How to Offer a Money-Back Guarantee That Will Increase Sales
It's very rare in the smaller, home-based business market to find someone offering an unconditional money-back guarantee. However, the larger, more established businesses offer it all the time. Why is that so?
If you're like me, I used to believe that I couldn't afford to offer a money-back guarantee because I was only making ends meet as it was. But what I didn't realize is that by not offering one, I was inhibiting my growth and adding to my financial problem.
Experienced marketers who easily make $1 million or more are usually not different from you. Most of them write books and tell exactly how they achieved this success in hopes that someone can duplicate their strategy. The information is all around you. All you have to do is read it and listen to someone smarter than yourself.
While I don't claim to be smarter than anyone, I do seek and find people who are smarter than me and learn from them. Several writers suggested offering a money-back guarantee and not until I put it into practice did I realize the benefits.
You see . . . most people don't return merchandise, even if they are not satisfied with it. It's the same philosophy as people not using money-saving coupons. It's much easier to go to the store, get what you want and come home. But what if you went to the grocery store one day and accidently bought a piece of cheese that was molded. In order to return the cheese you would need to find your receipt and take it back to the store. Most people simply don't do it.
People who are in a mail order business, who revolve their life around going to the post office every day normally will return merchandise they order through the mail simply because it's not too much of a hassle to perform the return process. However, most of them just put the faulty item on a shelf and forget about it.
Why am I telling you this? Because I want to erase the fear of offering a money-back guarantee. When you fully understand that most people won't return the product they purchase from you, you will be more receptive to providing them.
One millionaire I studied through books was a man by the name of Melvin Powers. He suggested offering Lifetime or 25+ Year guarantees on his products. Melvin believes that a 30-day guarantee is too short. He claims that if people know they can return an item they purchase through the mail at any time in the future they are more likely to purchase it and never return it (even if they are not satisfied.)
A money-back guarantee also builds confidence in your company. If a customer knows that you are offering a guarantee of some sort, they will automatically assume that your company is solid and that you stand behind the quality. This also tells them that you have an exceptional, high-quality product since no one would offer a guarantee on a cheap and worthless piece of junk.
I started using the words "100% No-Questions-Asked Guarantee" on my products and I sold approximately 35% more than I used to. Even with the increase in sales, I have not received a return and no one has taken advantage of my guarantee. Think about applying this method to your business and test the theory out for yourself. What have you got to lose? It's a free way to help your business make more money.
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