How To Increase Your Revenue Using Warranty Services?

By Author: NeuroWarranty
Total Articles: 34
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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.
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... 1. Use warranty analytics to get market insights.

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.
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.
2. Using customer data to resell and retain customers.

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.
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. 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.
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.
Check out this post to know "How can a warranty management solution help you retain customers and increase repeat sales? "

NeuroWarranty is a new age QR Code based Warranty Management Solution that fully automates the Warranty and offers unique benefits to amplify business growth.