If your marketing isn't delivering the return on investment you'd hoped for, your guarantee may just be the missing ingredients to dramatically improving conversion rates on sales.
Prospects are often wanting or needing a certain product or service, nonetheless they are often hesitant to make a buying decision due to the perceived risks.
They will be asking themselves questions such as:
It is above all a risk reversal strategy - you transfer the risk from the prospect to your business.
Consider it as your 'pledge', your 'assurance', your 'promise' to assume the responsibility in the case of client dissatisfaction.
This lowers the barriers that often stop a prospect from purchasing from your business.
Whilst many business owners express concern over potential abuse of their promise to assume responsibility, in reality only a very small percentage of customers (1 to 2%) will take advantage of it.
Keep in mind that the product or service needs to be of acceptable quality.
It is important to keep these three points in mind: 1.
The longer the guarantee period, the lesser the chances of it being acted upon.
It is a better proposition for the business to offer a 1 year pledge, for example, compared to offering a 30 day pledge.
2.
It is vital that prospects are aware of your pledge to assume responsibility, so incorporate it into your marketing material, on your website, and at point of sale.
3.
Your promise must be honoured or the business will lose credibility.
Here are some examples of powerful assurances: "If this mail order item is too large or too small, or if the colour does not suit you, simply return the item within 14 days of receipt and we will gladly replace it with another size or colour.
No questions asked.
We even cover the return shipment costs!" Examples of powerful assurances from the supplier are in abundance, especially if you search the internet.
Here are some examples I've just accessed: Pet Meds: "You're 100% Happy or Your Money Back! Adidas: "We want you to be 100% satisfied.
If you find an Adidas product purchased from http://www.
shopadidas.
com does not perform to your expectations, you can return your order for a refund".
ABC Distributing: "If you are not completely satisfied with all or part of your order, simply return it to us for replacement, or we will refund or credit your invoice for the purchase price of your merchandise".
Having a strong guarantee that is well promoted via all your marketing efforts can give you the competitive advantage over your competition.
If you already one, maybe it's time to re-visit it and ensure it's a rock sold one that's encouraging sales.
If you don't have a strategy that lowers the risk for the prospect, it's time to take action and create a one as part of your marketing mix.
Prospects are often wanting or needing a certain product or service, nonetheless they are often hesitant to make a buying decision due to the perceived risks.
They will be asking themselves questions such as:
- Will the product or service deliver on its promise?
- Will the produce or service meet their needs?
- Will I get value for money?
It is above all a risk reversal strategy - you transfer the risk from the prospect to your business.
Consider it as your 'pledge', your 'assurance', your 'promise' to assume the responsibility in the case of client dissatisfaction.
This lowers the barriers that often stop a prospect from purchasing from your business.
Whilst many business owners express concern over potential abuse of their promise to assume responsibility, in reality only a very small percentage of customers (1 to 2%) will take advantage of it.
Keep in mind that the product or service needs to be of acceptable quality.
It is important to keep these three points in mind: 1.
The longer the guarantee period, the lesser the chances of it being acted upon.
It is a better proposition for the business to offer a 1 year pledge, for example, compared to offering a 30 day pledge.
2.
It is vital that prospects are aware of your pledge to assume responsibility, so incorporate it into your marketing material, on your website, and at point of sale.
3.
Your promise must be honoured or the business will lose credibility.
Here are some examples of powerful assurances: "If this mail order item is too large or too small, or if the colour does not suit you, simply return the item within 14 days of receipt and we will gladly replace it with another size or colour.
No questions asked.
We even cover the return shipment costs!" Examples of powerful assurances from the supplier are in abundance, especially if you search the internet.
Here are some examples I've just accessed: Pet Meds: "You're 100% Happy or Your Money Back! Adidas: "We want you to be 100% satisfied.
If you find an Adidas product purchased from http://www.
shopadidas.
com does not perform to your expectations, you can return your order for a refund".
ABC Distributing: "If you are not completely satisfied with all or part of your order, simply return it to us for replacement, or we will refund or credit your invoice for the purchase price of your merchandise".
Having a strong guarantee that is well promoted via all your marketing efforts can give you the competitive advantage over your competition.
If you already one, maybe it's time to re-visit it and ensure it's a rock sold one that's encouraging sales.
If you don't have a strategy that lowers the risk for the prospect, it's time to take action and create a one as part of your marketing mix.