The Money Back Guarantee

Posted by Admin on September 6, 2009 under Marketing, Productivity | Be the First to Comment

Your money back guarantee is one of your best marketing tools.

If you plan to sell anything on the Internet you MUST back it up with a money back guarantee. Remember you are asking someone to send money over the Internet to someone they have never met. This is a pretty high hurdle to jump and anything you can do to lower it is to your benefit.

The other thing you MUST do is honor your money back guarantee in a timely manner. Don’t postpone it and think of it as simply giving money back. It can be a useful marketing tool.

By giving back customer money you are still engaged in a valuable transaction. Take the time necessary to pump it for all its worth.

For starters if you return the unsatisfied customer’s money back in a timely and courteous manner you may have made a loyal customer (just not on this sale). You can also learn valuable information about this customer and how your product is being received.

Although you should honor a no hassle, no questions asked guarantee fully after giving an unsatisfied customer his or her money back, there is no reason not to follow up with some questions.

With the note to remind them they have already been refunded. (A subject title like “You have been refunded” is usually opened) You can ask nicely and without conditions for their reasons for being dissatisfied. Make sure that they know they are under no obligation to give you a reason, but that their opinion is very much appreciated.

When asked nicely usually people will be glad to give their opinion, it makes them feel important.

Once they give you there opinion you have some valuable marketing information. If what they say is valid you may want to use this information to tweak your product to make it better thus lessoning the amount of refunds in the future from other customers.

Most importantly though if you continue a conversation with this person and keep on good terms with them. You may still have a customer for life. Even though you may have refunded them the sale price of this product, you now know on your list, you have someone who doesn’t mind spending the amount you asked for and you know essentially what they expect to get for it.

Having someone on your list willing to spend money in your niche is someone you don’t want to lose.

If their complaints are well founded and you took action with your product to change it, I would recommend going so far as sending the person the newly revamped product for free of charge, as a thank you for their advice.

How would you feel towards a company that did that for you?

You see by honoring your guarantee personally, and respecting the customer’s point of view, to the best of your ability, you will have made a customer for life.

Provide unparallel support for your products and you will earn a reputation that will put you at the top of your niche!