11.2 Extended Warranties – Marketing-Using and Creating Extended Warranties

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Extended Warranties - Marketing-Using and Creating Extended Warranties

Extended warranties are about creating a marketing opportunity to lock down a customer. They are also an insurance-based product designed to transfer risk and must be correctly priced to create a proper profit margin. In this section, learn about the risk associated with them, and how they fit inside your service agreement club program. It is a product extension of your service agreement and many retired or risk averse clients love the idea of such a product; it comes down to your comfort levels and getting the pricing set correctly.

Extended Warranty Marketing and Creation in Service

Learn the processes that come with developing a 1-year service extended warranty, which is under the umbrella of the service agreement club. The development of a product needs to have exclusions, time variables, and of course marketing materials. Within this section there are several samples or tools you can use to construct your own version of the MVP (maximum value protection) plan that supports a 1-year club agreement, which includes the full coverage of a system for a consumer. The key points are pricing it well and identifying your market-based exceptions.

Extended Warranty Exclusions Form - A Template to Adapt

Use the exclusions list to adapt your own exclusions -- as a form for your service group to know what to avoid in the marketing and sale of extended warranties.

2 Page Document

16 Year (or 10 Year) Carefree Guarantee Form - Extended Warranty on New Sale

You can use the 10-, 12 or 16-year extended warranty approach as you see fit for seasonal promotions, or any marketing call to action. The form here can be customized as you see fit. The base 10 years can be underwritten by a vendor if your comfort levels see fit, or do it yourself internally.

2 Page Document

Extended Warranty MVP Marketing Letter Template to Customers

Use this template to customize your message on target marketing to existing customers who received a demand service call but did not invest in a club or MVP 1-year full parts & labor coverage agreement. This is a marketing letter pure and simple to follow-up after a service event.

2 Page Document

Extended Warranty Exclusions Form - Template

Use this form to define your market exclusions. Training technicians to identify in writing what you do not want to extend to a parts and labor coverage plan is a key to averting risk, so use this to make your own company version and train the field teams and office staff.

2 Page Document

MVP Extended Warranty Form - 1 Year Form - Template

Use this form to create your version of the 1-year parts and labor agreement. The MVP form is what a technician can use either manually or on a technology platform (iPad, tablet, etc). It is simple and covers the need for a maintenance club agreement to be maintained and has the various requirements and exclusions listed.

2 Page Document