Why Refunds Don’t Work - a podcast by SIGRUN

from 2018-03-19T11:00

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Many new entrepreneurs believe they need to offer a refund policy to help their clients feel at ease about purchasing their products, services, or online courses. Sometimes, depending on where you live or the type of industry you are in, you may be legally bound to offer a refund policy to your clients and customers.

 

On today’s episode, I’m sharing why I don’t believe in offering a refund policy on products or services and the challenges that many entrepreneurs face when offering a money-back guarantee. I’ll share my experience with offering refunds, the type of clients who typically request a refund on their purchases, and how offering refunds can impact your business. I’ll also share strategies you can use instead of offering refunds and the difference between a payment plan and a subscription plan.

 

“The problem with refunds is a lot of people just don’t do the work.” - Sigrun

 

In This Episode of The Sigrun Show:

  • Challenges associated with offering a refund policy.
  • Legal obligations regarding money-back refunds.
  • The benefits of offering refunds.
  • My experience with offering a refund policy.
  • The importance of doing your due diligence before purchasing a course or program.
  • Four primary reasons why people request a refund.
  • The importance of honoring your refund policy - if you offer one.
  • The difference between a payment plan and a subscription plan.
  • Being clear in your refund policy and terms & conditions.

 

Key Takeaways:

  1. Thoroughly consider whether you should offer a refund policy.
  2. Consider the terms you are comfortable with granting.
  3. Consider whether your refund policy is aligned with your mission as a business owner.

 

Resources Mentioned:

 

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