Verizon Launches Price Lock Guarantee to Boost Customer Retention

NEW YORK – Verizon announced today the latest phase of its consumer business transformation, unveiling a three-year price lock guarantee aimed at enhancing customer loyalty across its mobile and home service sectors. This initiative follows the successful implementation of myPlan and myHome over the past two years, positioning Verizon to maintain its industry-leading status.

“Today marks the next strategic step of the consumer business transformation journey that began two years ago,” stated Hans Vestberg, Verizon’s Chairman and CEO. “We’re redefining our relationship with consumers by building on our industry-leading network and innovative offerings. By providing unprecedented value and predictability across both mobile and home, we aim to establish a new industry standard for long-term customer relationships.”

Verizon Consumer CEO Sowmyanarayan Sampath added, “We’re committed to delivering what our customers want and need, offering more control, value, and simplicity. That’s why we’re proud to introduce this industry-leading guarantee: a three-year price lock across mobile and home, which gives customers peace of mind, and a free phone with every myPlan. This provides even more value to our customers.”

The new pricing policy, effective immediately, includes a three-pronged approach: a three-year price lock on all plans, a free phone guarantee contingent on trade-in, and a variety of exclusive savings opportunities for customers.

The price lock applies to the base monthly rate for talk, text, and data, but it excludes taxes, fees, and surcharges, which may still fluctuate. Customers must be enrolled in a myPlan subscription to qualify, leaving Verizon room to adjust charges through those additional costs.

Starting today, existing and new customers can qualify by trading in any working device from manufacturers like Apple, Samsung, or Google. The value of the trade-in could reach up to $1,000 and will be applied over 36 months. This offer requires that the device must be active for a minimum of 60 days before switching to a new phone model.

Additionally, Verizon is enhancing its appeal by offering free satellite texting and discounts on various streaming services for customers on both myPlan and myHome options. Those who bundle services can enjoy extra discounts, with some customers saving more than 40% on popular streaming platforms.

As the economic landscape remains uncertain, Verizon’s price lock and value-driven offers aim to retain customers by providing predictability in monthly bills and enticing trade-in benefits. Industry experts suggest that such moves are crucial for major telecom companies to maintain competitiveness amid rising inflation and shifting consumer expectations.

While the guarantees and offers sound promising, customers are encouraged to read the fine print carefully to fully understand the implications of Verizon’s new policies. Each contract element includes specific terms regarding eligibility and coverage details that may not be immediately apparent.