Benchmarking warranty performance can be a very valuable exercise to gain an independent perspective on how well you are doing compared to other companies. Bill Pollock, President & Principal Consulting Analyst, Strategies for Growth (SFG), has been doing a Warranty benchmark survey for few years and currently conducting a Benchmark Update Survey for 2019. Mize Warranty Insights caught up with Bill to learn more about the Benchmarking survey and process.
Mize Warranty Insights: Tell us about 2019 Warranty Chain Management (WCM) Benchmark Update Survey?
Bill Pollock: SFG℠’s 2019 Warranty Chain Management (WCM) Benchmark Update Survey will represent our fifth WCM survey conducted since 2014. Each year we survey our base of 20,000+ Services Managers to identify new patterns and trends for Warranty Management activities conducted both in the U.S./North America and throughout the UK/Europe. Each year’s survey is conducted in conjunction with the annual WCM Conference, to be held in Orlando, Florida, March 12 - 14, 2019. We plan to share the topline findings of the survey during our Thursday morning, March 14, presentation at the Conference.
However, all survey respondents that provide their contact info will also receive the companion Analysts Take white paper that summarizes the key findings of the survey. For 2019, Mize has been selected as the official distributor of the report to all survey participants, as well as to attendees that stop by their booth at the WCM Conference.
For additional detail on the survey findings, Mize will also be hosting a Webinar on the results of the survey, to be presented on Thursday, January 17, 2019, at 1:00 pm EST.
Mize Warranty Insights: What are the benefits to companies, and warranty professionals can expect from taking the survey?
Bill Pollock: By participating in the survey, warranty professionals will learn what the key patterns and trends are that define and characterize the market in which they serve. The new findings will be compared against SFG℠‘s historical WCM survey database to identify key patterns and trends that have emerged since the previous year. This new information will also be presented in a manner by which they can identify the specific drivers, strategic actions, and characteristics that ultimately differentiate Best Practices Warranty Management operations from all others.
Specific areas to be addressed include top market challenges and opportunities associated with Best Practices Warranty Chain Management; key and emerging market drivers; strategic actions being taken and planned to improve WCM market and operational effectiveness; technologies and tools utilized to support overall Warranty Chain Management; and examples of those organizations that have been able to rise above the competition by leveraging best practices into a position of market dominance.
This presentation will be designed to complement Eric Arnum’s (Warranty Week) presentation (i.e., based on a survey of WCM manufacturers and vendors) with a primary focus on the WCM needs, requirements, preferences, and plans as cited by warranty management organization end-users.
Mize Warranty Insights: How long have you been doing this benchmark survey? What are you noticing as the key trends in Warranty Management?
Bill Pollock: SFG℠ has been conducting its WCM Surveys since 2014. The 2019 survey will be our fifth survey covering the WCM marketplace and, as such, will complement the findings we also receive from our annual Field Service Management (FSM) Benchmark Surveys. Between the two annual surveys, it is our intent to cover all aspects of Warranty and Field Service Management.
Mize Warranty Insights: How can companies apply benchmarking results to improve their warranty performance?
Bill Pollock: From the survey results, as reported in the companion Analysts Take white paper, Webinar and WCM Conference presentation, participants will learn: (1) how current market patterns and trends impact their ability to meet customer needs, requirements, expectations and preferences for WCM; (2) how to differentiate their warranty management offerings to serve in a highly demanding marketplace; (3) what best practices organizations are doing differently to improve customer satisfaction, drive revenues and gain competitive advantage; (4) what messages to include in their targeted marketing campaigns; and (5) how to compete as a market leader in their targeted marketplace.
Basically, by reviewing what their peer organizations are presently doing (and planning) in terms of strategic actions, etc., and comparing their actions against Best Practices organizations, companies will be able to position themselves to gain a better understanding of which track they’re on - either Best Practices, or all others - and take the appropriate actions to ensure that they are on the right path moving forward. In this way, companies can benchmark themselves against the rest of the marketplace with respect to the opportunities for improved warranty management performance, sustained growth and higher levels of customer satisfaction and profitability.
Mize Warranty Insights: How can companies learn more about the results of the survey and benchmarking process? (Analyst Take Paper, Webinar hosted by Mize on Jan 17th, WCM 2019 conference)
Bill Pollock: By taking the survey and providing their contact information, participants will already be in the pipeline to receive a complimentary copy of the companion Analysts Take white paper. However, by registering for the interactive Webinar, they can delve deeper into the survey findings as well as ask specific questions that relate to their own respective circumstances. Finally, the Q&A sessions at the 2019 WCM Conference following the presentations to be made by SFG℠ and Mize will afford them several opportunities to ask questions and seek guidance from the author/analyst of the annual WCM surveys
Benchmark and Optimize Warranty Management
As you establish your 2019 goals and key performance metrics for your Warranty and Service Contract functions, we welcome you to participate in the benchmarking process:
1.Take a 15 min survey on 2019 Warranty Chain Management (WCM) Benchmark Survey Update by Strategies for Growth
2. Register now to join a Webinar on “Benchmark and Optimize Warranty Management” hosted by Mize, on Jan 17th, 2019 at 1 PM EST with:
- Bill Pollock, President & Principal Consulting Analyst, Strategies for Growth
- Eric Arnum, Editor, Warranty Week
- Ashok Kartham, CEO, Mize
3. Join us at 15th Annual Warranty Chain Management Conference, sponsored by Mize, on March 12 – 14, 2019 in Orlando, FL to learn from your peers. You can view full agenda and register now with “Early Bird” discount saving $300 thru 1/11/2019