It is a common thing among marketers that they always get requests for refunds. If you have been around for a while, you’ll know this happens frequently. It is a normal trend of the market. Usually, between 2-10% of people who buy your products will ask for a refund for the product they purchased from you. This is a common occurrence even among top marketers online.
People ask for refunds due to various reasons, but it is more common among over-hyped products. There are other reasons though. Since it will always happens, how do you reduce as much as possible, the refunds that may stem from your subscribers?
1. Do not over-hype your products. It is only natural that you want to tell the best part of your products and make people believe they are actually better than all the other products in the same category. Doing this only raises your subscribers’ expectations. So, when they go through the book or products, they are bound to be disappointed because they expected too much and got less value than what was portrayed. For instance, the so-called internet guru who dubbed himself “The Rich Jerk” got quite a number of requests for refunds for his product simply because there was too much hype. This is the same for a current product making the waves now. People buy, only to find there isn’t much secrets per se. Be clear and concise. Over deliver on what you promised to deliver. This increases your subscribers’ trust in you and the perceived value of your product.
2. State clearly in your confirmation email sent to your customers that their credit cards will be billed by your company if you have a payment processor. But if you do not have, and are using a third-party payment processor, be sure to include in the email and your Thank you or download page, the name that will be appearing on their credit card bills or receipts. Marketers lose lots of sales here because people usually do not remember doing business with the company and as a result, they request for a refund. So as much as possible, reduce the incident of refunds as this could hurt your business badly.
3. Include a frequently asked questions page. This is popularly known as an FAQ page. Address issues that are most prominent and important on this page. Research has shown that it is one of the top most visited pages on any website. The reason you want to do this is because you could easily lose lots of subscribers who may be trying to get to you only to have their mails either bounced or unreplied. This creates a feeling of being ripped off and results in immediately asking for a refund of their payment. I have been a victim of this myself and I know how bad it feels to ask a simple question from the service provider only to wait for 2-3 months without getting answers. Most subscribers would have unsubscribed within one week of no reply resulting in a loss of sales. In some cases though, it is hard to answer all emails. Since you can’t answer phone calls or reply emails all day, you might want to hire an assistant to take care of all correspondence, questions and suggestions coming from your subscribers. This single act builds your credibility in the eyes of your subscribers. They come away with the feeling that there is really someone at the other end of their mails who cares enough to reply their mails.
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