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How to use guarantees to increase sales
While the greater portion of my career has been in business
development consulting and speaking, I have spent many years in direct
marketing and three years on the Web. My favorite marketing "guru"
is Dan Kennedy, often dubbed "The
Millionaire Maker" (see http://www.DanKennedy.com).
And if there is one lesson that he teaches from which I derive the most
profitable results in my direct marketing efforts, one of many from a
system he calls "Magnetic Marketing," is the awesome power behind
the use of guarantees.
If you offer a product or service without a guarantee, you're losing
a great percentage of potential sales. Obviously, the Internet has opened
many doors, including those to many unscrupulous entrepreneurs. Scams
and snake oils are rampant. Since there is no official police or watchdog
on the Internet, such scams are probably even greater as a result. I would
even venture as to say that millions of dollars are lost to these scamsters
each month.
Guarantees Increase Sales
While there are many regionally accredited entities and watchgroups,
it doesn't stop many a crafty entrepreneur to bypass the systems to sell
their wares. CBC Radio International news recently reported a scheme in
which a weight-loss drug not yet approved in Canada is being sold by a
Canadian entrepreneur on the 'Net. The matter is currently under investigation
by the pharmaceutical manufacturer and Canadian health officials.
Nevertheless, because of these tricksters and the multitude of challenges
presented on the Web, people are leery and will increasingly seek out
more secure means to benefit from offers. Guarantees are therefore powerful
tools for the prosperity-seeking marketer and can do two very important
things that will help grow one's profits: Increase sales and reduce returns.
When you offer a guarantee, you reduce the skepticism around the purchase
of your product or service. Consumers are understandably cautious and
more so when making purchases via the web. And guarantees give you an
almost instant credibility with potential customers. For example, if you
have a professionally-looking Web site, an ethical sales approach, and
even a proven product or service, the lack of a guarantee will still,
particularly on the Internet, cause most prospects to perceive your offer
as questionable in the very least.
Guarantees Increase Perceived Value
Chris Ayers, publisher of "Unlimited Traffic!" at http://unlimitedtraffic.com,
gives an astonishing real-life example. Writes Ayers, "One of my
first direct mail products years ago was a self-study program. When I
first offered the program in a magazine, my sales weren't even enough
to cover the cost of the ad. I changed my ad and sales letter to include
a guarantee. The number of responses to the same ad increased by a factor
of 20 and my conversion rate from my sales letter rose from 10% to almost
40%."
Take for instance the story of the Monaghan brothers. The two ran a small
business in order to pay their way through college. While one worked the
day shift in order to attend school at night, the other did the converse.
After about a year in the money-losing venture, one of the brothers sold
his share of the business for a beat-up old car. The other, however, with
a good dose of stick-to-it-iveness, decided to make something of his fledgling
pizzeria.
According to some interviews he recently gave, Tom Monaghan said that,
at the time, he wasn't quite sure that his decision to put a guarantee
on his pizza delivery would change much. But obviously, history tells
us that his decision was the greatest one he ever made. By simply marketing
the strength of a guarantee, i.e., "Pizza delivered fresh in 30 minutes
or it's free," Domino's Pizza became the multimillion dollar franchise
operation we know today.
Guarantees Reduce Returns
Guarantees will increase sales. And the stronger the guarantee, the larger
the increase. But unbeknownst to many marketers, one of the most important
benefits of using a guarantee is the fact that it can actually reduce
returns. According to certain successful marketers such as Ayers, a strong
guarantee results in fewer returns. For instance, Ayers got fewer returns
with a 90 day guarantee than he did with a 30 day guarantee. Others got
fewer returns when they offered to let clients keep some bonus items if
the product was returned.
The parallel obviously dictates. While people order, especially from
the Web because of the convenience it offers, an offer that provides a
no-hassle return policy (or risk-free promise) adds to the convenience
factor and instills a greater confidence in the buyer's psyche. If you
offer a product or service, find ways to offer a guarantee along with
it. Rather than taking a risk by removing it from your potential clients'
decisions, you will likely be decreasing it.
In other words, use guarantees to guarantee your success.
About the author
Michel Fortin is a direct response copywriter and consultant dedicated
to turning sales messages into powerful magnets. Get a free copy of
his book, "The 10 Commandments of Power Positioning," when
you subscribe to his free monthly ezine, "The Profit Pill."
See http://SuccessDoctor.com/
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