Adding Value With A Warranty

Whenever we shop for a high priced item, one of the many deciding factors is the warranty. We want peace of mind and we are not afraid to pay a little extra for it. Not only this, but a longer warranty usually means a better quality product. So if we ourselves are running a product based business with high priced items, it only makes sense to take this into account.

Now despite popular belief, a brand goes far beyond just the visuals. A good brand strategist looks at everything underneath the visuals as well. The tone of voice, the personal presentation of the owners and even how products are advertised. It all adds up to creating a consistent and unified brand. So when I was working with a client recently, one of the things we looked at was the product itself and whether the pricing was right for the market. 

When it came down to it, the pricing wasn’t the issue. They had a quality product and they knew it, all they had to do was back it. Yes, people were hesitant to buy but at that time they were only offering a one year warranty. For the product in question (an industrial strength ladder), this didn’t reflect its quality and probably created doubt in their potential clients mind. 

The client knew the ladders could last and wasn’t afraid to back it, so it wasn’t hard to up the warranty to 5 years (with a free replacement). With this small tweak, the ladders automatically seem more appealing because the owner has backed the quality of the product.

If you are running a high priced product based business, you need to be able to guarantee your goods. If you believe in your product, so will your market.