MergedAnalytics Tracking Image - NoScript
International Business Growth Radio Network
  • WELCOME
    • EXEC TEAM
    • CONTACT US
    • PRIVACY
  • RADIO
    • ON AIR NOW
    • LISTENER GUIDE
    • SHOWS ON DEMAND >
      • BUSINESS PODCASTING MADE EASY
      • ECONOMIC NEWS >
        • IBGR.News
      • EXIT STRATEGIES >
        • An Epic Business Exit
        • Catalytic Conversation$
        • Exitology
        • The CFO Perspective
        • The Entrepreneur's Edge
        • The Smart & Savvy Business Exit
      • FINANCE >
        • Business Econ for a Post Pandemic World
        • Economics For Owners
        • Employee Capitalism
        • Money Matters
        • Practical Solutions to Difficult Problems
        • TurboCharge Your Business
        • Your Money Machine
      • HR / PEOPLE SKILLS >
        • Business and Beyond
        • Business Processes & People Talk
        • Equipping Others
        • Staff It!
        • Success Can Be Fun - With Focus!
        • The People Side of Business
        • Women of Business Thriving
      • INTERVIEWS >
        • Get You Noticed!
        • The Referral Guy Interviews Your
        • The Magnetic Voice
      • LEADERSHIP >
        • Compassionate Leaders of Influence
        • Destiny Road
        • Engaging Your People For Success
        • Leadershift with Col Ajai Lal
        • Leadership Powered by Common Sense
        • Influencing for Global Impact
        • Talk Leadership with Cedrick on the Radio
        • Your Corporate Confidante
      • MARKETING >
        • Building A Multilevel Marketing Empire
        • Level-Up Your Marketing
        • No Nonsense Market Domination
        • Buying Customers
        • #Seriously Social
        • Results Oriented Marketing
      • MINDSET >
        • Building Success Habits
        • Building You to Build Your Business
        • Entrepreneurial Mindset
        • Peak Impact Mentorship
        • Guidance To Wealth
        • The Hero Within
      • OPERATIONS >
        • Build It!
        • Building In Front of You
        • Building In Front of Your 2
        • Lead Lean
        • Pencils & Pistons
        • Planning Out Loud
        • Processes Under Control
        • The Ralph Peterson Radio Show
      • SALES >
        • Beyond The Method Selling
        • Inside The Customer
        • Sell It!
        • Serving Up Sales
      • STARTUPS >
        • A Business Primer for Startups
        • A New Business Model For Startups
        • Adulting In My Purpose Business Edition
        • Building Startup Operations
        • Creating A Consulting (Improvement) Business
        • How To Start A Consulting Firm
        • Survival Mode
        • The Geriatric Entrepreneur
        • Your Business 2.0
        • Z Gen Entrepreneurship
      • STRATEGY >
        • #OwnrLife
        • Better Your 4 U
        • Build Your Core for Dynamic Partnerships
        • Grow It!
        • How to Avoid Becoming the 80%
        • How To Become the Top 5%
        • How to Move Beyond the 15%
        • Living the Life .. On YOUR Terms
        • Own It!
        • ReImagine Your Business
        • The Business Owner's Bookshelf
        • The Self Managing Organization
        • Tenacious Top of Mind Business Insights
    • MEET THE HOSTS >
      • Ben Gioia ("joya")
      • Bert Robinson
      • Chris Mayfield
      • Crystal Y. Davis
      • Donna Kunde
      • Doug Thorpe
      • Ellen McIlhenny
      • Glenda Thompson
      • Jason "Wally" Waldron
      • Jeremy Gray
      • Jörn "Joe" Menninger
      • Kevin Beers
      • Lisa Askwith
      • Londina Cruz
      • Mike King
      • Monique McDonald
      • Patty Lawrence
      • RJ Lewis
      • Sarita Johan
      • Steve Sweeney
      • William Eastman
    • JOIN THE TEAM >
      • BECOME A HOST
      • BE A SPONSOR
  • CONSULTING
    • HOST PACKAGES
    • ADVERTISING PACKAGES
    • BUSINESS MAKER PACKAGES
    • FRACTIONAL CONSULTANTS
  • NEWS
    • E-NEWSPAPER
    • NEWS BLOG
    • NEWS PODCASTS
  • RESOURCES
    • START HERE
    • SHOW NOTES
    • GROWTH APP
    • FACEBOOK COMMUNITY
    • LINKEDIN COMMUNITY
    • EVENTS
    • IBGR MERCHANDISE
IBGR.NETWORK

Show Notes

DOWNLOAD. LISTEN. ENGAGE.

