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Articles of Interest

Establishing An Amazing Guarantee

By: Craig Wagener - D.Optom, MBA, Ph.D.


Most business enterprises offer some type of guarantee with the delivery of products and services. Guarantees have become, in most instances, a requirement for moving goods and services.

Offering a guarantee reduces the buyers’ risk and also creates a level of trust that induces the buyer to make a purchase. Providing a culture of security for the customer, prior to the decision to purchase often attracts initial and repeat business.


It is understandable that buyers do not want to accept the risk of high-cost purchases without the answers to certain questions, such as:

1.      What are the risks associated with the purchase of the product or service?

2.      How does the company handle complaints regarding faulty goods and services?

3.      Will the company work with the buyer to resolve issues surrounding complaints?

4.      What legalese does the contract contain that will prevent the buyer from protecting  his/her company’s interest?


Answers to these questions will afford the buyer a clear picture of the Company’s ordinary course of business and its policies and procedures for dealing with customer complaints, as well as how it intends to resolve those issues. By answering these general questions, a customer will have the confidence to move forward with the decision to purchase.


What if your business offered an Amazing Guarantee?  A company that offers a guarantee that is not typical to the area of business in which it operates, has a better chance of establishing dominance over the specific business type. If the guarantee meets the customers’ needs, while simultaneously raising the bar for the company’s performance, forcing the quality and efficiency of its offerings, the result will be customer satisfaction.  An amazing guarantee should be analyzed to ensure that the company could meet its requirements while offering customers peace of mind regarding their purchases.  The bottom line, distinguish your business from others by efficiently producing quality goods and services and “guarantee” those goods or services with an “Amazing Guarantee.” It’s paramount to establishing customer relationships and winning repeat business.

Placing aside any preconceived notions as to the terms of guarantees will help to formulate a unique win-win guarantee for your business.  Think completely ‘outside the box’ by considering offering unsatisfied customers a 100% refund plus a gift certificate. Or what if your guarantee offered a double your money back if not happy for any reason?  Maybe your guarantee could say; “Try our service for 90 days and if we don’t perform as promised we will fully refund your money and pay for 30 days of service with a competitor of your choice.”  


Obtaining feedback from an unhappy customer regarding their experience with the company provides valuable information in analyzing current policies and procedures and possibly an opportunity to reassess the guarantee provided. It is important that a customer feels appreciated and welcome to return. Providing an amazing guarantee will certainly cause repeat business and by a satisfied customer’s word-of-mouth, an excellent effective marketing tool, possibly generate additional customers.


So, start thinking about how to differentiate your business by offering amazing guarantees which other companies wouldn’t dare to provide.

 

 

 



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