When you sell digital products online, which is that someone pays money over the internet for a report, training, or set of videos, there’s the weakness that if someone wants their money back you basically have to refund their money 100% guaranteed, no questions asked. Even if you personally happen to have a different refund policy, if someone really wants their money back they will take it.
Instead of trying to fight refunds, let’s make the products you provide much more appealing so that people will buy from you more and refund from you less using loyalty bonuses.
These loyalty bonuses are great because it gets people to keep consuming content after your refund period, makes for a nice surprise with your customers and it helps you to keep in contact with them when you want to present future offers.
The industry standard for digital products on the internet is 30 days or 60 days, one month or two months after someone has purchased from you, they can get their money back for any reason at all, even if they consumed your entire product and just decided they weren’t going to implement your system, they can get a refund.
What you can do is sell someone a particular product, then drip out what are called Loyalty Bonuses. Maybe on Day 15 you give them an extra bonus report, maybe on Day 30, 60 or 90 you present a group coaching call, a recording training call, or even some kind of one on one telephone coaching over Skype. Just the fact that you put something out there a few days or weeks after the refund period was over shows you were willing to go that extra mile to help them get results, and makes it much less likely someone will refund while they are still within that period.
Another thing that’s great is that you don’t have to necessarily announce these bonuses, even before they buy from you. What if someone bought a five part training course from you on real estate and as soon as they came to that download page and went to download their product, you announced an additional video that is going to come out one month from today, to make sure that they are still on track and still making progress. It makes for a nice surprise. And what if when they received that extra video one month from today, you announce that they will be getting another video one month from that point on. It’s always great when we’ve paid for something, weeks or months ago, and an additional bonus pops up.
Above all the reason why you want to drip out your content, even if someone only pays you one time is to keep in contact with these customers. If someone is used to hearing from you, from email once a week and from webinars or other presentations once a month, you are always in their mind, and when it comes time to launch your next big course you don’t have to build up that goodwill, that reputation, that rapport once again – you’re already talking to them.