Episode C.010 Selling With a Guarantee

15/5/2020

0 Comments

 
Picture
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. 
  1.  Avoid getting ripped off by offering a high quality product.  Honest people won’t have a reason to ask for a refund. Research shows that dishonest people are less likely to cheat when they’re actually satisfied.
  2. Introduce conditions within your guarantee to discourage cheating and make your guarantee MORE credible.
  3. People, in general, have integrity. It does not serve you to focus on your perceived risk regarding cheaters and unethical people because the risks are low that these people will show up and cheat you. 
  4. Offering a guarantee shows a lot of confidence in your product or service, making it simple for people to overcome their doubts and buy from you. 

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. 
  1. Identify the perception your potential customers have about your industry to help you craft a guarantee that removes their pain point and makes the sale more likely. 
  2. Ask your customers what they perceive the risks or customer’s pain points are with your industry if you are still unsure.  

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.
  1. MYTH: Many business owners put 100% of their focus of risk removal addressing perceived financial risk.
  2. FACT: There are countless other things your potential customer actually worries about including but not limited to - wasted time, frustration, looking silly in front of others if a product or service doesn’t work.
  3. Successful risk removal strategies are built to overcome customer’s greatest source of anxiety. What is the biggest obstacle keeping prospects from becoming customers? 
  4. Remove the pain of spending by offering a compelling guarantee.
  5. Offering a guarantee could boost sales anywhere from 21% to 300%.
  6. Remove customers' buying pain by creating a bullet proof guarantee that transfers the risk from the customer to the seller. 

Types of Guarantees.

There are at least 40 types of guarantees you can use in your marketing strategy. Here are the top 10:
  1. The Standard Money-Back Guarantee: Offer a 30, 60 or even 90 day money-back guarantee. 
  2. The Extended Time Money-Back Guarantee: A guarantee extending longer than 90 days up to a lifetime .
  3. The “I’ll Work With You” Guarantee: Your client puts in the work and goes through the process and you guarantee their results
  4. The 100% Satisfaction Guarantee: More often than not, people don’t want a refund. They just want to know you’ll make it right IF there’s a real issue. 
  5. The “One-Condition” Guarantee: Conditional guarantee that asks the customer a condition like telling the main reason they are unhappy with the product, so you have a chance to make it better.
  6. The On-Time Guarantee: If you provide an in-person service, being on time is probably important to your customers. Make that your guarantee.
  7. The Price Drop Guarantee: If the price drops after the purchase we refund the difference.
  8. The No Contract Guarantee: The No Contract guarantee takes the fear of being locked in a long term contract. 
  9. The Authenticity Guarantee: Guarantee your product is authentic. Good if you are selling pre-owned luxury goods, like watches, jewelry, clothes or handbags. 
  10. The Emotional Guarantee: Works when it might not be practical to guarantee results with a money back guarantee (like in the case of a medical professional, consultant, real estate agent, accountant or lawyer for example).Give them “results in advance” – such as a free initial assessment or free service audit to reduce their fear in doing business with you and increase their confidence in.

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. 
  1. Length: The length is the amount of time the guarantee is valid. The longer the guarantee, the less you’ll have to worry about it. A 30-day guarantee will stay top of mind for your customer. A 1-year guarantee will probably be forgotten. If you offer a lifetime guarantee, there’s no pressure to claim it.
  2. Payoff: The payoff is what your customers get when they call on the guarantee. Do they get a refund or something else? Do they get MORE back than the value of the offer? 
  3. Conditions: A guarantee can have ZERO or any number of conditions. Spell out what satisfaction really means and the exact steps people need to take to get the full payoff. Make it one of your signatures. 

Common Mistakes.

Avoid these common mistakes. 
  1. Don't hide your guarantee. Make sure your guarantee is seen and heard. Poor placement of your guarantee decreases the chances of visitors seeing it. 
  2. Don't wait to introduce your guarantee. Introduce your guarantee early in the sales process. 
  3. Don't use too much hype. Creating a really strong guarantee and failing to explain or justify it adequately can increase visitors’ perceived risk of doing business with you. Strike a balance between the strongest guarantee possible and something that doesn’t venture into “too good to be true.” 

