This expectation is based on a strong instinctual need that Abraham Maslow categorizes in his Hierarchy of Needs as security. We all possess this basic need. When we recognize and openly promote our guarantee to our prospective and current customers, we eliminate their fear of not getting what they paid for.
More purchasesResearch shows that your clients will purchase more quickly and more often when you provide and communicate a strong guarantee in what is often referred to as risk reversal. Marketing expert Jay Abraham explains that most companies have a guarantee, but it is not written or even verbalized to their prospects or present clients. The absence of this kind of communication creates doubt.
Leveraged valueKeep in mind that when your potential clients are comparing your gift shop to a competitor, they will always go with the shop with the lowest price — assuming all other things are equal. In other words, if they don’t see a big enough difference in the value that you can provide to them, they will buy from the company who is the cheapest.
Having a strong guarantee can create leveraged value. This is where your potential prospect will see the additional advantage of going with your gift shop over a competitor because their perception is they will get more for their money.
Promote itOne of the reasons shop owners do not have or communicate their guarantee is because they are afraid a customer will take advantage of it or that their product or service will lend itself to some irregularity or inconsistency.
An easy fix for this quandary is to formally create a powerful guarantee you can live with and promote on signage, receipts and on your website.
"Having a strong guarantee can create leveraged value. This is where your potential prospect will see the additional advantage of going with your gift shop over a competitor because their perception is they will get more for their money."
A strong guarantee raises the bar within your organization, forcing you and your team to live up to your reputation. It maintains the high standards of service and quality you promise to deliver and holds everyone accountable and motivates them to deliver on it. Contact me for samples of guarantees that can be tailored to your store.