Question
Today's hearing aids are durable, robust and include new features to protect from moisture and debris. Is there still a need to offer extended warranties?
Answer
Think of it like this, would you rather pay a fixed amount and budget for something every year accordingly, or would you rather leave it unknown and suddenly have to deal with a massive bill you didn’t budget for? Hearing aids are definitely becoming more durable but they are still very far from being completely foolproof and not needing repairs. Why do you buy home insurance? You don’t anticipate a fire or break in, but you would like to be prepared and covered non-the-less. Patients similarly need coverage, especially for something as vital as their hearing aids. The coverage helps to keep the instruments working properly and to protect them against costly repairs and loss. By using an extended warranty you can capture some of the lost revenue from the increased sales cycle, plus it will keep your patients coming back to you for service, increasing customer retention and reducing the risk of them going to your competitors.
This Ask the Expert was adapted from an interview with Charles Stone. Read the full interview here. You may also learn more about ESCO at www.earserv.com or the ESCO Expo Page.