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.
0 Comments



Leave a Reply.

    new choice for BUSINESS SEARCH

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020

    Categories

    All
    Aaron Lee
    Ajai Lal
    Ally Nitschke
    Angela Chaney
    Angela Hooper Menifield
    Arthie-moore
    Ben Gioia ("joya")
    Bert Robinson
    Bijay Kumar Khandal
    Bill Kelly
    Bishop Cummings
    Bob DiGiacomo
    Brandon Souba
    Building Success Habits
    Business Podcasting Made Easy
    Cedrick Lafleur
    Celia Powell
    Charles George
    Crystal Y Davis
    Damian Johnson
    David Wilson
    Donna Kunde
    Ellen Mcilhenny
    Fady-g-bader
    Florin Lungu
    Gaby Awad
    James Bryant
    Jan Robberts
    Jeremy Gray
    Johanna Rincon
    John-richards
    Kasfia Rashid
    Kevin Beers
    Laura Bell
    Lisa Askwith
    Londina Cruz
    Monique McDonald
    News
    Nicole Rankine
    Patty Lawrence
    Prerona Roy
    Raj Kapur
    Ramdas Shenoyy
    Ravin Papiah
    Rick Carter
    RJ Lewis
    Russell Colbourne
    Sadika Kebbi
    Sarita Johan
    Scott Geller
    Season 10 Executive
    Season 10 Finance
    Season 10 Operations
    Season 10 People
    Season 11 Executive
    Season 11 Finance
    Season 11 Operations
    Season 11 - Operations
    Season 11 People
    Season 12 Customers
    Season 12 Finance
    Season 12 Operations
    Season 12 People
    Season 1 Coaching
    Season 1 Consulting
    Season 1 Customers
    Season 1 Executive
    Season 1 Finance
    Season 1 Operations
    Season 1 People
    Season 1 Strategy
    Season 2 Customers
    Season 2 Executive
    Season 2 Finance
    Season 2 Operations
    Season 2 People
    Season 3 Consulting
    Season 3 Customers
    Season 3 Executive
    Season 3 Finance
    Season 3 Operations
    Season 3 People
    Season 4 Customers
    Season 4 Executive
    Season 4 Finance
    Season 4 Operations
    Season 4 People
    Season 5 Customers
    Season 5 Executive
    Season 5 Finance
    Season 5 Operations
    Season 5 People
    Season 6 Consulting
    Season 6 Customers
    Season 6 Executive
    Season 6 Finance
    Season 6 Operations
    Season 6 People
    Season 7 Customers
    Season 7 Executive
    Season 7 Finance
    Season 7 Operations
    Season 7 People
    Season 8 Finance
    Season 8 Operations
    Season 8 People
    Season 9 Customers
    Season 9 Executive
    Season 9 Finance
    Season 9 Operations
    Season 9 People
    Simone Douglas
    START HERE
    Steve Sweeney
    Teena Ogbugoh
    Tracie Hines Lashley
    Vicki Abraham
    Wendy Dickinson
    William Eastman

