Thursday, June 24, 2010

How to Create Your Guarantee: Part 1

This week, I've written about how a guarantee can grow your business, why you already have a guarantee, and why guarantees cause more people to buy.

Today, let's talk about how to create a guarantee for your business.

Start by knowing what your customers are really buying.

There’s an old advertising adage that nobody goes to a hardware store to buy a drill bit. They really want the hole a drill bit makes.

Your customers are the same.

You may sell resumes and cover letters, for example. But your customers want a job.

You may sell industrial lighting. But your customers want to see the inventory in their warehouse more clearly, so they can fill orders faster.

You may sell tires. But your customers want peace of mind as they motor down the highway with their family to the lake cabin.

Your job is to figure out what your customers are really buying and then guarantee they will get it from you.

Marketing experts have known this for decades.

In 1925, advertising legend Bruce Barton told the American Petroleum Institute that they were selling gasoline as a bad smelling liquid. This was a mistake. Instead, he told them they were selling “the juice of the fountain of eternal youth.” He explained that fuel enables people to experience travel, romance and even health. He got to the heart of what customers were really buying.

Once you understand what customers are really buying, you can articulate this result in your guarantee.

In tomorrow's final installment, I'll give you more example guarantees you can use to create your own.

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