The Author of the most practical business book - Secrets To Retail Riches – provides the following article on the most powerful tool to use in your business.

Guarantees –

You know you have the right products to offer, if it’s one you believe in and would be prepared to purchase for yourself. You need to let your customers know this. If you truly believe in the product, then guarantee it.

This serves several purposes –

1. It will help you stand out from any of your competitors who are not offering a guarantee for the same product

2. It shows that you have a vested interest in the product doing what you said it would. If it doesn’t, you loose money.

3. It shows your customer that you believe in the product and this help create trust and illuminates some hesitation they may have had prior to seeing it was guaranteed.

Remember in all standard businesses, it has always been the buyer taking the risk in these transactions. Most times a warranty repair is offered for most goods (electrical in particular) or some will offer your money back if the product does not perform as promised.

So imagine how much your business will stand out from your competitors when you stand by your product to the extent that you take as much risk as the customer, if not MORE. If you thought there was no risk to you as a customer, wouldn’t you be far more inclined to purchase that product?

To do great business, you must make it easy for people to buy. You want to eliminate any concerns immediately and guarantees are a great way to do that.

To make a zero risk – amazing guarantee, that makes people want to buy,
1.Make it very specific
2.Make it better than money back
3.Make it unique

1. Specific –
Don’t leave any doubt as to what you are offering. Don’t let the potential customer misunderstand or read anything more into it. You don’t want them disappointed that it didn’t give them what they thought it would.

Examples-
If I can’t generate an extra 18% turnover for your business within 60 days then I will pay you $500 for wasting your time.

OR

Pizza – delivered in 30 minutes or its free

This gives the prospective buyer a real sense of certainty - it removes all fear and doubt

2. Better than money back-
This is what creates the risk reversal. You actually have something to lose if this does not meet the customers requirements.

Now there is something in it for the customer if things were to go wrong.

3. Uniqueness –
You want to stand out from the crowd. You need to be different. Don’t just make a standard run of the mill guarantee. If it’s the same sort of guarantee we’ve all seen and heard before, you actually loose credibility not create it.

Give this a lot of thought. A well thought out USP and a well thought out guarantee, just those two things alone, can turn your business around. Do not underestimate their importance and give the appropriate time and thought to develop these. Use simple language and make it feel warm and sincere.

You can list your guarantee on your letter head, business cards, on the entrance to your premises, behind the counter and even on the back of your receipts.

With a bold guarantee must come the increased performance and attitude within your business to match it. You will have to have systems in place and staff trained to use them. You will have to offer goods and services of high quality and your attention to your customer must be of the same high quality.

Your operation will be forced to perform better as a result and this again sets you even further apart from your competitors.

The perceived fear in your mind at this time is “by making a bold guarantee, aren’t I left open to exploitation by members of the public and as a result won’t my business suffer?”

The answer is no - for a couple of reasons.

1.You make the guarantee conditional – that there has to be a genuine fault or the customer has to show good reason why they are disappointed in the product.

2. The percentage of people who will abuse your generous guarantee is so small compared to the extra business you will generate. As with all aspects of improving your business, you will monitor and record all results. By keeping these accurate records, you can see over time how much extra business has been generated and you can see how little abuse of your guarantee there has been.

If you then still consider the rate to be too high, you need to look again at the guarantee you are making or the quality of the goods you are offering and make an adjustment.

Super strong Guarantees work

– the increase in the amount of business you generate will more than cover any refunds, that may come about.

I can help you with that and every aspect of your business through my step by step, hand holding mentoring program. If you would like more information about this, go to www.SpecialtyShopSuccess.com

At this site you can access over $2,000 of bonuses for FREE to help you and your business.

© Andrew Carter 2008 – not to be reproduced without including the Authors Bio with the article.