Client Magnets Official Blog

Posts Tagged ‘Business Ethics’

The importance of selling with integrity cannot be overstated. Ethical sales practices are the foundation of a solid, sustainable business. Let’s explore why being one of the “good guys” in sales is so important.

Deciding to sell ethically benefits not only your own career, but also has a positive impact on the people around you. Here are three reasons to present your products honestly:

1) Being known as someone ethical by your customers will benefit your future success.

In sales, we live or die by word-of-mouth. Your customers are much more likely to refer others to you if they know you’re consistently trustworthy. They will also reward you with repeat business that builds a sustainable income. This single principle is the cornerstone of a solidly-built business.

2) Your success will have a ripple effect on the people around you.

As business owners, our own success filters down to the people we employ, as well as to our families and our vendors. Building a business with a solid reputation means good things for them, too. Simply by deciding to always sell with integrity, we can build a business that improves the lives of many other people.

3) Your integrity fills the vacuum that might otherwise be filled with unethical sales professionals.

Let’s face it—without sales professionals committed to integrity, there’s a real vacuum in the marketplace. That vacuum is quickly filled by people without ethical standards.

The decision you have made, then, to be clear and honest while selling your products also benefits your clients in this way. You are giving them the privilege of buying what they need from someone who will treat them fairly.

Think about these three principles as you move forward in building your business. The people who need what you have to offer also need someone to treat them with respect and honesty. Your future customers are depending on you to fill the integrity vacuum.

If you have not already done so, make a conscious decision now to always offer your products with integrity. Even when moving forward becomes a push, hold to your high standards and new business will come your way. The benefit you, your customers and those connected to you will gain will make the effort worthwhile.

It’s the big question. Should you offer a guarantee? The marketing gurus will assure you that guarantees increase customer confidence and therefore sales, but many of the small business owners I talk to are concerned about the potential costs of refunds, and attracting unscrupulous customers who will receive the goods or service but then take advantage of the refund option. So what should you do?

In my opinion, there is no contest here. After over 11 years of being in business, I believe that guarantees are essential, for the following 3 reasons.

1. It’s A Question of Business Ethics…

While there certainly are dishonest people who will take advantage of your guarantees, the majority of people, in my experience, are good and decent and have genuine reasons for requesting refunds. Think about it, wouldn’t you rather those customers were talking to YOU, giving you suggestions to improve your product and service, than running around all over town bad-mouthing you? It’s been shown over and over, that a complaining customer who gets their problem resolved, is actually MORE loyal than a customer who never had a problem in the first place. So just from the point of customer relationship, you MUST offer a guarantee.

2. The Extra Sales You Generate Far Outweigh The % Of Returns

Many business fortunes have been built (and resurrected) on the strength of guarantees. Lee Iacocca turned around Chrysler when he said ‘If you want to know who builds them better, take a look at who guarantees them longer.’ I know what you’re thinking. That’s a big car company and has no relevance to you as a small business owner? Not so. Whatever business you are in, offering a big, bold guarantee inspires confidence.
A guarantee is your way of saying to your customers, ‘I’ll take the risk’. For a hesitant prospect, the guarantee can be the deciding factor that finally nudges them into action. I know you might be concerned about people ‘taking advantage’, and the truth is, there are a couple of low-lives out there who will. But ultimately the extra sales you will make will far outweigh the number of returns (genuine or not).

3. If YOU Can’t Stand Behind Your Product Or Service, Then Who Can?

If you are selling a product or service that you cannot strongly and fairly guarantee, then maybe you should find something better to sell. Even if you are in a situation where results are dependent upon the client, you can find something to guarantee eg ‘If you complete all the assignments, turn up to all the sessions and STILL don’t get the promised results, then it’s free.’
Even if you are selling something where the results CANNOT be easily predicted because there are so many variables, you can find SOMETHING to guarantee eg ‘you’ll never be kept waiting more than 10 minutes for your appointment’, ‘if at the end of the one hour session you don’t feel like you’ve just had a weekend away, then it’s free.’

The bottom line is guarantees WORK, and if you aren’t using them in your business, you are almost certainly missing out on sales and opportunities, So what are you waiting for? Go guarantee something!