Business Suicide Strategy #8 Not Having a Risk Reversal Or Guarantee in Place - Part III
The risk reversal strategy can dramatically increase your profits that is why it warrants much discussion especially in today's recessionary economy.
I can think of no better way to dominate your niche business and eliminate your competition than adding strategies and guarantees to your business.
This can make such a difference for your business that you must start implementing it immediately to maximize sales, gain new customers and increase your profit margins.
I saw the following risk reversal a few years ago.
I think it's one of the best I've seen.
It's from a pest control company called BBBK.
Their guarantee is aimed at hotels and restaurants.
"You don't owe one penny until all the pests on your premises have been eradicated...
if you are ever dissatisfied with BBBK'S services you will receive a refund for up to 12 months of the company's services...
plus fees for another exterminator of your choice for the next year.
If a guest spots a pest on your premises, BBBK will pay for the guests' meal or room, send a letter of apology, and pay for a future meal or stay...
and if your facility is closed down due to the presence of roaches or rodents, BBBK will pay any fines, as well as all lost profits, plus $5,000.
" Although I don't know for certain, it's easy to assume several things about BBBK from this guarantee.
They are very good at pest control.
They understand the concerns of their customers with regard to hygiene.
They are successful at attracting new customers! They are probably providing very similar services as their competitors do but without a guarantee in today's marketplace you must eliminate the risk of doing business with you.
However, BBBK understands the power of taking resistance to make a purchase by backing up their competence with a powerful guarantee.
Their profits I'm sure will reflect this! l and what it can achieve for your business.
If you've given any thought to the strategies discussed in Part I and Part II of these articles I am sure several questions may be entering your mind...
Won't people try to abuse what I am offering?" Won't I lose a lot of money with this?" The key of course to successful risk reversal is this - if you offer a good product or service then you have nothing to worry about.
Unfortunately I cannot say no one will ask for a refund or for their money back.
What I can say is that for every one of these, you will attract many more prospects and customers by simply offering a risk reversal in the first place.
Don't worry about the potential negative aspects.
The goal is to surge your business with new customers and prospects as quickly as possible.
The easier your business makes it to say, "Yes" to a product or service typically the scales tip in your favor that you stand behind what you offer.
Because you offer risk reversal your prospects will most likely think and assume the following things about your business...
1.
If you're offering this risk reversal, you must be very good at what you do.
2.
You would be 'stupid' to offer such a guarantee if you were poor at delivering your promises.
3.
In the prospect's mind the risk reversal has 'proven' to him or her that you can give them exactly what they need.
4.
More importantly, when most people choose to buy a product or service, they choose it for perfectly good reasons and intentions.
And they spend time making their decision.
A very small sector of the population may abuse the fact that you have taken out the risk for them to purchase or try your service.
They wouldn't choose you in the first place if they wanted to capitalize on returning products for example.
Isn't it time you put in place a risk reversal or guarantee for your business? This is one strategy that will help your business make more sales than any other strategy I know.
Most businesses are failing to capitalize on the power of guarantees.
With these difficult economic times you owe it to your business to follow this advice or possibly suffer the consequences of not being in business next year.
I can think of no better way to dominate your niche business and eliminate your competition than adding strategies and guarantees to your business.
This can make such a difference for your business that you must start implementing it immediately to maximize sales, gain new customers and increase your profit margins.
I saw the following risk reversal a few years ago.
I think it's one of the best I've seen.
It's from a pest control company called BBBK.
Their guarantee is aimed at hotels and restaurants.
"You don't owe one penny until all the pests on your premises have been eradicated...
if you are ever dissatisfied with BBBK'S services you will receive a refund for up to 12 months of the company's services...
plus fees for another exterminator of your choice for the next year.
If a guest spots a pest on your premises, BBBK will pay for the guests' meal or room, send a letter of apology, and pay for a future meal or stay...
and if your facility is closed down due to the presence of roaches or rodents, BBBK will pay any fines, as well as all lost profits, plus $5,000.
" Although I don't know for certain, it's easy to assume several things about BBBK from this guarantee.
They are very good at pest control.
They understand the concerns of their customers with regard to hygiene.
They are successful at attracting new customers! They are probably providing very similar services as their competitors do but without a guarantee in today's marketplace you must eliminate the risk of doing business with you.
However, BBBK understands the power of taking resistance to make a purchase by backing up their competence with a powerful guarantee.
Their profits I'm sure will reflect this! l and what it can achieve for your business.
If you've given any thought to the strategies discussed in Part I and Part II of these articles I am sure several questions may be entering your mind...
Won't people try to abuse what I am offering?" Won't I lose a lot of money with this?" The key of course to successful risk reversal is this - if you offer a good product or service then you have nothing to worry about.
Unfortunately I cannot say no one will ask for a refund or for their money back.
What I can say is that for every one of these, you will attract many more prospects and customers by simply offering a risk reversal in the first place.
Don't worry about the potential negative aspects.
The goal is to surge your business with new customers and prospects as quickly as possible.
The easier your business makes it to say, "Yes" to a product or service typically the scales tip in your favor that you stand behind what you offer.
Because you offer risk reversal your prospects will most likely think and assume the following things about your business...
1.
If you're offering this risk reversal, you must be very good at what you do.
2.
You would be 'stupid' to offer such a guarantee if you were poor at delivering your promises.
3.
In the prospect's mind the risk reversal has 'proven' to him or her that you can give them exactly what they need.
4.
More importantly, when most people choose to buy a product or service, they choose it for perfectly good reasons and intentions.
And they spend time making their decision.
A very small sector of the population may abuse the fact that you have taken out the risk for them to purchase or try your service.
They wouldn't choose you in the first place if they wanted to capitalize on returning products for example.
Isn't it time you put in place a risk reversal or guarantee for your business? This is one strategy that will help your business make more sales than any other strategy I know.
Most businesses are failing to capitalize on the power of guarantees.
With these difficult economic times you owe it to your business to follow this advice or possibly suffer the consequences of not being in business next year.
