Have you ever bought a product because you were guaranteed that it would last forever? Or have you ever bought a new product over a popular existing product because they offered a quality satisfaction guarantee?
When someone starts a business, it is understandable that they have already figured out ways to make sales. However, not all businesses have fully discovered and utilised the ways to get consumer trust and make the most sales possible. One great example that new businesses often miss out on, is the “guarantee” effect.
I know what you’re thinking… “I can’t afford to give people their money back!” Well firstly, just think about whether or not customer satisfaction is important to you? If you’re genuinely providing the best service or product to help solve your clients problem, do you really think they will be asking for a refund? The answer is NO! As a matter of fact, only a very small amount (in our experience about 2%) ever come back asking for a refund on guarantees.
Here are Top 5 Guarantees and how businesses can use them to gain sales:
#5: 100% Satisfaction Guarantee
Imagine if your company was tasked to design multiple logos, and you did not get it right the first time? With 100% Satisfaction Guarantee, you are not only saving your sale, but you are also providing confidence that you will do everything to gain their satisfaction.
#4: The Lifetime Guarantee
If your business deals with higher priced products and services competing in a commodity market, where you often face cheap rip offs, it would be harder to convince prospect customers to buy from you. But, with a lifetime guarantee, you can easily convince your customers that they are actually saving a lot of money and receiving better value by buying your product, because they can use it forever, unlike the other low-quality ones.
#3: The No Risk Guarantee
This really is another way of saying 100% satisfaction guarantee. If you really want to get jazzy about it call it a “No Risk, 100% Satisfaction Guarantee!” So if your customer is not 100% satisfied with their purchase it can be returned for exchange or refund at any time for any reason, no questions asked.
#2: Lowest Price Guarantee
Due to the economic crisis, customers are always on the look for low-priced but quality products. This is why low price guarantee works like magic when you use it for your business. This guarantee can also be called a “Price Beat Guarantee” Where you will match and beat the competitions pricing. Execute this guarantee with caution as you don’t want it eating way at your profit margins, this must be rolled out strategically and with expert advice aka call us!
#1: The Money Back Guarantee
What could be so compelling other than being so confident about your product, that you’re willing to give someone’s money back? Since you believe in your product wholeheartedly, you should always be willing to give their money back, if they are not satisfied. This guarantee can be often paired with “no questions asked” and works wonders for those who have doubts and are not high risk-takers. It is also advised to have an expiry date, for example “Within the first 30 days”
Without a doubt guarantees are a great way to drive more confident customers. However, we must remember that the examples above only work best if you are true to your word and have customer satisfaction as your highest value. Remember, the goal is not to generate one sale, but to gain a loyal customer with multiple sales and referrals.
Need help? Find a Guarantee that works for your business by booking time to chat with one of our award-winning marketing experts.