Why are Money-Back guarantees so powerful?
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Taking over somebody else’s risk just because you can help them to make decisions that are otherwise difficult to make!
Hi, it’s time to digitize, and we talk about guarantees today.
Money-back guarantees to be exact.
You got to know if you want to give them.
Just remember that – if you solely in for the money, you won’t win the game.
As long you play it for the result or goal only, you are missing out on what it is all about in the first place.
Let’s explore why and how you can give different money-back guarantees, or other guarantees to ease people into your services or products.
To start you off explore those for online products here.
This one is easy.
First, we take a look at the different stages your online program could be in:
1.Pre-Launch … You start with an early offer and a high discount
1.Usually, you do not need the money-back guarantees here or on discounted products really
2.However, giving a limited option, like 3-7 days, can help increase conversions.
3.30 day’s money back makes it even more appealing, or
4.Money-Back Guarantee until the official launch can be even more reassuring.
2.Officially Launched and none discounted products online
1.The general way of dealing with that is to keep the money-back guarantee up until a certain amount of time was spend logged into your services. Usually for 2 hours.
2.After ten days, even without login, you forfeit your money-back guarantee as well in most cases.
3.Login to your products or purchase most of the time, end your money-back guarantee as well.
When we take a closer look at this, your way of setting up a money-back guarantee is limitless.
"What benefits do I get from my Money Back Guarantees?"
Well, like in the beginning, you take the risk off your prospect’s shoulders to your own.
You do two things here:
1. You give yourself the vital task of delivering real value, and
2. You tell a new prospect that you will reimburse them if the product wasn’t what they expected to be both of which are deciding on spending money for themselves on your services, much more accessible.
It would help if you kept this in mind:
Whenever you are giving a guarantee, uphold it!
No matter what.
That means the money somebody is paying you will be on hold until the money-back guarantee runs out.
Always keep 20% aside, no matter what.
That way, you can even give back a portion after the guarantee stopped being effective.
Create an own account for each of your companies.
You can use services like stripe or PayPal to create sub-accounts.
That way, you keep an overview.
"One more thing when it comes to Money Back Guarantees "
Whenever you give some money back, make sure to claim the transaction fees, etc.… the longer ago the purchase, the higher the costs.
So, write down that you give the full amount back minus administration fees from the payment gateways, etc.…
It’s a consumer right to ask for their money again, also online.
Within a certain period, even without you declaring a money-back guarantee.
So always give a payment a cooling-off period of 7 days minimum.
Without a declaration of any money-back guarantee, login to your services online forfeits the right.
In general, if somebody wants their money back, and you didn’t deliver anything yet, give it back!
If you delivered something already, then give back at least a part depending on the amount you gave.
Keep the peace and your potential clients happy.
Again, it’s not about the money, and it’s about making people’s lives better!
I see you tomorrow, sunny regards.
The World's First Digital Life Enhancement Expert
With more than 67'348 hours in personal development and masterminds both as participant and mentor, Stefan brings the best from the international business-world paired with the newest knowledge from the digital world to the table. A unique, yet very powerful combination. Stefan's Clients Learn how to powerfully, authentically digitize, while staying human and uniquely themselves! They get what's working and avoid overwhelm at the same time. Finally you can do what you love!