Even as warranty service providers focus on customer experience, there is balance to be found between risk mitigation, and warranty service fulfillment where it is still possible to grow the lifetime value of every consumer relationship.
Increasing transparency of the service delivery process from request to completion, is the answer to the balance you seek.
Where to start?
Warranty service providers must face changing consumer expectations, aging technology and stagnant processes. However, each impacts improvement in the customer experience and how each can be optimized to drive transparency for consumers.
Begin with the product sale. Evaluate where during the marketing and sale process you can offer transparency to consumers. Consider product and warranty information, particularly limitations, to eliminate surprises. Don't skip technology here. It's easy enough to buy online today. Getting information during the sales process should be just as easy.
When warranty service is required post sale, transparency is even more important. If a consumer needs help fixing a product, you're already behind the 8 ball. Ensure that your sales process creates a solid consumer identity making entitlement fast and easy. Again, don't overlook the technology used by your back office, your field warranty service personnel and the consumer. Consumers want to self-entitlement more often today. Offer omnichannel service requests so that consumers can communicate with you the way they communicate with their social networks and other consumer brands. Provide very transparent information related to warranty coverage and limits; surprises in warranty service are not fun.
Manage warranty service fulfillment well. Warranty service providers often work through third-party service providers to deliver service. Deploy process and technology which drives excellence and transparency to your back office and to the consumer. Warranties are also often underwritten by third party insurers which place tight entitlement and claim limits on administrators. The warranty service delivery process, if not considered and architected with the consumer in mind, presents myriad opportunities to disappoint consumers.
These are only the highest level examples of how you can drive transparency and subsequently drive consumer lifetime value.
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