Does your event come with a satisfaction or money back guarantee? Whenever I ask event producers the previous question they get agitated and uncomfortable. The usual response to the guarantee question is “We’d be crazy to offer a money back guarantee, everyone would ask for their money back.” Here is a follow up question . . . "Are you not willing to stand behind the quality of your event?" A satisfaction guarantee is already built in to your event if an attendee purchased a ticket with a credit card. The consumer has the right to challenge any charges on their credit card. If a consumer feels like your event didn’t deliver on their expectations they can call the credit card company and dispute the charge. If the consumer can prove their case you need to return their money, plus a charge back fee.
People Always Ask for Their Money Back
No event has a 100.0% satisfaction rate. Even if you have a stellar event, there are people who will dispute the charges on their credit card. Last year, I managed online ticket sales for a large event. Over 7,000 tickets were purchased online for the event. Of the over 7,000 tickets purchased less than 6 people called the credit card company to dispute the charges. If people can already ask for their money back, why not just offer a guarantee?
Event Organizers Already Offering Guarantees
Guarantees are a great way to decrease someone's objections to making a purchase. I know numerous event organizers who offer a money back guarantee on their seminars, workshops, and events. The money back guarantee is on events that cost anywhere from a few hundred dollars to tens of thousands of dollars. In one case an event organizer offered a "money back guarantee, plus we pay your travel expenses" on their event. There were 3 people who asked for their money back. Yet with the guarantee in place the same event organizer managed to increase their event revenue by over 50% from year to year.
Yes, there are people who have asked for their money back. But savvy event organizers still insist on having a satisfaction guarantee. Why? It makes selling any event significantly easier. As a consumer, would you be more or less inclined to purchase a ticket for an event of interest if it was backed up with a believable guarantee?
When planning your event, consider offering a money back guarantee. It’s one of the easiest ways to increase revenue with little risk (provided you have a high quality event). You can mitigate the risk of refunds by properly executing your event. A strong guarantee tells your target market that you firmly stand behind the quality of your event. The whole idea of a event guarantee is much scarier than it seems. As soon as you do it once and see the results, I doubt you’ll have another event without a guarantee.
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