Why money-back guarantees can be a great marketing and customer satisfaction strategy for course creators. When should and shouldn’t you offer your clients or customers a money-back guarantee?
Consumers today are more market savvy than ever, they know too well that not everything does what it claims on the packet. Consumers also have far more choice so they tend to shop around.
Why Money-Back Guarantees Can Be A Great Marketing Strategy
Short trials or money-back guarantees on courses, coaching, or training programs can be a useful marketing strategy. Money-back guarantees can help increase client confidence in you and your products. Because you are taking away the financial risk for the client. Your customer or client can be assured if the content is not what they expected or doesn’t give the results that are promised there has been no loss to them.
When Money-Back Guarantees Are Useful
Now, money-back guarantees are a great way to increase sales on a product or service that you know without a doubt works, something you have tried and tested on many clients and customers with great success. It is a form of persuasion that demonstrates you genuinely want your client or customer to be fully satisfied.
But it is also a great marketing strategy for new businesses trying to accelerate client and customer trust. I don’t know about you but I am far more likely to invest in a product, a coaching or training program that offers some sort of trial or money-back guarantee.
How Long Should Your Money-Back Guarantee Be?
The trick is choosing how long is the money-back guarantee 30 days, 21 days, 14 days, or 7 days. It is totally up to you and will depend on quite a few things.
1. How long will it take for your client customers to experience the benefits or results.
2. What sort of financial investment your client or customer is making?
3. What sort of time investment your client or customer is making?
If you claim your product, your technique starts to work within a week well you may decide to give your client an up to 10-day refund.
If your product is a 6 or 12- month training program worth over £500 you may want to give them a 30-day money-back guarantee especially when you first start out. But if you are going to give money-back guarantees for a large chunk of training ensure your content is drip-fed and that they cannot download everything. Especially if this training is based on years of unique experience and training and has taken a long-time to create.
This approach not only gives your ideal audience more confidence that you are genuinely interested in the client’s best interests but if you do need to issue any refund. It gives you an opportunity to learn why and find out how you can improve your product or service.
When Not To Give Away Money-Back Guarantees
Although I am of the opinion every course or service you provide should be at a certain level of customer satisfaction. There are times when it may not be a good idea not to promotet money-back guarantee’s.
- When you are just starting out and struggling in confidence.
- When your offering beta-testing or trial offers
- When you cannot guarantee your product or service will have a certain level of benefits.
- When you are offering low-cost products
- When you commonly attract clients who just want freebies
- When the benefits are only attained through a lot of discipline on the client’s part.
If you are just starting out and don’t feel confident it is not always a good idea to promote money-back guarantees unless you can handle honesty and feedback. If you have not had enough experience in the delivery of a certain product or service to guarantee any promises well my advice to you is to get the experience. You need to know if your product or service actually does provide the results you think it does, not just assume it does. So if need be get some client- case studies, beta-testers or offer an introductory or trial offer.by