Most digital marketers agree that the rates of refund requests for digital products have now reached epidemic proportions. For many Marketers, there are few things as deflating as refund requests just a number of days after you will have celebrated a sale.
With the policies of major payment systems corresponding to PayPal mostly favoring the Customer, the refund epidemic for digital products is now in full swing and showing no signs of abating anytime soon.
You may decide to whine About it, or throw your hands within the air, hand over and go search for paid employment or you’ll be able to search for solutions to guard YOUR OWN business on this toxic situation.
Listed below are 7 easy and cheap strategies you’ll be able to deploy to cut back excessive refund to your digital product. Lots of them even apply to traditional product sales.
1. PROVIDE QUALITY PRODUCTS THAT DELIVERS ON ITS PROMISE. This may occasionally sound obvious but most vendors don’t understand that the standard of their products is the primary and best line of defense against customer refunds. At its core, with a number of exceptions, most refunds are borne out of customer dissatisfaction. If the client is satisfied, there could be no reason for them to request for a refund. Providing excellent products truly price their time and hard-earned money would remove from their minds any possibility of considering a charge back.
2. PROVIDE FOR AN EXCELLENT CUSTOMER SUPPORT SYSTEM. Many online businessmen imagine that customer support is unnecessary for an internet enterprise. This can be a false notion. Quite the opposite, a customer support system would increase the worth of your product and drastically reduce your refund rate. Knowing that their problems together with your product and your organization will be addressed through an easily accessible channel would dissuade most real customers from resorting to refunds.
3. HAVE A QUICK START GUIDE –. Information products will be overwhelming and overwhelmed people often select the refund option. You open up the product and you will have all these videos, audios and transcripts and you do not know where to start out. A Quick Start guide (either audio or written) may give people a kick off point and it could help them eat the fabric more easily. Once they’ve a fast start guide that will help them make sense of the chaos of your overwhelming product, most will calm down and ignore asking for refunds.
4. HAVE A WELCOME LETTER SENT TO THEM RIGHT AFTER PURCHASE- The Sale shouldn’t be the tip of selling the product to the client. Many shoppers undergo a period of buyer’s remorse. It’s best to send a Welcome letter or extra gift (or each) to reassure them that they’ve made an important decision. A Welcome letter should reassure the customer he has made a superb decision by purchasing your product AND Get them enthusiastic about digging in and using the product.
Welcome letters may also give them additional information and resources, or it could double as your ‘Quick Start guide’ and provides them instructions on how they need to start.
Your welcome letter may also include a bit of gift, or simply a bit of extra bonus or perhaps a further unadvertised report. Whatever it’s, just adds to the worth of the product and helps make your clients overcome their initial buyers’ remorse.
5. SET UP A WELCOME AUTO-RESPONDER SERIES. Similar to most vendors have a series of auto-responder emails to convert the prospect right into a buyer, it’s equally essential to also create an auto-responder series to assist your customers start together with your product. These emails can:
• Reassure them they made a superb decision by purchasing your product
• Give them some additional suggestions for using the product
• Get them enthusiastic about diving in and getting began (remember, honest individuals who undergo your product successfully are far less prone to return it)
• Ask them for a testimonial or encourage them to refer a friend
• Upsell them to the subsequent level
6. GIVE A SURPRISE BONUS A FEW DAYS AFTER PURCHASE -Send them an additional, unadvertised bonus later, perhaps about 3-5 days after the acquisition. This accomplishes a few things — your ideal clients feel taken care of plus it gives you one other opportunity to achieve out and connect with them again. That is a superb method to further construct the connection together with your ideal clients. People hardly walk out of a Seller with whom they’ve relationship without a superb reason.
7. USE VIDEO TO DEMONSTRATE PRODUCTS – To cut back the frustration that always results in refunds, it’s an important idea to have DEMO VIDEOS to elucidate how your product works and visually reveal methods to use different features of your product. These demo videos will be used to reveal features, ease of use, and might convey products in a way that makes it stupidly easy to make use of your product.
No businessman would need to receive a refund request. It’s each disappointing and downright demoralizing. But keep your spirits up. Refunds are a component of the sport. They’re something we must live with. And fortunately, they’re something we could control.