The Lose-Win Guarantee!
“If you want a guarantee, buy a toaster.” -Clint Eastwood
As you are probably aware, the 30-day money back guarantee is pretty much dead.
It doesn’t mean what it used to mean, and this has happened over the past few years. It’s crazy how fast this has happened. You’ve probably bought a product because of this guarantee and have run into the problem of having to return it. You end up getting stuck driving to the post office, buying the box and paying shipping to send the product back. This sucks.
The Lose-Win Guarantee
What you want to be doing as a business owner or product owner is creating the New Rich Lose-Win guarantee. This is ballsy and isn’t recommended if your product flat out sucks. However, if you have a kickass product or service, this could be the perfect thing for your business. Guarantee’s help guide the prospect through your sales funnel as you know and the guarantee turns the “might buy” into a paying customer. Lose-win guarantees not only remove the risk for the consumer, but this puts your company at financial risk.
Some examples of businesses that have successfully used this are:
Delivered in 30 minutes or less or it’s free! -Domino’s Pizza
If your car is stolen, we’ll pay $500 of your insurance deductible. -THE CLUB (guys who made the automobile anti-theft device that goes on your steering wheel)
110% guaranteed to work within 60 minutes of the first dose. – BodyQUICK sport supplements, offered to refund 10% MORE than the purchase price.
But what if people take advantage of this?
The lose-win guarantee could seem like a huge risk for you, especially in the last case in which someone could easily abuse this for a profit. The cool thing about this is that most people are honest and will not take advantage of you as long as your product delivers on its promises!
Try this out if you can back up your guarantee! Provide as much time as possible to consider or forget the product for your customer. Ginsu knives offer a 50-year guarantee. Can you offer a 60,90, or maybe even a 365 day guarantee on your product? Gauge your average return percentages with a 30 or 60 day test first and then extend it.
See if you notice a difference and let me know on how this has helped you!
