Do you Really need a Money back guarantee

11 years ago

I offer it, but I do include clear limitations. If you're selling a series, how often does the series update? Once a week? If so, you could have a 7-day money back guarantee. If not, modify that to be after your first webinar so that if people decide they don't like your style, they aren't trapped into anything.

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ScottieDog

11 years ago

Originally Posted by accendo

Hey guys, still working on my first product launch. I was wondering what you guys think about the "Money Back Guarantee" statement/image/graphic.

The reason I ask really is about I dont know when the cutoff will be. I am offering a webinar series. So, do I say no money back after the first installment? I guess do I really need it all. I was thinking about satisfaction guaranteed and offering additional bonuses.

What do you think?

I think you need it, even if it s on the 7 day route. At let them experience one webinar offering to see if it is for them. If what your offering is valuable they will all be gagging for installment 2

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hustlinsmoke

11 years ago

I think the bigger you make it and the bolder the better off you will be.
Although on webinars, I usually only offer the money back if they havent watched it yet. I don't know I have fought a few on this but just does not seem right to watch a webinar then ask for the money back.

Sort of like seeing a bad movie and asking for your money back, that does not happen and I don't think they should get money back on a webinar.

Now with that said, I have never had a webinar that didn't go with the product. so if they bought the product used it for a couple of weeks then went to the webinar and asking for a refund, just isn't going to happen,

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clever7

11 years ago

A money back guarantee helps your customers feel safe. It’s indispensable if you want to make sales because everyone is afraid of scammers.

When you say that your customer’s satisfaction is guaranteed you are not giving him/her any guarantee, you are telling him empty words. He cannot believe you.

Let him verify by himself that your work is really good, and let him be the one who will decide if this was what he was looking for.

Perhaps he made a mistake. This was not what he was looking for. Perhaps he suddenly has to care about other matters in his personal life and he doesn’t want to care about the internet. You don’t know which reasons may make a customer cancel a purchase.

Help your customer feel safe. Help him stop thinking so much if he will buy or not what you are offering him. Make him conclude: ‘in any case, if it is not what I want, I can give it back and have my money back. So, I will simply buy this product today instead of leaving it for tomorrow, without thinking more about this matter’.

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Randall Magwood

11 years ago

I would offer it. It puts the risk on you, and not the consumer. No matter how short the guarantee is. But typically the longer your guarantee is, the more likely you are to keep the sale.

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07

11 years ago

The money back guarantee is a MUST nowadays. really it will raise your sales through the roof compared with no guarantee at all. Trust me, its necessary.

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techbul

11 years ago

You should have a money back guarantee but put some clear limitations to it. For instance, on my Fiverr guide WSO, I am offering a 200% money back guarantee if you don't make any money within 1 month.
So I would expect some proof that the methods were indeed applied and tried with no success before issuing a refund.

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WillR

11 years ago

You need a money back guarantee and from my talks with the Paypal risk department, I think they kind of expect it nowadays. They want their consumers to have some type of recourse should they not be happy with the purchase.

When creating a refund policy concentrate your thinking on the extra number of sales you are going to make by having that strong guarantee in place rather than the small amount of refunds you will receive by having it. A good refund policy will almost always make your more sales than not having one at all. Just remember anyone who refunds their purchase is someone who would never have bought your product if there was no guarantee.

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Lucian Lada

11 years ago

Originally Posted by hustlinsmoke

Although on webinars, I usually only offer the money back if they havent watched it yet. I don't know I have fought a few on this but just does not seem right to watch a webinar then ask for the money back.

Sort of like seeing a bad movie and asking for your money back, that does not happen and I don't think they should get money back on a webinar.

You're kidding, right? So I pay a guy a $100 for a webinar that promises something and he doesn't deliver, and I have to just... I don't know, consider it a bad movie? Seriously, are you poking fun?

What's the difference between a PDF and a webinar? only the format. So if you make some promises and don't deliver, I don't care what your views on things are, I want my money back. After all, we had a deal - I give you a sum of money and you give me something in return, which was clearly specified and delimited. Should you fail to deliver, I consider that an breach of contract, and the parties should be put in the situation that was prior to the breach (which is a fancy way of say to refund the money).

