As web entrepreneurs, we see it everywhere, in every product and in every offer, we see it, we use it and if the need arises, the buyers make use of it. I’m talking about guarantees. What do they do? Aside from the obvious offers of refunds and product replacements, guarantees also help increase your conversion rate which would in turn increase your income. And who doesn’t want that? Therefore, the use of guarantees is important, you just have to know which guarantee you need. Here are some guarantees to increase conversion:
1. Skip the boring stuff and go long term
Instead of the standardized 30 to 90 days guarantees, it’s actually better for you if use a longer time frame like a one year guarantee. Why? It’s because customers have a tendency to adapt the ‘apathy effect’, it’s where they don’t feel rushed or required to test the product out because they adapt the mentality ‘I have all year, no rush’ so they put it off and the strain on the product is not that great. Unlike in the shorter one where the consumers may feel obligated to test it out immediately and continuously thus, placing greater and unneeded strain on the product.
2. Go for the extra mile, learn to offer more
Guarantees represent your confidence in your product, thus your willingness to give more than take more can yield better results. Offer your personal expertise, a free product replacement and whatever it is you’re selling. And if the customer is still unsatisfied, aside from the refund, give him a little extra for his troubles like letting him keep the product and its freebies for example. This type of guarantee assures the customer, they have nothing to lose and have everything to gain, making them comfortable in buying or availing your services.
3. Endorse the competition
Yes, you’ve read it right. Endorse your rival. Why? That’s basically what your customers are thinking. Why would he promote competition? Is he not confident with his own skills or products? Actually no, it’s the exact opposite, by placing the option of availing services from another entrepreneur you are telling them that, if they don’t like what you offer, you’ll offer up a complete refund plus a funded referral to a recommended or chosen company. You are that confident and assured that you won’t need to.
4. You are innocent until proven otherwise
This is where you, like the first guarantee, take advantage of your customer’s apathy or indolence because it’s where you offer a refund but in turn they must prove to you that your product is indeed ineffective. If the damage is not that big of a deal (and let’s face it, it’s usually is, unless of course your product is indeed that defective), most consumers would just wave if off, telling themselves that it’s not worth the effort and they’ll just cope with it or buy a new one.
5. Replace ‘refund’ with ‘results’
That’s right, another trick, but it’s quite common. Instead of using the phrase ‘Guaranteed Refund’ use, ‘Guaranteed Result’. In addition, to calm the unsatisfied chap, you offer an alternative as just compensation. This would help push the little thought of asking for refunds away from the buyer’s heads even though you are technically still required by law to give him the refund if they’re persistent. This little tweak in the wordplay would help reduce the event of returns and refunds.
So to sum things up, using the proper guarantees involves they key words generosity, confidence, and moderation. A bit of added emphasis on moderation, overconfidence is a dangerous thing to have. In business, it’s okay to be ballsy, just not too ballsy, if you catch my drift. Also, adaptation plays a key responsibility in choosing an effective guarantee to boost your conversion, remember that every market is unique and you have to tailor your guarantees to their tastes.
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