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Value Creation Blog

Do You Guarantee Your Work?

Posted by Josh Patrick

Sales Guarantee resized 600I’m a big fan of sales guarantees.  I believe that if you want your customers to trust you, you have to take a risk.  I’ve used sales guarantees for over thirty years.  In that time I’ve gotten burned a few times and it’s been worth it every time.

It’s been worth it because for every time I got burned I had many successes and some of them were because we had a guarantee.  It’s not about the people who take advantage of you; it’s about you differentiating your company in a novel way.

Do you ever think about why your customers buy from you?  If not, why not?  There are reasons that your customers buy your products and use your services.  You need to find out why they buy.  If it’s something that you’ve never thought about then you need to make that part of a guarantee you provide your customers.  Sometimes asking this question will help you change the way you do business. 

When I had my vending business we used to think that variety was the name of the game.  Then we asked what it is that our customers were buying.  We found it wasn’t variety they wanted; it was Snickers, M&M’s, cheeseburgers, and hot dogs.

Have you thought about why people won’t buy from you?  You might have a product or service where a risk is involved.  If you take the risk away, or have a smaller portion, size, or service you can reduce or better yet eliminate the risk a potential client has.

One of the reasons I like free offerings on the internet or free 30 day looks of software is it gives me a chance to see if I want to invest my money in the product.  Could you find a way for your potential customers to experience your product free for a certain amount of time?

Do you make it easy for your customers to buy from you?  Do you have a service that’s easy to access?  If things don’t work out can you return what you’ve bought easily?

One of the reasons I love Costco is that I can return anything for any reason.  They never ask why, they just give me a refund.  I don’t feel hassled and I have confidence that if anything I buy doesn’t work out, I’m not stuck with it. 

What can you do that will give your customers confidence in your product?

Are you using your sales process to differentiate yourself from your competition?  Going back to my vending days.  Once we figured out that over 80% of our sales came from about ten products we started guaranteeing that we would never be out of those ten products.  If we were, then the customer would get a free day of coffee on us.

This guarantee proved to our customers and potential customers that we were putting our money where our mouth was.  More importantly, our competitors thought we were crazy and wouldn’t match our guarantee.  This allowed us to put our company and service in a different light than those we competed with.

A sales guarantee is something you really should think about.  It allows you to tell the world that you have confidence in what you sell; so much confidence that you’ll be the one taking the risk, not your customer.  Isn’t this how you want to be treated when you make a purchase?

We have a process called the Objective Review.  This is our survey process where people can find out if we’re the type of company they want to do business with.  If you would like to read a detailed description of what our Objective Review is all about, please click on the button below.


Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

 

 

Topics: value creation, business relationship management, build trust, selling, professional relationships

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