The holiday season is in full swing and companies are strategizing to improve margins and boost revenue during this busy time. As a part of your holiday strategy, there is great opportunity to focus on handset protection revenue.
A good handset protection attachment ratio is 40%.
Operating below the ideal handset protection attachment rate poses a challenge and an opportunity for dealers to realize substantial increases in revenue. A good handset protection attachment ratio is 40%. An outstanding ratio is 60%. We have a number of clients who reach a 60% attachment rate, including the stores involved in our recent Project Retail consultation.
We are committed to the success of our retailers and, as such, we have created a list of steps you can take to increase your own handset protection attachment rate.
If you have any ideas of your own, not listed here, please feel free to share those ideas with me.
- Talk to your handset protection provider and ask for refresher training for all employees. Your provider will be equipped with ideas and materials that will make the selling process easier and more intuitive. They will provide ways to overcome common objections and, in some cases, have a formal training program your employees can take.
- Stress the importance of focusing on handset protection at all levels of the organization. Make sure the message is clear and consistent. Involve managers and district managers in the process to ensure the training is collaborative, meaningful and important at all levels of the organization.
Your CSM has tools available to assess your company's handset protection revenue potential.
- Consider an increase in employee compensation for handset protection sales. Perform a cost-benefit analysis to weigh the benefits of increased revenue versus the time and resources it will take to train and properly incentivize employees. Note that even one hour of effective employee training can easily be made up with the potential increase in handset protection sales.
- Set up milestones in RQ with an extra bonus awarded for outstanding performance. Use the re-training process in tandem with this to further engage employees during the training process.
- Talk to your CSM! We have the tools available to look at your particular handset protection attachment rate and we will do the math to see how much revenue potential you have!
If you are not currently integrated with one of our handset protection partners, please reach out to your CSM. We can discuss the options available to you.