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Most clients now get the concept of Risk Reversal and Money Back Guarantees but every so often I get a phone call or email from a client who is so incensed with a refund request that they want to ditch their MBG altogether.
It is frustrating to get even a polite request for a refund when you know you have a great product but we need to remember that the cost of refunds is the price we pay for getting the great response in the first place.
The most guiling request I had was when our post lady showed me a return she had just received – it contained a post it note that read “Mary, please photocopy and return to the publishers for a refund.” We refunded, as promised, with a cheque attached to the offending post it note. I hope the writer was suitably embarrassed, but somehow I doubt it.
A while before we had tried refunding everyone by first class return of post with a polite note to all refund requesters thanking them for their business and offering them 4 or 5 other products we had. The response was great, but when we analysed the profitability a month later we found that many of the new sales had also been returned for refunds. We had shown what a great company we were and how easy we were to rip off.
We soon instigated a 3 refunds and out policy that seemed to work well.
So yes, refunds are annoying, but kill the MBG and see your sales drop. Its best to just grin and bear them.