I hear this question a lot, and what I’ve found most entrepreneurs are REALLY asking is: What if I offer a guarantee and people take advantage of me? They buy my product, go through it all, and then ask for their money back?
So, let me start by saying I get it. And, your fears aren’t necessarily unfounded. There ARE people out there who do take advantage of money-back guarantees.
However, I’ve been doing this a long time and I can confidently tell you that is a very, very small percentage of your potential buyers. The vast majority of your buyers are good, decent, honest people who have no desire to take advantage of you.
It also might help if you understand the purpose of a guarantee. Guarantees are actually designed to take the risk off of the buyer and put it back on the seller.
Put yourself in the shoes of the buyer. You’re searching online for a solution to your problem, and you come across a product that looks perfect. BUT, all you have to judge is what you see on a sales page. This isn’t Costco where you can pick the product up and look at it in the store. You’re purchasing something sight unseen.
Which means YOU are taking all the risk. Not the seller.
What happens if it’s not as promised? Or what if you get absolutely nothing?
Then what? Sure you can go through your credit card to try and get the charges reversed, but now you’re wasting your time to get your money back and there’s no guarantee that’s going to work either.
As the seller, if you offer a guarantee, you are assuming some of the risk. And, as you are going to financially profiting from the transaction, it makes sense that you do assume some of the risk.
Plus, studies have found if you actually sell more if you offer a guarantee. Watch and I explain why:
(And if you’re wondering exactly how you can get everything you want simply by flipping your perspective? Check out the first episode here.)