The lack of both product knowledge and product presentation skills jeopardizes the value of warranty products. Over the last three months, AM has highlighted areas of concern. Many issues have been highlighted both in the articles and from subsequent feedback.
The majority point to poor quality component coverage, lack of quality value added support from product suppliers and, most emphatically, the lack of skills when it comes to product understanding and presentation by the dealer network.
In many cases it is the lack of product knowledge that leads to a misrepresentation of what benefits a particular warranty may offer to the consumer. Building value that doesn’t exist during the sale of this product is singularly the most common offence.
The sourcing of a quality comprehensive product that represents good value for both the dealer and the consumer is just the start. Equally as important is the support that the chosen product supplier can offer. It is crucial that product providers supply proactive account management and high quality development.
The days of just supplying a warranty booklet with a claims administration service are long gone. Product suppliers have a responsibility to ensure that their products are marketed in a correct and ethical manner.
The way to do this is to support the dealer network with a pinpoint detailed and specific education process in areas such as product knowledge, consumer qualification, legislation, regulation, sales process and best practices.
The provision of this education process will enhance the value of warranty products as well as the reputation of the supplying dealer not to mention their bottom lines.
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