There are many questions that often come up for new small business owners around offering guarantees - what kind, how long, am I risking too much by doing so, and even if they should offer them at all. This article tells you want you need to know about offeirng guarantees for your own offerings.
In my business, I offer a guarantee on everything I sell. The guarantees for my products are slightly different than the guarantees I give for my 1:1 coaching and consulting services, but the one thing they have in common is this:
Gurantees remove the risk from your buyer.
And yes, that means that then the "risk" is on your shoulders, but that'e exactly where it should be. After all, if you're providing something of value that you believe in, standing behind it should be very easy to do.
Here are some other thoughts about offering guarantees for your products/services, based on my experience and knowledge:
1. Guarantees make it easier for your prospect to buy...
If you offer a 100% money-back, no-questions-asked guarantee, you've answered your potential buyer's # 1 objection - "But what if it doesn't work for me?"By assuring them that, if your product or service doesn't do what you say it will for your buyer, you'll give them their money back without demanding a reason, you're assured more sales.
2. Guarantees are proven to make more sales...
You may think that by offering a guarantee people are going to take advantage of it unscrupulously, especially if you're selling a digital product. After all, you can't really take an ebook back once someone has downloaded it to their computer (and yes, I know there is software available that turns "off" a returned copy, although I don't recommend you use it).
But so few people will really do that that it's not worth not offering a guarantee. There will always be a few turkeys who will take advantage, but I suggest you leave it up to the Universe or Karma or whatever to take care of them.
3. Offer a strong guarantee...
Meaning, 100% money-back, no-questions-asked, one-year guarantee.
Studies agree that the longer the guarantee, the less returns you'll get. Why? Because people are busy, and they will appreciate a longer time to try something out before they have to return it. And frankly, unless they are furious about a purchase, it's unlikely they will ask for their money back, especially it's been awhile since they bought it.
4. Guarantees for services...
If you're a service provider, like a coach or consultant, it may be a bit more difficult to put a guarantee on your results because usually you need your client's active participation to achieve any results.
And since there're really no way that you can make them engage, it wouldn't be wise to place all the responsibility for results on you.
As part of your contract with your client, you might want to include a detailed list of what it is that you will be providing as well as what the expectations are of the client, and that any requests for refunds will be based on what expectations were met on both sides of the agreement and to what degree. This can be very tricky, though, so to paraphase a business coach I worked with a few years ago, I'd suggest this option instead: "Here's your money, off you go..."
5. Guarantees are promises...
If you offer something of value and you believe in it, then it's easy for you to make promises about what it can do. It should be equally as easy, then, to offer an iron-clad guarantee to back up those promises.
Offering a strong guarantee will put your potential buyer at ease and make more sales for you. If you'd like to see a copy of my "No Quibbles Guarantee" visit my sales page for my "21 Easy & Essential Steps to Online Success System" and scroll to the bottom. And feel free to model it for your own offerings as well!
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