That’s what you’ve got to look forward to in this episode of Conversion Team.
What are they and why are they necessary?
Super Guarantees are a guarantee where you offer to give back more than what someone pays for your product or service. They provide a safety net for those potential customers who are on the edge of making a purchase but are not 100% sure yet. They alleviate ‘buyers remorse’ because when they’re strong enough YOU are taking ALL the risk of their purchase away from them.
They’re also extremely effective at increasing sales and profits on an incredible scale.
Everyone has 30 day money back guarantees these days. You need to stand out and most people aren’t scumbags so don’t put off all the good people out there as you’ll likely get 1/100th of the returns that you expect.
Here are a few examples
- Zappos – http://www.zappos.com/ – Free shipping Both Ways! – 365 Day Return Policy
- The Marketing Program – http://www.themarketingprogram.com/goinside/ – Clay will pay you all your money back and $1000 if you don’t triple your investment based on his course
- Appsumo – http://www.appsumo.com/lkr-social-media-marketer/?rf=fpfd#key-info – 100% money back anytime before you die
- Listeners Guide Book – http://www.listenersguidebook.com/ – If you’re not satisfied in a month, keep the course and they’ll refund you 110% of your purchase!
But how do you create one?
You need to put yourself in your customer’s shoes and answer the question “What would make this a no-risk to me purchase?”
- Find 20 or so lose-win guarantees from around the Interwebs and write them all down.
- Alongside put down your closest competitors guarantees.
- Chop and change your twenty examples to make a simple, clear and unbelievably strong guarantee for your product.
- The goal is to create the strongest guarantee possible in your category (and to create something that you believe will take all the risk away from your customers)
How to test?
If you’ve done the previous step well and have created an absolute mother of a guarantee then you should be feeling nervous about implementing it – that means ALL the risk is on you which is what you want. Now you need to test whether it drives up sales and the return policy isn’t going to kill your business.
- You need to run an ultra-short test using split test software.
- Compare sales from the two versions.
- Wait for Guarantee Period to Expire.
- Compare the cost of returns from the two versions.
- Was it profitable? If yes, implement it.
- Repeat with an even stronger guarantee.
The bottom line is that many people won’t even take you up on your guarantee in the first place. People are lazy and tend to forget. I’m sure you can think of something you paid for that you regretted, but never did anything about it (even though you knew you could).
Most people aren’t scumbags so don’t let a vocal minority turn you away from all the good people out there. Your return rate may even go down because of it.
But … test it first to make sure it’s good business.
I’m Nick Martin, this is Conversion Team, see you next time 🙂