In episode #763, Eric and Neil discuss how you can reduce refund rates. Tune in to hear how you can provide better service to avoid refund rates.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: How to Reduce Your Refund Rates
- [00:35] First, understand why people are asking for refunds.
- [00:58] When someone wants a refund, ask them why.
- [01:11] Whether that is an email or a survey, the info will be helpful.
- [01:27] Once you have about 50 answers, you will probably start to see a pattern.
- [01:45] Jump Cut has an action-based guarantee. They will refund if the customer proves they went through the entire online course they offer.
- [02:20] Their refund rate dropped to 5%.
- [02:42] Expand your refund period. The longer it drags out, the fewer refunds you will have.
- [03:01] Adjust your pricing.
- [03:25] Offer to drop the price instead of refunding.
- [03:47] When you do that, customers like and respect you more.
- [04:10] Offer products and services for a limited or set period of time.
- [04:59] That’s it for today!
- [05:03] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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