MBA619 Should You Refund Customers Past The Refund Deadline?

The $100 MBA Show

Omar Zenhom

Marketing, Entrepreneurship, Careers, Business

4.9 • 1.2K Ratings

🗓️ 10 May 2016

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Refunds can be a tricky topic. In today's episode, we discuss whether or not it's a good policy to refund customers after the refund deadline has passed. How do you balance the need for a great customer service reputation without being taken advantage of? How do you make sure that your investment into a customer's experience isn't a total loss? We cover the different approaches, the cost considerations, and the value of risk reversal. Click play, and hear our take!

Transcript

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0:00.0	Heyo! Welcome to the 100 R. M. B. Show! The Business Podcast delivers real business lessons for real business
0:16.3	challenges where their daily 10 minute business lessons for the real world. I'm your
0:21.3	host, your coach, your teacher, Omar Zenholm. I'm also the co-founder of the
0:25.8	$100 MBA, a complete business training and community online over at 100MBA.net.
0:33.5	In today's lesson you will learn, should you refund customers pass the refund deadline?
0:39.4	Many of us in our businesses, whether we're selling a product or a service, we have a refund policy.
0:44.8	Whether it's a 30-day policy or a 60-day policy, or a some, as I'll share with you today, have
0:49.5	a no-refund's policy.
0:52.1	Whatever it is, if a customer approaches you past the deadline, what do you do?
0:57.1	Do you refund them?
0:58.3	Do you tell them no? How do you tell them no?
1:00.9	How do you handle that situation? If you're in business you're going to
1:04.7	have to face us at one point or another. That's why I wanted to tackle this topic today
1:09.0	so let's get into it guys. Let's get down to business. Today's episode of the $100 MBA show is sponsored by Host Gator, your all-in-one website hosting solution.
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	...

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