41% of optical retailers said offering a warranty is very important to capturing children’s eyewear sales, according to Jobson Optical Research’s Kid’s Eyewear MarketPulse survey. 30% said it is somewhat important and 28% said it is not important at all.
From the numbers above we learned that 69% of people feel a warranty is either very important or somewhat important to a purchase. Let’s use this information to our advantage.
A core concept in marketing is, if you want to increase sales, then lower the bar to entry. Reducing risk lowers the bar to entry. Offering a warranty reduces risk.
The more generous the warranty, the bar to entry is lowered even further. For example, a no-questions-asked warranty will generate more sales than a warranty just against manufacturers’ defects.
An interesting observation is that only a very few people will utilize the warranty. You may also have one or two people who abuse the warranty. So, in the big picture, a generous warranty is a positive selling tool.
A caveat is needed here. Align your warranty with your patient recall. If you have patients return every year for an exam, it does not make sense to give them a two-year–or worse yet, a lifetime–warranty.
Your action plan is to review your optical warranties. Make sure they are in line with your return policy and are attractive enough for patients to purchase product in your practice rather than down the street.