Personal MBA: Risk Reversal

Personal MBA: Risk Reversal

Nobody likes risk, and often we try our best to avoid it as much as possible. When we make purchases, especially large ones, it’s always nice to know that we can get our money back if we’re not satisfied. This “money back guarantee” or “lifetime warranty” is a strategy Kaufman refers to as “risk reversal.” Kaufman explains that this strategy can be beneficial in alleviating many of the barriers to purchase that mentioned before.

With my own business, I don’t offer a money back guarantee or lifetime warranty because I don’t believe that my particular service requires it. I sell a monthly subscription at a modest price and advertise that a subscriber may cancel their subscription at any time. I do try to make it clear that I will replace any lost or damaged boxes as quickly as possible, and I do my best to ensure that my subscribers are satisfied with their purchase. I think another significant aspect of risk reversal is outstanding customer service, and that is something I strive to provide. I’m always trying to determine new ways to reduce those barriers to purchase that stand in the way of lead conversion.

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