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! Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu   Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.