The movie comparison was not good, not good at all - nobody promises anything when going to a movie, it's just entertainment and it's highly subjective. Also, who would want to go through all the trouble for a few bucks?

Originally Posted by hustlinsmoke

Now with that said, I have never had a webinar that didn't go with the product. so if they bought the product used it for a couple of weeks then went to the webinar and asking for a refund, just isn't going to happen,

You seem to believe your products are flawless. Maybe he was going to the webinar as an attempt to find some value and not ask for the refund before he inspected everything, or maybe he was just trying to get it for free by getting a refund and tried to suck every bit of value out of it, who knows? but to automatically refuse someone because he went to a webinar is a bit too abusive for my taste.

That's why I don't really like ebooks and stuff that are sold in places where the vendor decides who gets the refund and who doesn't, and that's why I prefer ClickBank - I'm assured that if the product doesn't match the promises, I won't have a problem getting my money back.

Originally Posted by WillR

When creating a refund policy concentrate your thinking on the extra number of sales you are going to make by having that strong guarantee in place rather than the small amount of refunds you will receive by having it.

This is how people should think, but surprisingly most of them see it as a leak or a compliance.

Originally Posted by WillR

A good refund policy will almost always make your more sales than not having one at all. Just remember anyone who refunds their purchase is someone who would never have bought your product if there was no guarantee.

Of course it will, I mean, who buys stuff not knowing they're covered, especially from what I call "ambulant" sellers? It's a basic and common sense need. "Hey, vendor, if it doesn't work, can I get my money back?" doesn't seem unreasonable to me.

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Broyde 11 years ago

Accendo are you still on the fence about whether you should use the money back guarantee or not?
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writeaway

11 years ago

If nothing else, offering a 100% money back guarantee builds TRUST and CONFIDENCE in the eyes of the buyer. The market is already competitive enough as it is. Standing out from the pack by NOT offering a guarantee puts you at a serious competitive disadvantage. A guarantee says to the buyer that you are CONFIDENT about your product.

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TeamBringIt

11 years ago

A money back guarantee is a must, because it lets the customer know, that you have lots of faith in the product/service you are offering. Also, it lets them know, that they risk nothing by taking action and purchasing your product/service.

Social proof + guarantee = more sales! If you do not, offer a money back guarantee and the customer buys and is not happy, they will hassle you-- till their money is returned.

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J. Barry Mandel

11 years ago

If you want to earn more sales then you need a money back guarantee. PERIOD.

If you will have new customers buying from you why should they leap in if they never bought from you and don't know the quality of your stuff even if you have 100 testimonials?

Got it?

Best of Luck,

Justin

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supershoesclub

11 years ago

At the present, whatever online or off-line sale.most of seller would offer the money back guarantee policy to their customers.I think it will encourage the visitor to decide to buy.Most people are worried about the after sale problem.Maybe you think that if offer the money back guarantee,It would be a loss on spend,But if not, it would be a bigg loss on business.

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MrImperialGold

11 years ago

Offer the money back guarantee because you will get more sales because people won't be scared of buying the product and not being able to get the money back if it doesn't help.

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talfighel

11 years ago

I would offer this to my customers but you can tell them upfront that there is only a curtain date in which they have to ask for it. You can use 30 days or use can use more then that. But be clear so that they know it.

Now, if you offer a money back guarantee even after a year after they purchased, I think that more people will sign up. I can guarantee you that not a whole lot of people will ask for that refund.

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Stuart Walker

11 years ago

It will help you sell more if you offer one. People will be distrustful if you don't have one in place. In my experience most people are honest and will not refund if the product is good and lives up to expectations.

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Don Grace

11 years ago

People want risk free anything and it helps, but I've done both sides of the coin...

I've done the 5 year guarantee, but I've also done the reverse guarantee with a lot of success for higher end stuff. That basically says if you don't have the guts to follow through don't buy this because I'm not about to waste my time for nothing etc. Less sales but overall better because the tire kickers get away.

A lot can depend on the market. In IM with so many tire kickers you have to weigh the good and bad... mainly your expected refund rate.

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enterprisemind

11 years ago

As a consumer, I very rarely buy things except maybe food that don't have some type of money back guarantee. I strongly recommend doing that. I also agree with Sharpay about offering it after the first installment of the series.

