Perceived risk is one of the greatest barriers to a sale. Will I get what was promised? Will it work? What will my family, friends, co-workers, bosses think? Will the supplier stand by me when things go wrong?
As a mentor of ours is fond of saying, “If your underwear doesn’t tighten, your guarantee isn’t strong enough”. In other words, your guarantee should scare the heck out of you.
Strong guarantees do four things:
- You build trust, develop an excellent reputation and become a supplier of choice.
All purchase decisions involve an element of risk. You wonder what happens when things go wrong. Will the supplier stand by their product or will they try and weasel out of helping you.
- You can charge premium prices. Strong guarantees prove your commitment to your clients, therefore you can charge more.
- Help eliminate buyer’s remorse – that niggling feeling of “Did I do the right thing? Should I have bought this?” A strong guarantee can alleviate these negative feelings as new buyers will go, “Well, if anything does go wrong, I have a long term, solid guarantee – so what am I worrying about!”
- You have to develop excellent products and services that truly deliver.
There are internal benefits as well.
To afford to offer such a guarantee, you must run a really tight ship. Processes and procedures need to be clearly laid out and followed.
Which means working through every detail of your processes from initial marketing, sales, delivery and final signoff to ensure they are fully documented and adhered to.
Your client communication must be first rate. All communication must be logged. You must have written evidence procedures that tell stakeholders they’ve got what they agreed to.
Now I hear some of you saying, “I couldn’t offer this type of guarantee and don’t have the supporting structures in place.”
But what if you could? How much more business could you generate?
Here are some examples of guarantees to get you started…
A client of ours, a professional printing company gives a 110% money back guarantee. “If you don’t love the prints, we’ll give you 110% money back”.
In over 20 years they’ve NEVER had someone call them on it!
An accountant client guarantees their work would be correct or they’ll not only fix it but pay audit fees and fines the ATO imposes.
And finally a construction a home construction company that says, “If you don’t love it, I’ll rip it down and build it again”. That’s pretty gutsy given they’re talking about construction projects that could cost upwards of $1,000,000.
Were there any weasel clauses? None. The wording was straightforward. Love it or we’ll redo it.
Providing a weasel free guarantee will give you a major boost in conversion. I guarantee it. *smile*.
So what could your guarantee be?
Want help figuring out what your guarantee could be and how to implement it? Call Rashid on 0414 913 334 and we’ll help.