Published on July 31, 2021 in Sales & Promotion.
Let's talk about your business's refund policy. This is also sometimes called a money back guarantee or a risk reversal. And if you're like most small business owners, the thought of providing some kind of refund guarantee makes you feel a bit uneasy.
Here are links and resources mentioned in today's video. Enjoy!
In fact, many businesses don't even advertise that they have any kind of money back guarantee...if they even have one at all!
Those that do have some kind of bland regurgitation of the standard "30 Money Back Day Guarantee." Plain. Boring. Unremarkable.
First though, before we get to what your business's refund policy really is, let's talk about why business owners are so uneasy about offering a guarantee of some kind. In short, it comes from fear.
Business owners are afraid that if they offer some kind of warranty, guarantee, or refund policy, that they'll get taken advantage of...and who knows, maybe even driven out of business altogether. Do you feel this way?
If so, then roll this meatball around for a sec: If you knew you'd engineered a really great product or service, if you were really confident in what you were doing, what is there to fear?
Refunds are a part of every business, so the only reason to be fearful is because you aren't confident that your solution will work for your customers. Maybe on some level you know you could have done better. So...do better!
Next, let's turn this around. Why not come up with some kind of strong guarantee for your products and advertise it loudly and proudly? In other words, show your customers that they have nothing to fear and that you're willing to take on all the risk in the transaction.
This demonstrates that you're so confident in what you've developed for your customer, that you're willing to remove all risk for them.
Give me just 63 minutes, and I'll show you exactly what you need to do to launch your successful business!