    RSS Feed

Radio

Become a Host
Get the Listener Guide
Contact Us​

SOCIAL MEDIA

Join our Facebook Group
​Connect on LinkedIn
BTS on YouTube

365 Business Maker

Grow Your Business
Apply to Work With Us
Network and CONNECT

free resources

Download the Growth App
Download the Checklist
Download the Podcasts

Listen Live ON THE FOLLOWING APPS & NETWORKS

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture

Search IBGR On These Podcast Platforms

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture

SPONSORS & AFFILIATES

Picture
Southern Virginia Regional Chamber
Picture
Picture
Influence With A Heart
Picture
Picture
Book Design and More
Picture
Picture
Startup Raven
Picture
Picture
Coach Accountable
Picture
Black Links Global
Picture
Click Funnels
Picture
Picture
Airmeet
Picture
SCHEDULE A NO-RISK, NO OBLIGATION CONSULTATION WITH THE IBGR TEAM
866.4ME.IBGR (866.463.4247)
IBGR.Network is Veteran owned and operated. 
Site powered by Weebly. Managed by Radio.co, Designed by gWORX Media.
  • WELCOME
    • EXEC TEAM
    • CONTACT US
    • PRIVACY
  • RADIO
    • ON AIR NOW
    • LISTENER GUIDE
    • SHOWS ON DEMAND >
      • BUSINESS PODCASTING MADE EASY
      • ECONOMIC NEWS >
        • IBGR.News
      • EXIT STRATEGIES >
        • An Epic Business Exit
        • Catalytic Conversation$
        • Exitology
        • The CFO Perspective
        • The Entrepreneur's Edge
        • The Smart & Savvy Business Exit
      • FINANCE >
        • Business Econ for a Post Pandemic World
        • Economics For Owners
        • Employee Capitalism
        • Money Matters
        • Practical Solutions to Difficult Problems
        • TurboCharge Your Business
        • Your Money Machine
      • HR / PEOPLE SKILLS >
        • Business and Beyond
        • Business Processes & People Talk
        • Equipping Others
        • Staff It!
        • Success Can Be Fun - With Focus!
        • The People Side of Business
        • Women of Business Thriving
      • INTERVIEWS >
        • Get You Noticed!
        • The Referral Guy Interviews Your
        • The Magnetic Voice
      • LEADERSHIP >
        • Compassionate Leaders of Influence
        • Destiny Road
        • Engaging Your People For Success
        • Leadershift with Col Ajai Lal
        • Leadership Powered by Common Sense
        • Influencing for Global Impact
        • Talk Leadership with Cedrick on the Radio
        • Your Corporate Confidante
      • MARKETING >
        • Building A Multilevel Marketing Empire
        • Level-Up Your Marketing
        • No Nonsense Market Domination
        • Buying Customers
        • #Seriously Social
        • Results Oriented Marketing
      • MINDSET >
        • Building Success Habits
        • Building You to Build Your Business
        • Entrepreneurial Mindset
        • Peak Impact Mentorship
        • Guidance To Wealth
        • The Hero Within
      • OPERATIONS >
        • Build It!
        • Building In Front of You
        • Building In Front of Your 2
        • Lead Lean
        • Pencils & Pistons
        • Planning Out Loud
        • Processes Under Control
        • The Ralph Peterson Radio Show
      • SALES >
        • Beyond The Method Selling
        • Inside The Customer
        • Sell It!
        • Serving Up Sales
      • STARTUPS >
        • A Business Primer for Startups
        • A New Business Model For Startups
        • Adulting In My Purpose Business Edition
        • Building Startup Operations
        • Creating A Consulting (Improvement) Business
        • How To Start A Consulting Firm
        • Survival Mode
        • The Geriatric Entrepreneur
        • Your Business 2.0
        • Z Gen Entrepreneurship
      • STRATEGY >
        • #OwnrLife
        • Better Your 4 U
        • Build Your Core for Dynamic Partnerships
        • Grow It!
        • How to Avoid Becoming the 80%
        • How To Become the Top 5%
        • How to Move Beyond the 15%
        • Living the Life .. On YOUR Terms
        • Own It!
        • ReImagine Your Business
        • The Business Owner's Bookshelf
        • The Self Managing Organization
        • Tenacious Top of Mind Business Insights
    • MEET THE HOSTS >
      • Ben Gioia ("joya")
      • Bert Robinson
      • Chris Mayfield
      • Crystal Y. Davis
      • Donna Kunde
      • Doug Thorpe
      • Ellen McIlhenny
      • Glenda Thompson
      • Jason "Wally" Waldron
      • Jeremy Gray
      • Jörn "Joe" Menninger
      • Kevin Beers
      • Lisa Askwith
      • Londina Cruz
      • Mike King
      • Monique McDonald
      • Patty Lawrence
      • RJ Lewis
      • Sarita Johan
      • Steve Sweeney
      • William Eastman
    • JOIN THE TEAM >
      • BECOME A HOST
      • BE A SPONSOR
  • CONSULTING
    • HOST PACKAGES
    • ADVERTISING PACKAGES
    • BUSINESS MAKER PACKAGES
    • FRACTIONAL CONSULTANTS
  • NEWS
    • E-NEWSPAPER
    • NEWS BLOG
    • NEWS PODCASTS
  • RESOURCES
    • START HERE
    • SHOW NOTES
    • GROWTH APP
    • FACEBOOK COMMUNITY
    • LINKEDIN COMMUNITY
    • EVENTS
    • IBGR MERCHANDISE