A Strategy is simply a systematic way or procedure to achieving a desire. Whichever strategy is employed determines the extent to which our products and services reach the customers as intended. And until your product reaches the customer, there is no business yet, besides there are too much competition out there and too few customers.
Now I have discovered a method which when applied, would put your products in the customer’s hands. It is called the RISK-REVERSAL STRATEGY.
In every sale, risk is taken, whether you know it or not, especially when it’s a product you have never used before. The buyers have to accept the risk that the product might not work or suit their needs, or do what it claimed to do.
The single greatest reason people don’t buy (it is thought to be a staggering 80% of all the reasons) is that they perceive some level of risk on doing business with you. Therefore it stands to good reason that if you as the seller or producer are able to do something to remove the risk—real or perceived—you will then have an automatic 80% better chance of completing every business transaction. You can do this by giving your customer the opportunity to do business with you on a completely risk-free or low-risk basis.
Here are some simple ways to help remove your customer’s perceived risk:
1. Let them sample or try your product free of charge.
2. Let them purchase at low introductory price
3. Offer them a full unconditional money-back guarantee (or if you must, a conditional money-back guarantee)
4. Offer to pay a penalty if you don’t perform, such as 110% of your money back, if you are not totally satisfied.
This risk reversal strategy will re-enforce the confidence and faith of the customers in your products or services. It is a way of standing behind your products and services with honest guarantee.
Simply taking the risk away from your customers will make you unique in your industry. This strategy can give you the uniqueness you need. Think about it! It’s really common sense. It’s so much easier to sell something when you can tell people “if you don’t like it, just return it and we will give you a full, no-question-asked refund”
The objective behind this strategy is to create more confidence in the buyer to try you out. Besides, it is not possible to offer a 110 percent refund on a product you are not certain will be valuable and needful to the customers.
Take these four steps and experience the growth of your customer’s confidence in you and your product.
