Twitter Facebook LinkedIn Flipboard 0 geralt / Pixabay If the prospect of offering warranty solutions seems intimidating, you’re not alone. For many retailers, incorporating a warranty pitch into an already tricky sales process may be viewed as a simple check-the-box obligation. The reality is that warranties can offer an additional line of revenue and reduce customer churn, two tremendous assets for any business. Factor in the help of a third-party warranty partner, and the entire process can be made even simpler. Raise Revenue and Retention In 2016, consumers spent a whopping $23 billion on protection plans for items like mobile phones, computers and appliances. If a phone breaks or a computer has an electrical failure, warranty programs can help customers save money by helping to cover unexpected costs through customized protection based on their needs. When your customer is purchasing coverage from you instead of another company, they’re saving money while creating an additional line of revenue for your business. Warranty protection also helps customers feel confident in their relationship with the retailer. If a product’s performance falls short, they know there’s a plan in place to take care of it, providing security and peace of mind. Furthermore, recent research shows that consumers who purchase extended warranties and service contracts show a significantly higher degree of loyalty than customers who don’t. In other words, care about your customers’ satisfaction and they’ll keep coming back. Sell With Confidence It’s crucial to know your warranty products inside and out, especially so you can showcase their benefits to customers. And, not surprisingly, 25 percent of customers say they’re more likely to purchase a warranty if it’s offered to them in a professional manner. But it goes beyond what’s said — your sales team needs to be providing consistent messaging when speaking to customers. Thankfully, the right third-party warranty provider can offer both presentation materials and education to ensure your sales team is confident and on point when talking with customers. As a retailer, you have the tools to deliver the savings, security and confidence customers are looking for. By partnering with a third-party warranty provider, you can package the process, product and people together to better serve your customers and boost revenue, allowing you to do more than just check a box. Twitter Tweet Facebook Share Email This article was written for Business 2 Community by Jon Mikow.Learn how to publish your content on B2C Author: Jon Mikow Follow @Fortegra Jon Mikow is Vice President of Wireless at Fortegra Financial Corporation (a Tiptree Inc. company). Fortegra® and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs. Delivering multifaceted coverage with an unmatched service experience… View full profile ›More by this author:The Rise of 5G ConnectivityHow to Perfect Your Wireless Sales Script3 Demographics that Need Device Protection the Most