When it comes to consumer satisfaction, any purchase that comes with some form of additional benefits is highly likely to increase the chances of ensuring that customers come back to the same brand for more purchases in the future. Keeping this in mind, one of the major “consumer incentives” that most brands across industries offer today is a long-term warranty. These warranties usually last up to 1-5 years on FMCGs, i.e., fast Moving Consumer Goods and anywhere between 5-10 years on SMCGs, i.e., Slow Moving Consumer Goods.
According to the Encyclopaedia Britannica, warranty, in legal terms, means “A promise or a guarantee made by a seller or lessor about the characteristics or quality of property, goods or services.” To put it simply, any seller is giving absolute assurance to its consumer that their purchase meets a certain minimum standard. In today’s times, a warranty comes with almost any product you buy. From electronics to heavy machinery, it’s all there. But the question we’re asking today is that, is this trend worth keeping when it comes to buying a tractor? Especially considering that these products offer worth of years in use! Let’s find out!
Having talked about what warranty is and browsing over what are the current warranty policies and practices, the question being answered today is that do tractors specifically need a warranty? The short answer is yes. But here’s really why. It all comes back to the basic idea of what a warranty is, it’s a form of promise. So, in fact, a consumer who has first-hand experience in the brand delivering both a good product and fulfilling their promises with minimal or no hassle, is more than likely to stick with the brand. As they say “if it ain’t broke, don’t fix it.”
Let’s take an example of Digitrac. Digitrac is a tractor manufacturer that makes some of the tractor models in India. A trusted brand that offers its consumers a multitude of products to buy and services to avail. As far as it’s products are concerned, the power and performance of a 50HP tractor, or even a 60HP tractor, are all tractors for sale made available by Digitrac. All of this is offered along with many, many tractor attachments the brand provides to its customers when they come in to purchase their Digitrac tractor.
Now as we all know, agriculture is a huge industry in India. So, any and all promises any brand involved makes to its customers perhaps become more important in terms of its seriousness and thus, must be absolutely fulfilled under any circumstance. So, why is Digitrac so important? Well, it offers a 5-year on all of its tractors to each and every customer, no questions asked. Now, the second part is important. The ‘no questions asked’ part is a big claim to make. But, does it help the brand? Of course it does! Especially a brand like Digitrac, which has already pioneered multiple tractor technologies as “firsts” for the country. Also, one important thing to note here is that all these services are not exclusive to Digitrac customers, and, because of that, it is a much bigger brand than any of its competitors.
So, are long-term warranties worth it when it in 2020 comes to tractors? Absolutely! As Digitrac proves, it is not only a way of making existing consumers return to your brand, but also a way of creating a brand value. Factors like brand value majorly come into play when anyone, including potential investors, analyse a brand when looking to invest in it. So, in the end, giving one’s customers a warranty is not just about creating a quality assurance policy. It’s about reassuring them about their faith in the brand, especially when they had countless other options. And that comfort is definitely a trend worth translating to tractors as long as any brand wishes its customers to be happy with their offerings.