FAQs

  1. Why did Verizon Wireless extend the phone upgrade wait time?
    Answer: To encourage customers to stay with Verizon for the full 24-month contract period.

  2. How long do customers now have to wait before being eligible for an early upgrade?
    Answer: 24 months, compared to 20 months previously.

  3. What other changes has Verizon implemented recently?
    Answer: Introduced a $30 upgrade fee.

  4. Why does Verizon believe customers will not be dissatisfied with the new upgrade policy?
    Answer: They believe customers value other aspects of Verizon’s service, such as customer service and network reliability.

  5. What is the company’s current customer turnover rate?
    Answer: Industry-low.

  6. Will there be any exceptions to the new upgrade policy?
    Answer: Yes, but the decision will be left to the discretion of frontline customer service staff.

  7. How are older customers expected to react to the new policy?
    Answer: Many are expected to keep their phones past the two-year upgrade period.

  8. How are younger customers expected to react to the new policy?
    Answer: They are expected to be more likely to upgrade sooner.

  9. Is Verizon worried about losing customers to competitors due to the new policy?
    Answer: No, they are confident that customers will stay for reasons other than the upgrade policy.

  10. Did competitors, such as T-Mobile, have any reaction to Verizon’s announcement?
    Answer: Yes, T-Mobile’s Chief Marketing Officer expressed concern and joked about Verizon’s decision.

  11. What is T-Mobile doing differently in terms of its upgrade policy?
    Answer: Eliminating contracts and subsidized pricing, offering a more financially attractive deal to customers.

  12. What does the company plan to do to balance the concerns of older and younger customers?
    Answer: They are looking for a consistent policy that makes sense for both customer groups and the company.

Summary

Verizon Wireless’ decision to extend the phone upgrade wait time from 20 to 24 months has raised concerns among some. However, the company is confident that customers will remain loyal due to its strong customer service, network reliability, and data plan options.

Verizon believes that the new policy will not be met with much dissatisfaction and that customers will continue to value their other services. They also note that they have successfully introduced a $30 upgrade fee in the past without causing major customer backlash.

While some older customers may be inclined to keep their phones longer, younger customers may be more likely to upgrade sooner. Verizon is aiming for a balance between the two groups and will consider exceptions on a case-by-case basis. The company remains optimistic that its low customer turnover rate will continue even with the new upgrade policy.

For more information and updates on Verizon’s policies, please visit their website.