Should you offer a Money-Back Guarantee at your school?Sep 12, 2022
Many school and studio owners are afraid of offering money-back guarantees, fearing people taking advantage.
However, if you talk to the right community and attract the right clients with clear messaging about your brand, you don't have to worry about a high percentage of money-back requests. When your whole process is balanced, and your strategy is stable, you should expect a money-back request ratio of no more than 1-2%.
Why is it worth offering a money-back guarantee?
The Money Back Guarantee:
- Builds trust in your brand, in you, and in your product
- People will more likely to get started even if they are not entirely sure yet, and you get a fantastic opportunity to show them your world on the inside
- If you want people to sign up even before their schedule is final (eg. sign up in June without knowing their exact schedule for September), with the money-back guarantee, you can assure them that they can get registered, and if in the end, the schedule doesn't work out, you will give their money back
- Helps you enroll new students without the necessity of a long trial period (especially helpful with kids, where they might not be able to say after one single trial class whether they like it or not), as it holds a door open for people to make their final decision by the end of the money-back period.
In this 5-minute video, I explain to you how to apply a money-back guarantee at your teaching business.
Please watch, as it's super important to introduce it with some very specific items in mind, most importantly, your COMMUNICATION around this topic.
I will also explain to you the difference between a Money-Back Guarantee and a trial period.
Thanks for watching!
ps: My current goal is to get to my first 100 subscribers on my Youtube channel, if you find my content valuable, I super appreciate if you hit the like and the SUBSCRIBE buttons. Thank you for coming along!
Join our international community of like-minded, heart-centered teaching business owners.
Share your wins, and get help on your most burning questions. A free community, open to you to join anytime.
The community is hosted on Heartbeat, you can create an account in a few seconds.