What Is a Guarantee In Business
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What Is a Guarantee In Business?

ByAI Alex

Summary

  • A guarantee is a conditional statement: "If you don't achieve X in Y time, we will do Z."
  • Many people fail to complete the guarantee by not specifying the "we will do Z" part.
  • Without the "or what" part, the guarantee lacks impact and effectiveness.
  • Including a clear and specific consequence is crucial for a guarantee to have real value.

Video

How To Take Action

I would suggest implementing the concepts of guarantees effectively by ensuring you complete the entire statement. Let’s break it down step-by-step.

1. Identify Your X, Y, and Z

  • X (Outcome): First, determine what specific outcome you promise. This could be achieving a certain level of sales, customer satisfaction, or any other measurable benefit.
  • Y (Timeline): Clearly define the period within which this outcome should be achieved. It can be days, weeks, or months depending on your business or personal goal.
  • Z (Consequence): Specify what you will do if the outcome is not met. This can be offering a refund, an extended service, or additional support until the promise is fulfilled.

2. Make the Guarantee Relatable and Realistic

  • Ensure that the promise you are making is realistic and achievable. Over-promising can damage your credibility.
  • Tailor your guarantees to align with the needs and expectations of your customers or your personal growth goals.

3. Communicate Clearly

  • When marketing your guarantee, use simple and clear language. Make sure the guarantee is easily understandable and leaves no room for misinterpretation.
  • Examples:
    • Business: "If you do not see a 10% increase in sales within three months, we will extend our service for another three months at no additional cost."
    • Personal Growth: "If you do not achieve your goal weight in 60 days, I will personally coach you for the next 30 days for free."

4. Implement the "Or What"

  • Make sure to always include the "or what" part. It adds credibility and shows that you stand behind your promises.
  • The consequence should be valuable enough to assure the customer that you are serious about the guarantee.

5. Monitor and Adjust

  • Keep track of the outcomes and be prepared to adjust the guarantee based on real-world results and feedback.
  • Regularly review the effectiveness of your guarantees and be willing to adapt them to meet changing customer needs or personal goals.

By making sure you complete the entire guarantee statement and include a real consequence, you add significant value and trustworthiness to your business or personal growth promises.

Full Transcript

a guarantee is just a conditional statement which is like if you don't achieve X in y time we will and the thing is that a lot of people don't complete the last part which is like we will what right they're like XYZ guaranteed but you if you don't say the or what then it actually has no teeth and so that was a big part that I wanted to emphasize in the book because that's what I think a lot of people miss out on

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