months. How accurate and deep is the analysis?
Quality issue-reporting is problematic with product data, trends, and claims issue information stored in multiple systems and formats, which requires an overabundance of time to consolidate into concise reports.
These limited capabilities result in longer claim cycle times and eventually in more manager-escalated customer complaints due to growing dissatisfaction with resolution progress
The solution is to use an integrated customer data platform that consolidates the entire data into one singular and unified platform.
NeuroTags integrated customer data platform gives a unified, singular view of individual customers, as well as a holistic view of real-time data of all customer behaviour trends.
The best solution is the one that is made for you. Eliminate manual data entry, longer warranty claim cycles, multiple touchpoints by staff and invest in a warranty management solution that automates and speeds up the warranty claim management process, improves the customer experience and eventually gets you the customer that sticks around!
Gone are the days of overwhelming Warranty Solutions that are overkill to your teams and still often fail to create happy customers.
Top market leaders are realising the true potential of a sophisticated warranty management solution and getting tremendous results after implementing them.
Want to know more? Book a free consulting session with our experts here.