Uncensored Direct Marketing 5 Simple Hacks That CUT REFUNDS IN HALF #refunds
The biggest hit to your online business revenue: product returns, refunds, and chargebacks.
Most business owners focus on handling chargebacks (and so do we), but refunds are equally important and can affect your revenue just as much.
In fact, returns and refunds affect your bottom line revenue by as much as 20%! And that's not even including all the time it takes to process those returns as well as the customer service costs, which can also add up to significant losses for your business.
Simply put, the cost of a refund adds up—and it's much more than the loss of the sale.
The good news is that preventing returns and refunds is simpler than preventing chargebacks—and just as important.
After-sale support is as crucial as getting customers through your funnel. You need to ensure that every customer who is unhappy won't leave without giving you a chance to make things right.
The 5 simple tips I'm going to review with you include:
- Letting customers know when they're being charged.
- Offer bulk-buys or yearly subscriptions.
- Be transparent with pricing at checkout.
- Train your customer service staff with sales acumen.
- Offer free products, especially digital ones.
With these tips, as simple as they sound, you can reduce your refunds BY HALF!
I've worked with 7- and 8-figure businesses who lose millions from poor return and refund handling. THESE TIPS WORK!
00:00 Refunds Are Just as Important as Chargebacks
02:05 The Cost of a Refund
04:21 Tip 1, Keep Customers Informed of Charges
05:45 Tip 2, Offer Bulk Buy or Yearly Subscriptions
07:13 Tip 3, Checkout Page Transparency
08:18 Tip 4, Train Customer Service with Sales Acumen
10:29 Tip 5, Offer Free Stuff
13:00 Find The Root Cause of Refund Rate
You can view more content on reducing chargebacks here:
https://www.youtube.com/watch?v=h5k1B2OSsbM
https://www.youtube.com/watch?v=VW3sDEgCWzY
https://www.youtube.com/watch?v=9V--w9LN0Ws
Connect with Maria:
Maria Sparagis Website: http://mariasparagis.com
DirectPayNet Website: https://directpaynet.com
LinkedIn: https://www.linkedin.com/in/mariasparagis/
Facebook: https://www.facebook.com/mariasparagis.directpaynet
Instagram: https://www.instagram.com/directpaynet_paymentsolutions/
Twitter: https://twitter.com/directpaynet