How To Do Virtual Elimination Of Refunds And Returns
One of the most financially damaging elements of any direct marketing business are returns and requests for refunds
. They are a tremendous waste of your time, effort, and money.
Although every company encounters this problem to some degree or another, few do anything about it. Most companies seem to accept refund requests and returned merchandise as part of the normal cycle of doing business. They act as if there is nothing they can do to stop this costly problem.
The truth is, there's plenty you can do to significantly reduce refunds and requests. In fact, using what I'm about to show you, you can nearly eliminate them entirely. The best part is that it's relatively simple and painless to do!
In order to understand what really causes excessive requests for refunds and returns, first you have to recognize what doesn't cause them.
Refunds and returns are not caused by faulty merchandise or poor services rendered. Because just a little care and concern can guarantee the quality of the products and services you deliver.
Refunds and returns not caused by dishonest customers. While you may encounter an occasional deadbeat or outright crook, the vast majority of customers are people who are more than satisfied with an honest value for their dollar.
Refunds and returns are not caused by customers finding a better price somewhere else. While price can be a factor in determining sales, it's rarely the underlying factor in a customer's refund or return decision.
If it isn't any of the above factors, just what is the one single factor that's responsible for nearly every refund request and return? It is:
Buyer's Remorse
That's right - Buyer's Remorse. And whether you know it or not, that should send a shiver up your spine because Buyer's Remorse is a nasty, rotten, powerful adversary.
Here's why. All of the other reasons mentioned above are practical, logical problems with practical and logical solutions. That makes them very easy to overcome. But buyer's remorse is a nastier problem with a far more difficult solution because it is emotional in nature. So no amount of practical, logical problem solving is going to be effective in combating buyer's remorse.
Another aspect of understanding the potent effects of buyer's remorse is to understand precisely when buyer's remorse occurs. Buyer's Remorse strikes your customer the moment the purchase has been completed.
This is especially true if the sale was based on an explicit decision rather than an implicit decision. If you are unfamiliar with these two terms then let 's explain further. Implicit Decision is when someone makes a decision themselves without any outside influences and they feel good about their decision. An explicit decision is when someone has been influenced by outside sources in making their decision.
This is a whole other topic so we will leave it at that for right now.
The fact is, as soon as the purchase has been completed, the first minute after cash has transferred hands, Buyer's Remorse strikes fear into the heart of your customer.
Now, here's the good news. Turning this ugly situation around is actually quite easy. All it takes is the right tool for the job. And I am going to give you that tool right now. This tool is powerful. It works like wildfire. This tool is called:
Post-Purchase Reassurance
Post-Purchase Reassurance means that you recognize that your customers will experience buyer's remorse. You also recognize that the cause of this problem is rooted in their emotions, and you take the necessary action to completely neutralize the disastrous effects it can have.
The way you go about successfully achieving your post-reassurance goal is to craft and send your customers a Very Personal Follow-Up Letter immediately after they've bought something from you. You can benefit even further by giving away a bonus product or report in your letter.
You can drastically reduce or eliminate your own refunds starting now!
by: Ryan Round
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