Retaining your Customers with Seamless Warranty Resolution

In this era, companies are trying to stray away from the term of one-time customers. Competition has become immense, and organizations are pulling every string possible to ensure they can retain and satisfy their customers.

 

Retaining your Customers with Seamless Warranty Resolution

 

Would providing the best product or having the best sales team solve the problem?

They are all the fundamental part of the product’s sale, but the customers must have a healthy relationship with the organization even after the first sale. Here is when the warranty comes into the picture. Warranty is a written contract issued to the customer by the company, promising to repair or replace a product, if necessary. But providing a warranty alone is not enough. The company should follow a seamless warranty management practice that gives resolution with the best outcome and in the best possible timeframe.

How does a seamless warranty resolution satisfy the customer?

Customers are satisfied when they see a quick turnaround time for their warranty claims. Every touchpoint with the customer will be satisfactory if the warranty system is in place to give all the required information. The system should help the dealer/company make quick decisions regarding the customers’ warranty claims.

How can a company achieve a quick turnaround time?

Turnaround time is the time taken to resolve an issue. It is based on various variables, such as:

  1. Online questionnaire
  2. Parts availability
  3. Human resources
  4. Streamlined approval flows
  5. Failure identification
  6. Fraudulent detection
  7. Consistent systems
  8. Fast processing
  9. Configurable system

 

When a company achieves this, it would be able to process a customer’s warranty claim with the fastest and best resolution. The company can do all this with their allocated budget if they can streamline the process. Warranty systems give all essential data about the defects and can predict the possible future failures from the past data. The failure information captured in the system can provide valuable information to set up future field actions or campaigns. These field actions, when set up efficiently, can make a huge difference to customer satisfaction.

A robust warranty system can address the following in providing a seamless customer experience:

  1. Providing timely update; the vehicle warranty status
  2. Ensuring quick claim processing time
  3. Providing notification to the customers on any scheduled maintenance or field action which may be due
  4. Having a telematics connection with the vehicle to record the machine activities
  5. Enabling customer feedback through an online portal
  6. Reducing wait time for claim approval
  7. Providing access to required information for the team to engage the customer’s issues

 

Wrapping up

When an organization has a seamless warranty management in place, it has an added advantage over the competitors. So, it is clear to say, a seamless warranty system not only helps manufacturers in streamlining their internal processes but also helps in increasing customer retention and satisfaction.

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