Selling With a Guarantee - Overcoming the Risk Myth
Guaranteed Business Transactions.
A Guaranteed Business Transaction is more than just offering a refund. It is a specific marketing strategy that swings the desired outcome massively in your favor.
How does a Guaranteed Business Transaction work? Person A buys a product or service from Person B. Typically, the person in the Buying Role (Person A) takes all the risk. The extent to which you can shift the Risk from the purchaser (Person A) to the Seller (Person B) will result in a very significant increase in sales.
Business Owner’s Resistance: What if I get ripped off?
One of the main psychological reasons a business owner won’t use a guarantee is the fear that they might lose revenue or get ripped off.
How to figure out your guarantee.
If you can’t figure out a guarantee for your product or service, find out what people hate about your industry and then not do it.
The Psychology of the Guarantee.
People are programmed to respond in a certain way when being sold to.
Sometimes they don’t believe the guarantee itself - especially if it’s a very powerful one.
Types of Guarantees.
There are at least 40 types of guarantees you can use in your marketing strategy. Here are the top 10:
Sometimes offering NO guarantee is the way to go. If you’re selling a very low priced item, or there’s simply no way you can offer a money-back guarantee on your service, rather than just ignoring the fact there’s no guarantee, you can highlight that you’re so CONFIDENT in your product, that you’re not offering a guarantee on purpose.
Make your guarantee more powerful.
You will want to make your guarantee as powerful as possible. Let’s look at the 3 basic elements every powerful guarantee considers.
Avoid these common mistakes.
Tying It All Together.
Risk removal is an essential component in the selling process. Offering a guarantee removed the buying risk for your customers. Most businesses understand this on a basic level, but they don’t get as many conversions as they could because they don’t give risk removal nearly as much attention as headlines, calls to action, and other elements.
These best practices will get you moving in the right direction. But the only way to optimize your risk-removal for conversions is through experimentation and testing.
Through testing and optimization, you can streamline your guarantees to build trust and win more customers.
Final Thought: The better the guarantee, the stronger the message to your customer telling them that you are so confident in your product/service, that you’re willing to stand behind it with an iron-clad guarantee.
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