Make it a no-brainer for your customers to buy NOW and boost your sales!

Consider offering something extra in order to close the deal on the spot. Estee Lauder introduced the idea of Gift with Purchase and Jay Abraham introduced the idea of Risk Reversal, whereby the buyer can 'reverse' the transaction if she is not happy; i.e. she returns the product to the seller and gets her money back. Risk Reversal is about overcoming the client's fear or reluctance to purchase by offering to 'guarantee her purchase' and/or to refund her without any explanation being required. This works whether you are selling retail merchandise or wholesale merchandise to your buyers.

By offering that something extra, you increase your closing ratio. You get those potentials who are not 100% sure about the purchase to decide on the spot. You also get those people who simply cannot take a decision to buy then and there. People may like your product, they may consider buying it, but this no guarantee of purchase. This something extra is the 'kick' they need to make the purchase.

Big brands include classic Inducements into their closing process to motivate people to buy faster or with greater enthusiasm, such as:

(i) buy one; get one free

(ii) get a second product at half price

(iii) coupons on purchase

(iv) points or rewards on purchase

(v) gift with purchase.

After reading this, you will notice many more examples in your daily life. You don't need to go further than your local supermarket. Use these techniques as inspiration for your own Inducements and increase your sales.

Risk Reversal have been used for a long time by most large stores. Usually you can get a refund for a product within 28 or 30 days. More recently, this strategy is being used by companies that provide training courses. For example, when I signed up for the Tony Robbins Business Mastery course, I was assured - in writing, on the sign-up form - that if I did not find a million dollar's worth of value in the course after the first day, I would receive a full refund. The four-day course cost almost as much as an MBA and this insurance helped me make my decision to buy the course. It minimized my risk. I could also get 25% of the course for free and leave after the first day with a full refund. The course was amazing, so I stayed.

Make it work for you!

You don't have to be Tony Robbins to offer insurance and use Risk Reversal. As a nutritionist, you can offer a cash back guarantee on your eating program: if your patient does not lose a certain (minimum) amount of weight within a week of applying your advice, she gets a full refund. If she doesn't lose that weight, you know she is not following your advice and don't want her as your client anyway.

Retailers Forum magazine encourages our readers to try new ideas when it comes to increasing their sales. Brought to you by the leading wholesale merchandise magazine in the industry.