3 Insider Tips: How to Give a Money Back Guarantee Without Getting a TON of Refunds
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0:05 I'm Neil Patel, and today I'm going to be teaching you how to provide a money back guarantee without getting a ton of refunds.
0:25 You should be providing a money back guarantee whether you have a physical product, or software as a service because you want to create the best user experience possible.
1:00 Look at companies like Amazon, if you're unsatisfied with anything, they'll gladly take the product back in exchange for giving you back the money, so there's not much of a risk. But that's why people keep going back to Amazon because they trust them. So now let's get started with some tips that will help you generate more sales by providing a money back guarantee and of course reduce how many refunds you're getting.
1:22 How to Give a Money Back Guarantee Tip #1
The first tip I have for you is, build an amazing product or service. If your product stinks, you should get a lot of refunds because it stinks to be taking people's money and duping them out of their cash.
1:40 Take the time and energy to build an amazing product, provide fantastic service, because if you do that what'll happen is people won't just buy from you, but they'll tell others, their friends, their family about the experience they had with your company and they're going to be much more likely to buy.
1:54 How to Give a Money Back Guarantee Tip #2
The second tip I have for you is to provide a longer money back guarantee time frame than 30 days.
2:15 I've found out is, when I did the A/B test on the 30-day money back guarantee, versus 60-day money back guarantee, I generated around 7 percent more sales.
2:52 How to Give a Money Back Guarantee Tip #3
The next tip I have for you, if you're a physical seller, like an e-commerce store, make people ship back the product to get their money back. If you're going to give someone their money back, you should get your product back as well. And what you'll find is a lot of people will want your product, they're just hoping to get their money back without giving you back the product, but by doing this, you'll also get fewer refunds.
3:14 How to Give a Money Back Guarantee Tip #4
Now if you have a software as a service and this is an exit for you, don't just let people cancel and get a refund by just clicking a button. Make them email. Or if they're not going to email, have a form on your website that makes them leave a reason why they're canceling and why they want their money back.
3:40 This will give you meaningful insights on why people want a refund, and you can then take that data, make your product make your service better and it'll help boost your conversions. You can even do that with a physical product. When someone wants a refund, you can also ask them why.
3:57 Thank you for watching, I hope you're implementing these tips, they work, you don't need to do a ton of them, but follow these tips, you'll get more sales, fewer refunds. Thanks for watching and again please like, share, tell other people about the video and comment if you enjoyed it or have any questions.