Driving Value with Knowledge

As Sir Francis Bacon long ago observed – aptly we think – “Knowledge is power.”  After all, it is the pursuit and acquisition of knowledge that enables sound decision making, stimulates creativity, fosters innovation, and drives progress.

With this blog, the attorneys in the Segal McCambridge warranty and service contract practice group have created a place where professionals in these fields can obtain and share knowledge that leads to program innovation and improvement, which in turn will drive value. 

Through our posts we hope to help warranty and service contract professionals to better appreciate and understand the nature and extent of the direct legal relationship, and the associated responsibilities and obligations, that a warranty and an “extended” warranty or service contract create between a company and its customer. The legal rules, regulations, and requirements that shape warranty and service contract programs will be a frequent topic of discussion.  We’ll help company personnel to stay abreast of changes, developments, and trends in the governing law by analyzing and explaining the impact and importance of recent court decisions, and by monitoring and evaluating legislative proposals and changes.   

We’ll also cover the business side of warranty and service contract programs. Our posts will provide information and analysis showing that a company’s warranty program can and should be perceived as much more than overhead or “a cost of doing business.”  When run well, a warranty program represents an unwavering commitment to service that provides a company with opportunities to build its brand, enhance the customer experience, reaffirm the customer’s purchase decision, strengthen the customer relationship, and ultimately, drive future sales. Properly viewed, a warranty program is an investment (and a sizeable one at that), and as such, must be developed, managed, and administered in a way that ensures the maximum return on that investment. The same can be said for a service contract or “extended warranty.” When thoughtfully implemented, these programs can do much more than merely create revenues short term.  They can boost customer confidence, build lasting customer relationships, and produce a sustainable revenue stream. 

“The customer’s perception is your reality,” says Kate Zabriskie in her book Customer Service Excellence:  How to Deliver Value to Today’s Busy Customer. Words to heed. Successful warranty and service contract programs must be perceived by the customer as adding value to the purchase transaction.   

Members of the Segal McCambridge warranty and service contract team will be the primary contributors to this blog.  From our two-plus decades of experience representing and counseling companies in warranty and service contract matters, we understand the businesses and the professionals we serve. We will address the business realities that warranty and service contract professionals face. Our ultimate goal is to help companies drive value through their warranty and service contact programs, maximizing their success and growing their bottom line.

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Filed under Service Contract, Warranty

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