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Corey Geer

11 years ago

Originally Posted by accendo

Hey guys, still working on my first product launch. I was wondering what you guys think about the "Money Back Guarantee" statement/image/graphic.

The reason I ask really is about I dont know when the cutoff will be. I am offering a webinar series. So, do I say no money back after the first installment? I guess do I really need it all. I was thinking about satisfaction guaranteed and offering additional bonuses.

What do you think?

That depends on the type of product you're selling, the location you're selling it and how much of a headache you want to deal with. No matter how great your product, if you're selling it cheap, you're going to have people who want free stuff that'll take advantage of your money back guarantee no matter what.

Those are usually the people who hit up every BH site to let people download it for free just because.

I've seen some successful WSOs on here (one with 70+ pages of replies and 250k+ views) that stated very boldly, NO REFUNDS and NO MONEY BACK.

Also, your refund rate will differ depending on the kind of clientele you attract. If you're selling a cheap product, you're going to attract cheap people. If you're selling a high end product, the majority of the people who buy it more than likely won't think about a refund even if they don't like it. From what I've seen some of the biggest names do, the key to doing this is to make a "7 Day" guarantee and to include so much information and so much overload in your course/product that there's no way the average person can get through it all in 7 days.

Sneaky? Eh, a little bit but we're salesman after all.

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Dontrell Lyons

11 years ago

LOL

I know it's your goal to keep as much money as you can from all your sales, while keeping serialer refunders at bay but I realized that it's part of the business.

I always offer a guarantee... because if the product is good and the support is good, you've done your job to provide great value.

Having a guarantee also increases conversions so you have more customers to market to in the future. :-)

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butters

11 years ago

Why would you want to not offer it? If most products out there offer it, wouldn’t it look a bit suspect that your offer didn’t offer it? Not only is it fundamental in my eyes but it is the best thing to protect the customer! I have brought my fair share of ebooks, courses etc. in my time and you know what, most products (Yes the whole product) I could of found on wikipedia! There is so much re hashed crap out there that it is unreal and genuinely frustrates me when they produce a product that crap. It’s like they have never heard of the word effort!! In this business you get out what you put in! If you are not willing to understand the market, if you’re not willing to be knowledgeful of the market then don’t make the dam product!!

Yes there are serial refunders out there, sure, I accept that but they are a small percentage of your sales. If you are getting insane refunds back on a product then you know it is crap and its embarrassing to even put your name to it. Maximising profits may be your goal and that’s fine but in my eyes, getting rid of the offer will be a huge error on your behalf.

People are sceptical about buying online, especially in the make money niche because of all the press which has gone around about scams online. By taking away the one thing which gives them a guarantee if it is a scam, they have a chance to get their money back, well, that’s just bad marketing! If you know your product is amazing and has good valuable content then the guarantee isn’t a problem.

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George Wright

11 years ago

My Return Policy.

Buy my stuff.

Later I may let you return and buy more.

The end.

George Wright

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jlcs

11 years ago

Too m much crap product outside now. I think money back guarantee is the MUST. Give gut for buyer to try.

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icandi 11 years ago

Personally I would prefer to see a Guarantee but I pity the vendors who offer a great product and people demand a refund maybe because it's more work involved than they imagined. THere's always going to be two schools of thought on the subject. As for off line businesses offering guarantees I can think of plenty that don't, Lawyers, Financial Services, Travel Agents, there's probably lots of others. One of my standard lines when someone said they didn't want to pay "up-front" for a service, fortunately I was not desperate for their business but when I said "so you've never taken a vacation or did you pay the agent when you arrived home - or not if you didn't enjoy it As it happens he agreed and booked. Back to the question I truly think that there are exceptions. Just one example, graphics springs to mind, when there are tons of samples posted albeit low resolutions and watermarked and the vendor states "no refunds" as they've had a preview.
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fern

11 years ago

I say go with the guarantee. You want to have happy customers and the guarantee promise makes you more trustworthy. I recently bought something and was dissatisfied with the product. The seller refused to give any refunds. It makes them appear more shady, imo. So go with the guarantee. If it's a good product, you will get good reviews and more sales and few refunds. Good luck.