How to Reduce Your Refund Rates | Ep. #763

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 2 September 2018

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your paid speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a great way
0:49.7	to improve your low time.
0:51.3	Welcome to another episode of Marketing School.
0:55.0	I'm Eric Sue.
0:56.0	And I'm Neil Patel.
0:57.0	And today we are going to talk about how to reduce your refund rate.
1:01.0	So Neil, what do you have cooked up here? The best thing you can do is first
1:05.3	understand why people are refunding. A lot of people use hacks like, oh, I'm not going to send people
1:10.3	the invoice or the bill whenever I charge them.
1:13.6	And yeah, technically that kind of stuff sometimes
1:15.8	does reduce refunds and I've seen it.
1:18.6	But that's not long term.
1:20.2	You want to do what's best for your users you want to provide the best experience
	...

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