This post is part of the 📖 The Brain Audit series.
Today I am still reading the chapter Bag No. 6: The Risk Reversal from the book The Brain Audit: Why Customers Buy (and Why They Don’t) written by Author, Sean D’Souza.
Do you often wonder what your customer is thinking? Don’t leave the thought process to chance and let that customer walk away. Your customers don’t want to walk away. They want to buy from you.
The Brain Audit shows you how the customer takes decisions. And what you need to put in place, so that the customer feels happy to buy products or services from you.
From the introduction chapter, we read and understand that we need to know the 7 elements of why our customers buy from us or why they don’t. Here are the 7 things for you to recap.
- Bag No. 1: The Problem
- Bag No. 2: The Solution
- Bag No. 3: The Target Profile (The Trigger)
- Bag No. 4: The Objections
- Bag No. 5: The Testimonials
Bag No. 6: The Risk Reversal(we are reading this today)
- Bag No. 7: The Uniqueness
Bag 6: The Risk Reversal
The Author Sean D’Souza started this chapter with an excellent personal story which is relevant to the topic.
Most businesses on the planet have no such policy either. They expect their customers to take on all the risk.
Yet when the tables are turned, and they become customers, they fully expect to get what they paid for—and a little more on top.
So how do we go about constructing a risk reversal policy?
There are two stages to creating risk reversal.
1) The obvious risk 2) The hidden risk.
The obvious risk: This is obvious because it simply accepts that there may be a flaw in the product or the service.
This chapter is full of examples, and it isn’t straightforward to present the concepts as the concepts are explained through several real-life examples.
It was like an information highway. My mind is blown away with ideas, and I am going to use it in my business and my clients’ businesses.
Do you know you can listen to this book on Amazon Audible for FREE?
If you are not into reading like me, then you can listen to this book for FREE on Amazon AudibleDon't Read. Just 🎧
Naming the guarantee
If you’re going to take all the trouble to dig up the hidden risk, then you may as well give the risk reversal a name.
The branded risk reversal doesn’t always work across all products and services. Handle each naming separately, as you would with any branding exercise.
Go one step further and find the hidden risk. And remove one more barrier that could possibly prevent the customer from buying.
You can’t always take one type of hidden risk and run it across every product and service. A risk factor that works for one type of product, or one type of application, won’t necessarily work for the next. Analyse the risk for each application. Being lazy and slapping one type of risk reversal across the board isn’t going to help.
Your customers are not idiots. They know a risk when they see one. And they’ll recognise that you understand their fears and doubts, and have taken steps to rectify the problem, should it ever occur.
You may believe that risk reversing is risky. But customers will only ask for their money back if your product/service really needs to be fixed.
If you’re working on a service-only project, break up the project into tiny slices, and give a risk reversal for each slice, only moving ahead when you’ve finished that slice of work.
Buy or not buy?
This book is excellent. Do not hesitate to pick this. Pick the physical book, so you take notes and highlight the bits you want to reference later. This book is such a kind of book where you need to pass it to the next generation.
Listen, I don’t care whether you buy the book using one of the links on the page or not but just buy. You will be glad for my recommendation.
Author(s): Sean D'Souza
Part 12 of 15 in the 📖 The Brain Audit book series.