A money back guarantee is an excellent way to encourage more sales, but there are many different considerations to keep in mind when you go about offering this.
Shorten your learning curve, make the most of your resources, an maximize your impact by studying and executing the info in this guide!
The best thing about a money-back guarantee, is that it helps your audience to overcome a common objection they might have to buying from you. They are likely worried that your item won't be as good as you claim it is, that it won't arrive on time, that it will be faulty etc. By offering a money-back guarantee, you remove this risk of buying something less that perfect. That's because you are effectively saying that if the item does not meet or exceed expectations, if it does not fit the description, then you will provide a full refund. There is no RISK.
The great news is that most people will not ask for their money back. This is extremely rare, and therefore, you will find that you gain much more than you lose by including it.
The money back guarantee also ensures your customers are happy with what you are offering though too. It means that even if they hate the product, they don't lose anything, and they get a good experience. So, they might buy again!
But there are arguments against offering this online too.
First: never offer money back if the user doesn't get results. This is too hard to prove, and it effectively means you are guaranteeing results, which you can not do. "Change Your Life or Your Money Back" is a spam-like strategy and one that many people will see through.
Another issue of course is that when it comes to digital products in particular, there is nothing to return. Not only does this mean that people can take advantage of your generous offer and still get to keep the product, but it also draws attention to the fact that you are not offering anything tangible for the money. It can call into question the value of the product to begin with.
You should therefore think carefully before deciding whether this option is right for you.
If it is not, there are other ways you can remove the risk associated with your product and thereby drive more sales.
One is to sell an extremely cheap product first. This shows your audience that your delivery system works and that they can trust transactions through your website.
Another is to provide a free sample. Give away the first 5 pages of your eBook and they can see the production values and quality content for themselves.
Is a "Money Back Guarantee" part of your sales strategy?