Offering a "Double Money Back" Guarantee?

16 years ago

Hi Dayne,

Your strategy is called "not reading the fine print."

If you do what you're describing, and only refund the initial payment within the sixty day period, the customer will demand to know why. And when you tell them the details, he or she is going to be mad as heck and you will be disparaged online.

Do you really want to flirt with that kind of outcome?

You might want to consider an across the board double your money back guarantee based upon some conditional qualification or performance on the part of the customer.

I don't know your offer, but see if that resonates with you.

- Rick Duris

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Jason Fladlien

16 years ago

I use double your money back guarantees all the time - they do work really well.

However, it should be conditional, and you should spell out the conditional guarantee plainly. For example, with an article writing product where I offer a double your money back guarantee I say...

"show me 3 articles you wrote with my formula and if you can honestly tell me it didn't at least double your article writing speed while maintaining the same quality of your articles I will give you double your money back".

So they understand clearly the condition of a double your money back refund. plus, I still have a 100% money back refund as well that is unconditional

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Daniel F. Lavoie

16 years ago

Originally Posted by Jason Fladlien

I use double your money back guarantees all the time - they do work really well.

However, it should be conditional, and you should spell out the conditional guarantee plainly. For example, with an article writing product where I offer a double your money back guarantee I say...

"show me 3 articles you wrote with my formula and if you can honestly tell me it didn't at least double your article writing speed while maintaining the same quality of your articles I will give you double your money back".

So they understand clearly the condition of a double your money back refund. plus, I still have a 100% money back refund as well that is unconditional

A split test result would be great. If you don't mind...

Thanks

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Rezbi

16 years ago

Also, only offer such a guarantee if your product really is that good.

Whatever guarantee I offer, I assume people will take me up on it. That way I know my product has to be so good they won't want a refund.

If you know your product isn't good enough you're doing two things: You're cheating your customer; you're setting yourself up for a shock.

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Raydal

16 years ago

I offer a double your money back guarantee on one of my ebooks
but it only cost $10 and I''m highly confident of what I am offering
because I'm the only author they would learn this subject from.

I've never had a refund request so I guess that the guarantee
works. At the same time I've never tested this guarantee
against the normal money-back one.

-Ray Edwards

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JasonParker

16 years ago

Originally Posted by Dayne Dylan

So I'm thinking about offering a "double money back guarantee" on a newer product. I know great copywriters like Gary Halbert have said that it can GREATLY increase conversions.

I was wondering if many of you have implemented this and if so, how did you do it to make it work really well?

I'm thinking of offering it this way...

"Give XYZ 60 days, if at that time, you don't see a remarkable difference in your life, contact me and I will DOUBLE your money back plus you can even keep all the downloads..."

My thinking is this will make them have to wait at least 60 days to ask for a double money back guarantee. And I know, many people at that point will most likely not even go through with it as most refunds are requested within days of buying a product (or as Gary Halbert once said, 90% are right after they order or something like that).

Of course, if someone wants a refund within a few days, I will only grant them a full refund, not the double money back one.

I figure even if a few do take me up on the 60 day double money back guarantee, the increase in overall sales will be much greater.

What do you think? A good strategy?

Halbert also said you do this...

You make the double your money back guarantee.

When they come asking for a refund, you give it to them in full unconditionally.

BUT the double your money back part is conditional.

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aaallday2010

16 years ago

Sounds risky to me. I think (like someone else mentioned) that your product has to be really good to make a guarantee like that.

Also, in this economy you might get some a55holes who would only get your product and then ask for you to honor your guarantee just to make a few bucks. But I guess that is dependent on how much the product is. Might not be an issue with a product under $50 though.

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Kevin-VirtualProfitCenter

16 years ago

I offered a double your money back guarantee for several years on a $197 digital product. That product had a money-back guarantee for life, and a double-your money back guarantee which was conditional.

Sold 2,000 or so and never had a person request the double. My refund rate for the money-back was about 2.5% which wasn't bad.

I never tested the page with one guarantee v. two. Just sharing my experience. I wouldn't be afraid to do it again.

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Daniel F. Lavoie

16 years ago

Originally Posted by Dayne Dylan

So I'm thinking about offering a "double money back guarantee" on a newer product. I know great copywriters like Gary Halbert have said that it can GREATLY increase conversions.

You should forget about making a convoluted guarantee full of conditions.

Do you think a "double your money back guarantee!" will work better than a "double your money back guarantee but..."?

It all boils down to testing...

I remember when I first started selling online, I was scared that a herd of people would take advantage of my 60-day money-back guarantee... two months later, I realized that I was scared for nothing.

I should test the 'double your money back' too ... (with no fineprint).

Give it a try!

P.S. Make sure you do this with a kick ass product.

Thanks

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Ngwu Ogonnaya Precious

Banned 16 years ago

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DavidO 16 years ago

There's another important factor that nobody has mentioned yet... everybody's focusing on the product, which is wise, but you should also look at your market.

I sell a health product to a mature and older market, mostly 40 years old and above. My refund rate is only around 1%. I don't know why I've never tried this tactic before but I'm definitely going to now.

On the other hand, I'd be hesitant to offer it to other markets. Let's take the money-making market, for example. These tend to be younger people, many of whom may be impatient and immature.

And anyone gullible enough to buy a get-rich-quick scheme won't hesitate to demand double their money back (you can be sure the product won't work for them!).

Double your money back sounds like a great tactic for the right product and market.
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wcmylife

16 years ago

Do a split test with different sales letter/money back guarantee. If you find that the double your money back guarantee is not converting as high as you expected, switch and go with the regular guarantee.

The only reason you should continue with the double your money back guarantee is if your getting a really HIGH conversion when compared to the regular money back offer. Make sure you have a kick-ass sales page that makes your offer/guarantee clear.

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ewenmack 16 years ago

Hi Dayne,

By tying in your gurantee to what your customers biggest frustration is, it makes it more compelling and more responsive.

Here's what I mean...your product gives what the prospect wants most.

That's the first step.

Next step is understanding what the biggest frustration people have dealing with vendors in your industry.

You gurantee that they will never experience that problem with you.

You name that problem and specifically take the loss if your customer should experience it.

Now, that has real meaning and value to your customer.

I did that with a service I provided wihich was charged out, on average, $30.

I knew that if you ask home owners what is their biggest frustration with tradespeople, the majority would say "Don't turn up on time and don't do what they said they would"

Think about it, the home owner has to re-arrange her schedule to meet with you and allows so much time for the meeting...you turn up late and she gets annoyed because it throws the rest of her day out...has to make phone calls to say she's running late...wonders how little Jonny is going to cope because mom is going to be late picking him up.

See the problem through the customers eye?

My adverising said "If I don't turn up on time, I'll give you $100."

I bumped it up to $500 then $1,000.

Remember, that's for a $30 service I was selling.

Do you think you would get serious on service when major money is on the line?...YOU BET!

It transforms your business and makes you the only choice in the market.

Your competitors would never dare do it...and if they did, they will be seen as inferior copycats.

It's way beyond "lets come up with a gurantee".

If you want to be the leader in your field, then this is one way to get there.

All the best,
Ewen
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- Irish Intuition 16 years ago
  
  To be honest I would have not made a different decision on anything that I have bought if it had this 2x guarantee.
  
  That said, it may subconsciously play a roll in getting me further
  entrenched in the sales page.
  
  I think if the best part of the page is this guarantee, somethings wrong.
  
  Thanks
  
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Offering a "Double Money Back" Guarantee?

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