How to successfully offer a Money-back Guarantee

June 12, 2018 by Terry Lewis

An effective influencer governing the buying decisions of high-paying clients is to offer a money-back guarantee.

But of all I teach, this influencer meets with the most resistance. And I totally get it, I know your concerns (if you have any) because there once was a time when I resisted offering a money-back guarantee as well. Actually, that’s an understatement, when I first contemplated the idea, I clenched my butt cheeks so tightly, had I been sitting on a lump of coal I would have compressed it into a diamond! But joking aside, the reason I objected was because it is an ADVANCED INFLUENCER that I was not ready for it at the time. You see I did not realise that offering a money-back guarantee (MBG) required a certain level of business confidence that I did not know how to measure (don’t worry, I lay out the yardstick for you further down). Besides, I had two massive hang-ups for not providing a MBG:

 

Hang-up #1

“But what if the couple just makes up an excuse to ask for their money back?”

This was a massive concern because the last thing I wanted was to be ripped-off by a client!

 

Hang-up #2

“What if I’m not good enough?”

And this hit on my lack of self-belief.

 

Although my objections appeared separate, they were actually inextricably entwined, and dependant on being able to ‘measure’ when I would be ready to offer one.

And if you are on the fence about providing a guarantee or not, this is how to measure if you are prepared for one:

If you can comfortably meet the following Three Essential Criteria, you will find offering a money-back guarantee so much easier. If you cannot meet the Three Essential Criteria, you will hit resistance. In fact, if you can’t reach the Three Essential Criteria, I strongly advise you to AVOID providing a MBG and work on developing your signature wedding experience until you can.

You should also avoid offering a MBG if you rely on other people to deliver your services, such as wedding planners or venue owners. This strategy is exclusively for wedding professionals who are 100% in control of delivery.

 

Here’s the Three Essential Criteria:

Essential Criteria #1

You must be able to consistently and easily
 exceed your couples expectations.

Imagine you got tickets to see you favourite artist perform live, you anticipated it was going to be brilliant, but it turned out far, far better than you expected. This is how you need to make your clients feel about you every time you serve at a wedding.

Essential Criteria #2

You must have a plethora of moving testimonials
validating your ability to excel.

I’m not talking about those generic pre-printed ‘Thank you’ cards couples sometimes send. I’m referring to highly personalised, profoundly moving ‘Thank yous’ where the bride and groom cannot thank you enough for what you did. A one-off ‘Thank you’ that no one else received.

Essential Criteria #3

You must have an industry reputation for excellence.

Your name must be on the tip of people’s tongue whenever couples need a supplier in your category, in short, you must become the ‘Apple” of your industry.

Companies meeting these Three Essential Criteria are at the point of REMARKABLE DELIVERY, which provides the PLATFORM OF CONFIDENCE  to offer a MBG, the two go hand in hand. And if you have the same two hang-ups about giving a money-back guarantee I use to have, can you see how getting to the point of Remarkable Delivery makes it so much more comfortable to guarantee your work?

If your not at the point where you can confidently offer a money back guarantee, and you want to, your steps are:

1. Meet the Three Essential Criteria first.

2. Arrive at the point of Remarkable Delivery.

3. This is when offering a money-back guarantee will feel natural and congruent to you.

 

Is this an easy challenge? Absolutely not. Will you end up with an outstanding wedding business? Absolutely Yes. And when you create this for yourself, you will be in such high demand you will be oversubscribed with quality enquiries on many dates.

When I’ve delivered this teaching at seminars, one or two suppliers sometimes react by saying they think it would make them ‘look desperate’.

Well to paraphrase Albert Einstein, “Whether they think it will, or think it won’t, they’re right!”

But if world-class companies like Apple offer a MBG, there might just be something in it :).

No matter your thinking on this, for just one moment I’d like you to ‘Think Like A Bride’, not a concerned supplier (after all, it’s the former who is going to hire you, not the latter!)

Scenario
Imagine you’re planning to buy a diamond, and find the same gem in two different jewellers, same cut, carat and clarity. The ONLY difference was one offered a money back guarantee, and the other did not.

Be honest with yourself, which one would you buy?

High-paying clients are governed by the exact same influencer when making their buying decisions, so Think Like A Bride!

If you liked this article and would like to learn more from me, please check out my other free wedding marketing resources here: www.weddingmarketingmastery.co.uk

Terry Lewis Terry Lewis (61 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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