“Why don’t you charge more?”
October 9, 2015
This is a question I get asked often in business meetings, and the answer is actually really simple: charging more goes against Upsie’s core values.
Upsie was started with a very clear vision of creating a more positive warranty experience for customers. The industry’s unfortunate current state is not pleasant to endure. Contracts are full of murky terms and conditions purposely created to confuse people and create loopholes. The warranties themselves are price jacked as much as 500% more than they should cost, and consumers are hassled into purchasing them through fear and high-pressure sales tactics in stores.
With Upsie, we’ve created a simple app experience with transparent information and affordable pricing. We want people to use the app to make educated warranty purchase decisions on their own time. Could we still do that and make more money? Of course! But that’s never been the goal.
Here’s what is: the warranty industry needs a revamp. People are tired of being swindled. Of the high prices. The purposeful confusion and difficulty. We know what it’s like to experience that, and we want it to change.
Like many early startups, we’re pushing our technology, team and service each day to be their best and meet these goals.
Technology: We are continually listening to customer feedback and improving our user experience to make it even better. Since our app launched, we’ve encouraged our users to help give direction to the app. We know they are our best resource for improvements, and we have many exciting features planned in the near future thanks to them. If you want to recommend updates or provide feedback for us, email us at firstname.lastname@example.org. We are always open. It’s the only way we will continue to grow and change the warranty industry.
Team: We have been fortunate to bring on some amazing people who share the Upsie vision. They have played in this warranty space for decades and seen the true value we offer customers. I often say that “I want to be the dumbest person in every meeting,” surrounded by the best, smartest people, and I think that we have accomplished that! We will continue to add talent in every area of our business, and it’s my commitment to have the most diverse tech team around.
Service: We know that our brand promise doesn’t end when you make a purchase through Upsie. Making a claim has—until now—been one of the most painful parts of the warranty process. We are fanatics about this part of our business. We want every claim experience to be a great one. Early next year, we will be launching a new product that will change the whole service-side piece for our customers. We are excited about it, and you should be too!
So, why don’t we charge more? Our business model is not to build ridiculous margin into our Upsie plans. Our model is to provide customers with great prices and solid trust in our purpose. That’s what builds loyalty with customers, and they are our most precious asset. Letting people protect what’s important to them at an affordable price is what drives us.
Clarence Bethea. CEO