The Money Back Guarantee
It takes a lot of courage for a business to offer a money back guarantee to its customers. Returns are bad enough, but refunds are something that few business can cope with. Nevertheless, the money back guarantee has become increasingly important in the online environment, and those businesses that offer it have only to gain.
Why is the money back guarantee so important?
It makes customers trust you. And it often is the deciding factor that makes a vacillating customer press the buy button, especially when that customer has never bought anything from you before. The money back guarantee removes the perceived risk in making the purchase.
What should you guarantee?
You should guarantee that your products and services correspond to their description on site and solve the needs of your customers. The simplest way to do this is by offering a full 100% refund for all customers who are not satisfied with your product after their purchase, and return it to you in the same condition it had been when they received it, together with all the original packaging.
In some cases, a 100% refund is not possible because of the nature of the project or service. The refund can be then 90%, or 80%, or 70%, and so on. To prevent the money back guarantees from being abused by customers, it must be valid only for a limited period, usually something between 30 and 90 days.
Conclusion
In the end remember to keep your money back guarantee simple. Make it clear on your website what your guarantee is for. That’s all. No small print, and no complications. Do this and not only will your customers like you more, but your sales will also increase.
