Why Return Policies Are Vital in Business
What’s the fastest way to convince a potential buyer NOT to purchase your product or service?
Offer a NO MONEY back guarantee.
Why do people buy things?
The first reason is obvious…
They are convinced their purchase is necessary or will help them in some way.
The second reason is because they trust the product or service will work.
Well, if it’s their FIRST time buying from you, how can they trust you?
Sure, if you have plenty of positive reviews, it can help.
…but, there’s a better way.
Offer a 60 day money back guarantee with no questions asked.
If you truly believe in your product or service, there is NO reason why you wouldn’t offer this.
As soon as a potential customer see’s this, their guards go down.
“Well, it sure sounds like a good investment and worst case, I can return it. I’ll try it out.”
This all sounds like common sense, right?
Well, for many businesses, it isn’t.
Is it because all of them offer a product or service they don’t believe in?
Yes and no.
Some businesses offer AMAZING products and services but have the fear that people will ask for their money back after they get the desired results.
In other words, people would steal from them resulting in lower profits.
Let me give you an example…
Let’s say you decide to sell a book online.
You think about the return policy and say:
“Well, on average, most people don’t read a book in a week. My book is great and I know people will benefit from it, but I also know certain people will ask for their money back regardless and steal from me. I know I have to offer a return policy but I don’t want these types of people hurting my profits. I’ll give a 7 day money back guarantee to ensure I don’t get stolen from.”
Will this type of thinking completely sabotage any sales success your book could have?
No, of course not.
However, I guarantee you won’t make as many sales as you could.
Stone Cold Business Reality
The reality is that yes, some people will buy the book and return it after reading.
This is part of business.
You will get stolen from.
Your book will become available as a “free download” on torrent sites.
You will lose potential sales.
Should this worry or demotivate you?
No, of course not.
People are going to do what they’re going to do.
You need to continue to create MASSIVE value and only concern yourself with the group of people who will buy and not return your book.
The number of people who will buy your book and NOT return it, outweighs the number of people who will.
It is far better to have MORE book sales than a short money back guarantee.
More book sales will always be more profitable.
Most people will feel guilty about asking for money back, even if your book wasn’t exactly what they expected.
Humans are also lazy by nature, and will avoid going through the process of the return.
When you offer a 60 day guarantee, you instantly communicate:
1) Your book has value
2) You have nothing to hide
3) You are NOT a scammer
4) You care about your customer’s level of satisfaction
If you create a spreadsheet and test both methods (7 day money back vs. 60 day money back)…
You will notice how your profits are HIGHER with the 60 day money back.
…even though there are MORE returns.
If you deliver on your promise and people receive value from your product or service…
Returns are the last thing you’ll have to worry about.
Value = Sales.
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