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Guarantees work – guaranteed!

Last week, I was in the position of having to decide between two very similar products from competing businesses. One had a slightly higher price but it also had a customer guarantee. The guarantee made the decision for me, why would I choose to buy from the business that wasn’t offering me the safety net of the other?

I told the manager why I hadn’t chosen his business to buy from and he told me the reason they don’t have a customer guarantee is because they’ll lose too much money. Hardly a reassuring thought buying their product but it got me thinking, while it worked on me, is a customer guarantee really worth it?

Having a customer guarantee is among the top criteria for customers when choosing a product and if it makes you stand out from your competitors then all the better.  Guarantees also increase a potential client’s trust in your business and the product or service you’re selling ― it’s human nature to choose the option that seems the safest.

There are a range of guarantees you can choose, from lowest price guarantee to money back guarantee if someone isn’t 100% happy with your product or service. You can also guarantee things like outstanding customer service or speedy delivery of your product or service.  You want a guarantee that makes promises none of your competitors are offering.

Guarantees can only add to the value of your business.  After all, if you can’t stand behind your service or product then who can? And, why are you selling it, if you don’t trust it yourself? Take a minute to think about it from a customer’s perspective; if you are looking at similar products from two different businesses and only one has a guarantee, which business are you going to choose?

What do you think?

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Julian Smith

Julian Smith

Julian Smith is responsible for MYOB’s corporate affairs, government and public relations in Australia and New Zealand and is also New Zealand general manager. The qualified lawyer has spent much of his career at large multinationals in a range of senior legal, sales, marketing and customer management roles. Julian is a regular keynote speaker and business commentator and sits on a number of government and industry boards and advisory panels. Julian can be found on Twitter <a href="http://www.twitter.com/JulianTSmith">@JulianTSmith</a> or contacted via email Julian.smith@myob.com

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