Guarantee what you do
How do you get more people to buy a service or product from you?
#BusinessTips #Guarantees #SalesConversion
You can improve your sales conversion rate by removing the risk.
A guarantee is about risk reversal. That is, you take the risk from your prospect’s shoulders and place it on yours. They either get the result you promised, or they’re compensated – they really have nothing to lose. That’s why guarantees work.
The key to creating extraordinary guarantees, according to business guru Michael Gerber, is to “Make a promise your customer wants to hear – a promise that no-one else in your industry dares to make – and then deliver on that promise better than anyone else around”.
Think about using risk reversal as a way of setting yourself apart from your competitors. You could offer:
Money back guarantees - The classic approach - e.g. “We’ll give you your money back if you are not 100% satisfied”.
Try before you buy - Here people only part with money after they have discovered for themselves that the product is worth their money, e.g.: “30 day free trial”.
Better than risk free - Here you reward people for giving your services a try - a reward they can keep even if they ask for their money back.
Before you decide on your guarantee, think about the answers to these three key strategic questions:
What promises do your clients really want to hear? You really need to understand what will help them to shop with confidence.
What specific promises can you make in this area that no-one else dares to? For example, a lifetime guarantee would certainly tell people how confident you are about what you do.
What systems do you need to be able to deliver on that promise every single time?
And if you do offer a guarantee then you can perhaps charge higher prices. After all, why would you offer a guarantee on a service or product which isn’t very good?
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