You've heard it plenty of times before: Money back guarantee. If you're not satisfied with your purchase, we'll give you your money back guaranteed. Many businesses implement guarantees to provide their customers with a level of assurance that if they're not happy with the product or service, they have recourse.

Offering a guarantee to customers is a surefire way to build customer loyalty and to show your customers you genuinely care about them and their business. It's no surprise then that customers often feel more confident and more comfortable when purchasing a product or service that is backed by a guarantee, so it's important that you consider creating a guarantee for your product or service.

Don't be overprotective

Many business owners worry about implementing a guarantee because they fear customers will take advantage of them. Sure, it happens. You'll have those customers who take advantage of both you and your guarantee, but that shouldn't stop you from creating a guarantee that gives your customers a feeling of protection. Ultimately, the majority of customers are not going to take advantage of you.

Consider your track record

When creating your guarantee, consider your track record with customers. Does your product or service generally satisfy them, or do you receive a lot of complaints? If your product or service is generally received well by your customers, you're ready to sit down and create your guarantee.

However, if you receive considerable complaints and/or lose customers, you must first address those complaints. Only once you've fixed the problem or problems will you be ready to create your guarantee.

Don't try to outwit your customers

Your goal in creating a guarantee shouldn't be to find as many ways to make it as airtight as possible. If you add too many conditions to your guarantee, you're just going to make the guarantee less effective which, in the long run, will result in unhappy customers who may feel duped when the guarantee is voided due to one of the many conditions you imposed.

Keep it simple but specific

Your guarantee should not be pages and pages long, in such detail that your customers become confused or bored. Your guarantee should be written in easy-to-understand language and should be as concise as possible while still ensuring you thoroughly explain the terms of the guarantee.

Remember, you're developing a guarantee to build customer loyalty and to show that you care about your customers' business, so make sure that the language you use is straightforward but not defensive in any way.

Keeping your guarantee simple will also ensure that you have an easy time actually implementing the guarantee.

Inform your customers

Let your customers know you offer a guarantee by promoting it. For example, you can add a note stating that you offer a guarantee on your receipts and invoices. You can post a sign in your place of business, include it on your marketing materials, and ensure your employees mention the guarantee to every customer.