Should You Offer a Money Back Guarantee?

To the uninitiated, money-back guarantees can feel a bit like those scenes in cartoons when someone puts a freshly baked pie on an open windowsill. Someone is bound to come along and grab a slice – it’s just too tempting.

But in all our years of running our membership site and helping others run their own, we’ve learned that money-back guarantees are not an easy option for people to exploit. In fact, they can be an essential part of persuading people to join who end up becoming long-term members.

In this episode of the podcast, I do a bit of money-back myth-busting and explain the ins and outs of why you should embrace offering a money-back guarantee (with a few caveats…) 

Essential Learning Points:

• What money-back guarantees are and why they are actually an important part of your marketing
• Answering some of the most frequently asked questions about money-back guarantees
• The fatal flaw in one of the most common objections to money-back guarantees

Important Links & Mentions:

• Advanced Tips and Tactics for Offering a Membership Trial
• Keeping Your WordPress Membership Site Secure
• How to Deal With Payment Disputes in Your Membership
• Why You Should Keep Things Simple with Your Membership

Key Quotes:

“A money-back guarantee shows confidence in your product. You’re essentially saying: ‘we know that our product is so good that you’re not going to regret buying it, but if you do, we’re confident enough that we’ll give you your money-back.’”

“If you find yourself struggling to communicate the terms of your guarantee, then you are probably heading down the wrong path.”

“Have as few conditions as possible, have as few hoops, as few ‘gotchas’ within your money-back guarantee.”