Updated: Mar 14, 2019
One of the ways to innovate and stand out in a crowded market is to implement a risk-free guarantee. There’s a couple of purposes of having a guarantee.
The first one is to establish what you would do already for an unhappy customer and put it in writing and use it in your marketing.
Check what your competition is doing and make yours even more irresistible before you do that. If you’re a B2B or B2C, it’s crucial to see what you’re industry is already doing and innovate your guarantee beyond what they’re are doing.
The second reason is to make it easy for someone to say “Yes.” It’s obvious they should do business with you.
You’re lowering the barrier to entry in working with you. Most companies get stuck saying we’ll fix it or money back guarantee. Those are better than nothing but what do your prospects want? This is a key part of focusing your marketing strategy.
How do you make yours better than the competition?
Ask yourself what would it take for your competition and prospects to say “They’re crazy.” If you’re concerned it’s too much of a guarantee, do the math. How much is a guarantee going to cost you for the worst case scenario?
How much is your return or dissatisfaction rate and how much is it really going to cost you?
How much are you willing to guarantee to make yourself the obvious choice to do business with? Some of the better guarantees are you can exchange the product for a new one and you get your money back. Or hotels that guarantee a good nights sleep or your money back.
Online mattress sellers have really made it easy to try out their products. They offer free shipping with a 1-year trial and free returns if you don’t like it. What could you offer your prospects to make it obvious to do business with you?
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