How to Reduce Your Refund Rates | Ep. #763

In episode #763, Eric and Neil discuss how you can reduce refund rates. Tune in to hear how you can provide better service to avoid refund rates.

TIME-STAMPED SHOW NOTES:

[00:27] Today’s Topic: How to Reduce Your Refund Rates
[00:35] First, understand why people are asking for refunds.
[00:58] When someone wants a refund, ask them why.
[01:11] Whether that is an email or a survey, the info will be helpful.
[01:27] Once you have about 50 answers, you will probably start to see a pattern.
[01:45] Jump Cut has an action-based guarantee. They will refund if the customer proves they went through the entire online course they offer.
[02:20] Their refund rate dropped to 5%.
[02:42] Expand your refund period. The longer it drags out, the fewer refunds you will have.
[03:01] Adjust your pricing.
[03:25] Offer to drop the price instead of refunding.
[03:47] When you do that, customers like and respect you more.
[04:10] Offer products and services for a limited or set period of time.
[04:59] That’s it for today!
[05:03] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!