We see all types of guarantees: from real money back guarantees to empty so called ”Satisfaction Guarantees” seals on packages. So what is a guarantee? How does it work and do you need to apply one for your business?
How Guarantees work?
The main task of any guarantee is to remove the obstacles people may have when buying something. Sometimes they are worried about the money, other times, money is not the thing that they are afraid of loosing. So here comes the guarantee to assure them that should this or that frustration or fear occur you will immediately fix it in a particular way.
The most important question to be asked?
The most important question you need to ask to write your guarantee is this: “What is my customer afraid of when he is thinking about buying from me?” or ”What is his biggest possible frustration that he may be afraid of happening when buying from you?” Your customers biggest fear is the key to determining how your guarantee should look and sound like.
What about asking a few real customers that already bought from you this question? His may give you an insight about your future guarantee.
Why this question is so important? Because your guarantee basically should cover his biggest fear and eliminate any friction in the buying process.
$14.99 is not so much of a deal, but when you think about it as a monthly subscription the last thing you want is to get caught by accident in a such a deal, especially if it would compel you to pay for a full year.
So to solve this fear, Audible communicates well that you can ”Cancel Anytime”. Also, even if they don’t mention the word “Guarantee”, what they are doing here is basically covering all of your fears like:
- “What do i do if i buy an audiobook i didn’t like? In the end, it’s a new experience for me and i don’t really know how it will go..”
- “But if i cancel can i still keep my book or they will became unavailable?”
- “When will i be charged my first $14.99?
Notice that they don’t offer a money back guarantee, by the way
Why money back guarantee is not necessary the best one?
Because sometimes you treasure your time more than money so just spent. And even getting your money back won’t compensate the time and effort wasted to buy that product or service.
Loosing the money may not be the scariest for example when you’re buying medicine. Your health is that much important.
But medicine is not the only business where this thing applies. Travel industry is often the same. Yours may also be the case.
So think about that next time you gather with your time to put together a guarantee for your product or service.
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About the Author
Founder and CEO of CreateGo Company
I am a Tech Entrepreneur from Republic of Moldova, founder and CEO of the CreateGo Company in 2009. I am a husband and father of a lovely daughter .