When potential customers consider making a purchase from your business, they may perceive various risks. They may question whether your product or service will actually solve their problem, whether it will meet their needs or desires, and whether the benefits will outweigh the costs. As a business, it is important to address these concerns and eliminate any purchase risks that potential customers may have.
One effective way to reduce these risks is by providing a guarantee. By offering a guarantee, you remove the potential risks for customers and make it easier for them to make a purchase. It is reasonable to assume that by reducing these risks and making the buying process easier, more potential customers will convert into actual customers and make the purchase. This is highly beneficial for your business.
Here are 5 tips to help you create a great guarantee:
1. Clearly and prominently position it: A guarantee is only beneficial if customers know about it. Make sure your guarantee is clearly stated and visible to potential customers at the time of the purchase decision. It is not uncommon for businesses to have a guarantee but fail to inform customers about it, resulting in missed opportunities. Ensure that both potential customers and existing customers are aware of your guarantee.
2. Make it strong and bold: To maximize the impact of your guarantee, make it strong and bold. A watered-down guarantee is unlikely to inspire confidence in potential customers. The idea is to grab market attention and make customers feel confident about their purchase. Don’t be afraid to be bold with your guarantee.
3. Define the “claim” specifically: It is important to clearly define what qualifies as a claim under your guarantee. As the business, you can set the rules for claims. Make sure your guarantee is specific and easy to understand. Use an “if this, then that” approach to clearly outline the terms of the guarantee. For example, “If this product does not meet your expectations within 30 days of purchase, we will provide a full refund.”
4. Test your guarantee: If you have concerns about how your guarantee will work or if customers will abuse it, consider testing it in a controlled manner. Offer the guarantee to a limited group of potential customers to see how it works in practice. This will allow you to make any necessary adjustments before implementing it on a broader scale.
5. Research existing guarantees in other industries: Don’t limit yourself to the guarantees offered within your own industry. Look at guarantees in other industries to get inspiration and ideas. There’s no need to reinvent the wheel. By studying how guarantees affect purchase decisions in various industries, you can gain valuable insights for designing your own guarantee.
In conclusion, providing a guarantee is a powerful way to eliminate purchase risks for potential customers and increase their confidence in making a purchase. Following these tips and creating a strong and bold guarantee can attract more customers and increase your sales.
If you would like more information or help creating a guarantee, reach out to us.
