Episode #763
How to Reduce Your Refund Rates
September 02, 2018

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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