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Digital Products: For those that offer "60 day money back guarantee"...

by mrdeflation
7 replies
When do you find the majority of your customers requesting a refund if they do..

More towards the initial purchase period or are they "using" your product for 59 days, setting an alarm reminder and then requesting a refund at the end?

What's your experience as to when most request a refund? Beginning or End of refund period
#digital #offer #products
  • Profile picture of the author MValmont
    Originally Posted by mrdeflation View Post

    When do you find the majority of your customers requesting a refund if they do..

    More towards the initial purchase period or are they "using" your product for 59 days, setting an alarm reminder and then requesting a refund at the end?

    What's your experience as to when most request a refund? Beginning or End of refund period

    I've tested with a few products, in different markets, different price points, etc,

    And the bottom line is it really depends of how much value the person gets versus what they pay.

    For example the first digital product I ever did is the WSO I sell on this forum. I sell it at $9, but they get 10+ hours of video content...I sold a lot of copies and I got less than 20 refunds...And I sold probably 1000+. The price is so low that lots of people didn't even watch the first video but didn't ask for a refund. For $9 they just don't care. And for the majority of people that watched the videos, obviously they got more value than the $9 they paid.

    I have other products with a higher price point. Most refunds are asked immediately after they buy. Often they clicked on the upsells by accident for example...

    IMO Not a lot of people ask for refunds after having watched the whole program.

    But again, I haven't tried with products that sells for $1000+. I would guess this happens a lot with these products.
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  • Profile picture of the author writeaway
    Man, the product must be REALLY bad for the MAJORITY of buyers to want a refund

    If you're offering software that works or books that contain actual USEFUL content, your refund rates would be normal (ie., very very low).

    Focus on the quality of your offerings and you shouldn't have a problem.

    Refunds are a fact of life though unless you're offering DFY systems
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  • Profile picture of the author Reed Floren
    Refunds come in waves... Here's when I see an increase in refunds.
    1. Immediately (5 minutes or less after purchase) this is the kind of person who puts your stuff on a blackhat site
    2. At the end of the month - this person can't pay rent
    3. On the last day of the refund period - I've even seen people add the refund date into their paypal receipt and 9/10 those are the ones who refund on the last day

    Almost anyone who asks for a refund in any of those situations is a usually a crappy customer and you are better off just removing them from your list because they don't have the mindset to succeed at this.
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    Reed Floren - FREE Internet Marketing Training

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  • Profile picture of the author ChrisBa
    Originally Posted by mrdeflation View Post

    When do you find the majority of your customers requesting a refund if they do..

    More towards the initial purchase period or are they "using" your product for 59 days, setting an alarm reminder and then requesting a refund at the end?

    What's your experience as to when most request a refund? Beginning or End of refund period
    If people really want their money back they will find a way by doing a dispute or chargeback even if you don't have a refund policy. IMO the refund policy is a good way to help build trust and sell.
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  • Profile picture of the author Frank Donovan
    Originally Posted by mrdeflation View Post

    When do you find the majority of your customers requesting a refund if they do..
    More towards the initial purchase period or are they "using" your product for 59 days, setting an alarm reminder and then requesting a refund at the end?
    What's your experience as to when most request a refund? Beginning or End of refund period
    The sales or payment processing platform you use will often dictate the refund period, but there are ways you can mitigate your refund rate, assuming you have a quality product to start with.

    First, don't make a money-back guarantee a prominent feature of your sales pitch. If possible, don't mention it at all.

    Alternatively, specify a longer than average period for refunds - 12 months or even a lifetime guarantee. This might seem counter intuitive, but studies have suggested that buyers are psychologically less likely to ask for a refund if there's no time pressure involved. And the longer they leave it, the more chance they won't bother.
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  • Profile picture of the author Mohammod Ali
    The refund policy will build trust and it will increase your sell.
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  • Profile picture of the author Brent Stangel
    Immediately (5 minutes or less after purchase) this is the kind of person who puts your stuff on a blackhat site
    At the end of the month - this person can't pay rent
    On the last day of the refund period - I've even seen people add the refund date into their paypal receipt and 9/10 those are the ones who refund on the last day
    This has been my experience.
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    Get Off The Warrior Forum Now & Don't Come Back If You Want To Succeed!
    All The Real Marketers Are Gone. There's Nothing Left But Weak, Sniveling Wanna-Bees!
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