How To Reduce Refunds and Increase Profits
Every entrepreneur hates REFUNDS, but lets face it, refunds are part of the game and aren’t going away. Nonetheless, there are steps you can take to help reduce refunds and increase your bottom line.
First, create a FAQ (Frequently Asked Questions) page; this will answer the frivolous questions asked repeatedly by different customers. Also, a FAQ will reduce the trivial emails and phone calls to customer service. You may not have a large FAQ page in the beginning, but as time passes, continuously collect questions that appear often and add to your FAQ until it is satisfactory.
Second, respond to emails in a timely manner. Sometimes people just need to hear from someone in customer support to let them no they’re not alone.
Third, place feature help links where they are needed to guide the customer along.
Fourth, use tours and demos to show the customer how to install and use your product before purchasing. Also, you can install Live Chat to answer any questions they may have that could possibly stop the sale.
Fifth, always offer a superior product or service that over-delivers, and don’t forget to pile on the bonuses.
Finally, speak directly to the customer before refunding their money to see if there is anything you can do to change their mind, and to get some feedback on the problem they encountered.
Now, this want eliminate refunds, but it will reduce them significantly. As your business grows you may want to add a forum to further assist your customers. Hopefully, this was helpful and puts money back into your bank account.
