A well written guarantee takes the risk out of a purchase and, as a result, can compel a customer to buy from you instead of your competition. As such it is a fantastic tool in your sales and marketing toolbox.
A guarantee is a promise backed by a process. There's no point in promising something your customers don't want and there's no point promising something you can't deliver.
As such, a guarantee does two things for your business. It takes the fear and risk out of buying from you, and it focuses your attention on delivering what's most important to your customers.
I recently came across this guarantee offered by an estate agent. This particular company guaranteed their customers that they could negotiate their fees down - even completely eliminate them - if they felt they didn't receive full value for their money.
Can you imagine which of your competitors would go bust very quickly if they offered such a guarantee? That's a great test of a brilliant guarantee by the way - it should be something your competitors would never be able to or want to copy. It gives you a truly unique selling proposition.
How many processes would you need to change in your business to be able to offer that guarantee? How radically would they need to be changed? If the changes are small, why not make the changes, see how you get on and then go for it and deliver your killer guarantee.
Would your team rise to the challenge to meet the conditions of the guarantee? Wouldn't that be awesome.
Do you think you would attract more customers if you offered a guarantee like that? That's a rhetorical question...
This kind of guarantee could apply in any number of service industries. For example, I have recently had dealings with a number of national and regional business brokers, and I can speak from first hand experience that many would go bust very quickly if they offered a guarantee like this.
Which means there is a huge opportunity for a business brokerage firm to take over the market if they can find a way to offer clients such an amazing service that they could offer a value based negotiable fee. Now given that only 22% of businesses listed for sale in the UK are actually sold, that would be a huge undertaking, but imagine the opportunity...
A guarantee is a promise backed by a process. There's no point in promising something your customers don't want and there's no point promising something you can't deliver.
As such, a guarantee does two things for your business. It takes the fear and risk out of buying from you, and it focuses your attention on delivering what's most important to your customers.
I recently came across this guarantee offered by an estate agent. This particular company guaranteed their customers that they could negotiate their fees down - even completely eliminate them - if they felt they didn't receive full value for their money.
Can you imagine which of your competitors would go bust very quickly if they offered such a guarantee? That's a great test of a brilliant guarantee by the way - it should be something your competitors would never be able to or want to copy. It gives you a truly unique selling proposition.
How many processes would you need to change in your business to be able to offer that guarantee? How radically would they need to be changed? If the changes are small, why not make the changes, see how you get on and then go for it and deliver your killer guarantee.
Would your team rise to the challenge to meet the conditions of the guarantee? Wouldn't that be awesome.
Do you think you would attract more customers if you offered a guarantee like that? That's a rhetorical question...
This kind of guarantee could apply in any number of service industries. For example, I have recently had dealings with a number of national and regional business brokers, and I can speak from first hand experience that many would go bust very quickly if they offered a guarantee like this.
Which means there is a huge opportunity for a business brokerage firm to take over the market if they can find a way to offer clients such an amazing service that they could offer a value based negotiable fee. Now given that only 22% of businesses listed for sale in the UK are actually sold, that would be a huge undertaking, but imagine the opportunity...
Let me know if you decide to offer a guarantee like this in your business, or even better if you already do. I'd love to know what a difference it makes to your business, your team and your customers...
Sapphire Coaching t/a ActionCOACH in the North East of England specialise in building stronger businesses that deliver more to their owners, staff and customers using the tried and tested methodologies of the World Number 1 business coaching organisation, ActionCOACH. We guarantee our results - to find out more go to www.garethshackleton.co.uk and request a free business e-book on Breakthrough Business Growth.
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