There are lots of tricks to getting higher conversions on a website, in this series I am going to cover some of the most effective, that you can implement right now to increase your website conversions…
The first one I’m going to cover is Risk Reversal.
This works well because it helps to shift some of the concerns your buyers have around making a purchasing decision.
In most transactions all of the risk is with the buyer, buyers know this, they feel it, it’s part of the internal dialogue going on in their head while they are weighing up whether to get their credit card out or reach for the safety of the back button.
The more you can make them feel at ease and remove their objections to buying, the more of them will get across the line, increasing your conversions.
Often the simplest way of doing this is by introducing a guarantee, however often when I suggest adding a guarantee or making their current guarantee stronger and un-missable business owners get a little edgy.
I get it, it’s a little nerve wracking putting a solid guarantee out there next to your “buy my stuff” button, we all naturally assume that firstly we will get an influx of dis-honest purchasers that will abuse the guarantee, and secondly that by advertising a guarantee we will get more returns.
This just isn’t the case (in my experience).
Every time I have introduced a guarantee it has increased conversions – but returns haven’t gone up at an equal percentage.
It should go without saying that your product or service has to be good enough to put a guarantee on, you should never use these sales tactics to sell a product that should never be on the market in the first place.
Here’s Why Reversing the Risk Works…
In a normal sales transaction all of the risk is with the buyer, buyers are well aware of this, the little voice inside their head is telling them about it “what if it doesn’t work” “what if I don’t use it”
So, in order to get more people over the line and purchase you should assume some of the risk and as a general rule of thumb the more risk you assume the more the sales will go up – there are some exceptions to this, if you go too far the opposite will happen and you will hurt your conversions. The little voice in people’s heads will now be saying something like “they seem a bit desperate” and as we where all taught when we where kids
“if it sounds too good to be true, it probably is”
Don’t push it too far. To get you thinking along the right lines here are some ideas…
Most companies selling stuff online offer some sort of guarantee, normally this is the minimum they are forced to offer by the government. The problem is that most of them see this as a negative thing and are not advertising it or using it as a “sales motivator” or “Unique Selling Proposition”. Most of them keep their returns policy hidden from view in the small print of their website. Their un-educated loss is your gain!
Money Back Guarantee
If you currently don’t offer any form of guarantee – start offering one, just make sure it’s in a prominent position on your web pages.”3 month unconditional 100% refund guarantee”
If you do offer one how can you improve it? if it’s a 3 month guarantee what would happen if you made it a Lifetime Guarantee? this type of guarantee is great for people selling information and as a rule the longer you extend the guarantee for the fewer people will take the offer up.
You can also include some caveats to weed out the chancers that want to abuse your good nature.
Premier Inn offer a Money Back Guarantee on a “good nights sleep”
Refund + offer
In this scenario you could offer a 110% refund. “if you don’t absolutely love your new widget, send it back to us and we will give you a full refund + £100 for the inconvenience”
This works extremely well because you have not only reduced the risk to the buyer to zero, you have also shown your confidence in your product by offering to pay people for their time in the unlikely event something goes wrong.
Zappos.com are great at this, they offer a 365 day guarantee, not only that but you can order 2 pairs of shoes try them both on and return the ones you don’t like and they will pay for the return shipping
This is really common in the SAAS industry (software as a service) by offering a free trial you reduce the risk to almost zero – there is still the risk that you could waste your time. Depending on how you set this up it can work really well.
The free trial is great for selling everything from subscriptions services to cars.
Get Response an email marketing platform increased people signing up to a free trial by 158% by adding a second option to their home page of the free trial – what’s more they didn’t decrease the sales.
image source VWO
Free + Shipping
This type of risk reversal is really common when selling physical books and is a great offer to acquire someones physical mailing address, to generate some initial sales and can be tweaked to hit the best seller lists. Normally the author gets the books at a discount and some recover the cost of the book in the shipping.
This works really well because you are removing the cost of the book completely and only asking for payment to cover your costs associated with the shipping – everyone knows the postal service charge for their services, then there is the cost of packaging on top so it’s easy for people to justify where this added cost is going.
Tony Robbins recently did this with his book Money: Master The Game
Normally on the back end of these offers there is an up-sell of some description.
Now it’s over to you, how can you implement this into your business to remove or reverse risk and increase conversions?
Stay tuned for more sales increasing Conversion Tips over the coming weeks.