Great Guarantees are the most overlooked aspect in pricing strategies. Usually because it’s the last part of the exercise in deciding how to price the product or service. It’s also scary. What if everybody tries to take advantage of me and cash in on my Great Guarantee?
While 1% of the customers might cheat you, the other 99% will not unless they feel cheated. You can easily build that risk into your price. Not offering a Great Guarantee is probably the cheapest option you are passing by when it comes to increasing the value of your product or service.
A Great Guarantee is unconditional, easy to understand, significant, and easy to claim. Providing a customer with a Great Guarantee makes the buying decision a no-brainer for them.
Here are some of the Great Guarantees that I have seen:
The No-Questions Asked Guarantee
Free Trial Guarantee
Unconditional Guarantee
Cover All Fines Guarantee – protects the customer from government penalties
I have provided unconditional guarantees for my consulting programs for several years now. It helps incentive me to go the extra mile and to have the hard conversations with clients about their satisfaction.
Profitability strategy is always a fun discussion. Please feel free to give me a call at (352) 317-5692 if you have some ideas or questions that you would like to discuss.