Today’s consumers are more risk-averse than ever before. They know the internet is flooded with scams, and almost every industry has shady companies offering inferior products and services operating in it. It stands to reason that if you want someone to do business with you, the customer has to see that there’s little to no risk when buying from you.
One way to eliminate risk is to offer your customers a guarantee. By backing your products and services with a money-back guarantee, they can tell themselves “If worst comes to worst, I can always get my money back. I have nothing to lose.”
Of course, you might be worried that you’ll lose a lot of money by offering a guarantee. After all, what are you going to do if a bunch of customers start asking for refunds?
Fear not. Here are some good reasons that you should put those worries to rest and offer your guarantee.
- Build trust with your customers—Most consumers won’t know whether or not they can trust you when they arrive on your website. Their inclination is to be skeptical until they’re proven wrong. By guaranteeing your products, you build trust with your customers. You show them that you’re not just talking the talk, you’re willing to walk the walk and back your products fully.
- Gain an edge over your competition—There’s a good chance customers might also be looking at your competitors to see what they have to offer. By offering a money back guarantee, you can gain an edge over the competitors that aren’t.
- Guarantees add value to the product—A strong guarantee actually adds value to the product. It makes the deal a little sweeter and a little harder to resist.
- Hardly anyone requests a refund—The simple fact of the matter is that most people just don’t ask for refunds. In some cases, they just don’t want to deal with the hassle of requesting a refund. In other cases, they’re actually on your side. They’ve paid their money and they want to believe in you. Sometimes, they just don’t want to admit they’ve made a wrong decision.
Do you offer a guarantee on your products? Why or why not?