Using Risk Reversal to Double Your Conversion Rates

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Remember how I talked about time flying a couple episodes back?

Well, for me, the last five months have gone by in the blink of an eye. Without going into too much detail, I’ve been focusing most of my energy on my latest business venture, this one a SaaS company. Unfortunately, this means I haven’t had all that much time to dedicate to my podcast.

At any rate, I’m finally back with another episode of the Insane Growth podcast. The focus of today’s episode: offering risk reversal policies to nurture more prospects toward conversion.

As you probably know, the modern consumer is ultra-wary of spending money on products or services that may not be as valuable as a brand would like them to believe. This is especially true when doing business with a brand for the first time.

To be fair, this fear isn’t exactly without merit. Since the barrier to enter so many industries is rather low by today’s standards, basically anyone can start a business* nowadays. This, in turn, means most consumers simply won’t trust “just anybody” with their hard-earned cash.

(*This is to say, anyone can technically start a business nowadays. Running a successful business is a whole different animal.)

Simply put:

You need to build trust among your target audience. If they can’t trust that you have their best interest in mind, they’re not going to want to have anything to do with your company.

But this isn’t a bad thing. In fact, as long as you are able to follow through with your promises, this modern focus on trustability only means good things for your brand.

But the question is:

How do you build this sense of trust among first-time customers who are unfamiliar with your brand?

Using Risk Reversal to Double Your Conversion Rate

In this episode of the Insane Growth podcast, I want to talk about how implementing a risk reversal policy strategically and intentionally can get even your most hesitant leads and prospects to dive head-first into your brand’s offerings.

First, as mentioned above, I discuss the importance of building trust amongst your current and potential customers. After briefly mentioning the three of the four most effective ways to build this trust (i.e., offering a great product, having an authentic brand “story,” and providing testimonials and social proof), I turn the spotlight onto an especially effective tactic:

Offering risk reversal policies.

Throughout the rest of the episode, I go on to discuss:

  • Both the high-level and more granular goals accomplished via risk reversal offers
  • The more “hidden” benefits of implementing a risk reversal policy
  • The most common reasons most risk reversal policies are actually ineffective

I also provide a number of best practices to follow, and specific steps to take, when implementing a risk reversal policy. I also give you a few examples of how I’ve used risk reversal policies within my own companies – including my current consulting business, where I offer a huge consolation to those who don’t find my advice valuable.

(Spoiler alert: It’s never happened…)

Resources Mentioned In This Episode

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