Should You Offer A Money Back Guarantee?

April 19, 2017 by Terry Lewis

During my early teens I had no idea the American entrepreneur Victor Kiam would influence my marketing strategy decades later.

70’s Flashback:
I was in the sitting room watching our 14” black and white TV, when an advert came on and there was Victor Kiam confidently guaranteeing “The Remington will shave you as close as a blade, or your money back!”

I had not even hit puberty, yet the self confidence in his product held my attention. I can only imagine the effect his promise had on his hairy target audience!

His differences made Remington stand out against the competition, memorable to a pre-puberty schoolboy and contributed to the massive success of his company.

Some time in the small hours of 2012 I was restless and could not sleep, and still lying in bed with the side light on. I flashed back to Victor Kiam’s TV advert, and in that moment decided to differentiate my entertainment business. I decided to promise my clients:
“You will love everything I’ll do or your money back.”

This powerful guarantee was the first differentiator I introduced inside my DJ business. The shock and attention it demanded instantly changed the way clients viewed me. They knew I was serious about perfecting their celebration. At the time none of my direct competitors offered one, and even today, few do.

The distinction gave prospects a confidence in me that they were not getting elsewhere and contributed to more bookings at higher prices. I began to stand out. It marked the beginning of change.

Was I worried at first? Absolutely. Did anyone ever ask for a full refund? Never because I began each event with the end in mind that I would do everything in my power to ensure my hosts would float out of their venue feeling like nothing on earth could have gone better.

Offering a money-back guarantee is one of the most powerful differentiators you can apply to attract and book higher paying clients and one most of your rivals will shy away from out of fear of under delivering which is precisely why you should do it.

On reading this it is highly possible I’ve made you clench your buttocks so tightly, if you were sitting on a lump of coal it would be a diamond right now 🙂  And of all I teach this influencer meets with the most resistance. And I totally get it, I know your concerns because there was a time when I resisted offering a Money Back Guarantee as well.

And the reason you may object to it is because it is an ADVANCED INFLUENCER and not right for all. It totally depends upon the level your DJ business is it at right now and as a prerequisite, your ability to meet these 3 essential criteria:

You must –

1. Consistently and easily exceed you clients expectations at their celebration.

2. Acquire many emphatic testimonials, validating your ability to excel.

3. Become known for offering excellence as a DJ by peers, venue owners, clients and guests.

The number 1 objection DJ’s  give for not offering a money back guarantee is:

“But what if the client just makes up an excuse to ask for their money back?”
When you create a sought-after business built upon all 3 criteria above, the fear of this happening simply evaporates because you’ll be at the point of Remarkable Delivery.

Meeting the 3 criteria results in a remarkable delivery. A remarkable delivery provides the platform of confidence to offer a Money Back Guarantee (MBG). 

The 2 go hand in hand. And this is why contemplating offering a MBG before reaching the point of remarkable delivery will always meet with resistance.

So if your not at the level where you can confidently offer a MBG, step-up your standards until you get to the point of Remarkable Delivery, you might be just under it, but you’ll know for sure when you are there,  because this influencer will feel natural and congruent to you.

About Terry Lewis.

I help wedding suppliers fill their calendars at the fees they are worth using proven funnels. I am also:

  • Author of the popular book ’12 Habits of Successfully Booked Up Wedding Suppliers’. Available on Amazon
  • A 6x Wedding Award, including Best Wedding DJ in England
  • Judge for The Wedding Industry Awards
  • Mentor & Coach
  • Speaker

To learn more about how I can help you, please sign up for my free newsletter here

 

Terry Lewis Terry Lewis (22 Posts)

Terry Lewis Biography 2009 I started my professional wedding DJ career. 2011 – 2014 I won 6 Best Wedding DJ Awards, including Best Wedding DJ in England. During this period I also became a preferred supplier at more than 50 venues from Mayfair in London to the suburbs. And had the honour of performing at international weddings. 2015 – Date I sit as a judge for the Wedding Industry Awards (the largest and most respected in the UK), and as a condition of accepting the role, I am no longer permitted to compete. 2015 I began my keynote speaking career at BPM Birmingham run by Mark Walsh & Eddie Short. Since then I have given motivational and educational talks at DJ associations such as NADJ and for leading Wedding Industry Networking groups. 2015 To facilitate my role as a mentor and coach, I launched a new company called Wedding Marketing Mastery, and created a world class 1-1 training program. It’s built from the ground up and designed to oversubscribe a wedding suppliers business at above average fees. 2016 I published my 1st book ’12 Habits of Successfully Booked Up Wedding Suppliers’ – Available on Amazon and read from London to Sydney. About my training I realised that to get above average results in the DJ and wedding industry, you need to help those you serve, get what they want to get. If you can do this in a remarkable way you will succeed in any endeavour. About me I am a father to four children and 2 step children. I am in love with my wonderful partner Julie whose support I could not do without. We love travel, entertainment and fine wines! I am also the co-founder of The GAAP Orphanage Foundation, our work helps orphans and abandoned children in Africa.


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