Should I Offer a Money Back Guarantee?
Jun 21, 2023Has a client ever asked you for a money-back guarantee? How did you respond?
Many times, we are hesitant to offer something like this because we do not want to put our cash flow at risk. But why should you be concerned about the success of your client if you are confident in your product or service?
I am sharing my thoughts on this today and offer some suggestions to integrate this into your business in a manner that protects both you, and the client, and offers you both the highest likelihood for success.
The key takeaways from this episode are:
1. Consider the value of a money-back guarantee: Implementing a money-back guarantee can provide value to the client by instilling confidence in your product or service. It shows that you stand behind your offering and are committed to their satisfaction.
2. Structure the guarantee to protect both parties: When offering a money-back guarantee, it's important to establish clear terms and conditions that protect both you and the client. This ensures that the guarantee is fair and reasonable for both parties involved.
3. Address partial results or incomplete success: In cases where a client achieves some results but falls short of the promised outcome, it's essential to handle the situation with transparency and fairness. Having open communication and finding a mutually beneficial solution can maintain a positive client relationship and uphold your integrity.
What you'll hear in this episode:
[1:35] What does a money-back guarantee actually mean and why are we afraid to implement these in our business?
[3:18] What value does a money-back guarantee provide to the client?
[5:30] How to structure a guarantee to protect both you and the client.
[7:00] How to address the situation if your client gets a result, but does not quite reach the full promised results.
Related episodes:
Creating Community in Your Business with Teri Yu
How to Handle a Negative Business Review
Starting and Growing a YouTube Channel with Augie Johnston
Resources:
Connect with Shannon:
Find everything you need at www.keepwhatyouearn.com
Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so
Hire us: https://www.fitnancialsolutions.com/accounting
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Find me on IG @shannonkweinstein
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
