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Risk Reduction – 8 examples

Updated: Nov 3, 2022

Risk, makes customers scared.

When their risk decreases – Sales increase

1. Standardisation E.g. McDonalds Restaurants

Sunday, Monday, Sydney, Perth, Mary cooking or Marty cooking, it doesn't matter. Your cheeseburger doesn't change. There is NO RISK your burger will be different

2. Phone Scripts “Hi It’s James calling from ABC Software, I have your email address here, could I email you a link to our New Online Catalogue made specifically for your Industry?” No risk or effort required by the customer.

3. Guarantees - 2 types Product guarantee “Try it for XX days. Any problems and we will replace / fix / refund your money.” Service Guarantees “We guarantee to respond to your email in 2 hours and respond to phone calls immediately or it’s 20% off your Bill.” If that’s your usual response time, then why not Lock-It-In as a GUARANTEE and increase sales!

4. Price Increase A high price comes with the assumption of a better service or product. A beer in a pub is $6 and $9 in a nice bar

5. Customer Driven Word of Mouth / Referrals / Reviews, Case Studies and Testimonials.

6. Try Before You Buy - 3 types - Trials, Samples and Test Drives

For Software there's a 30 day free Trial. 

For a New Snack, Samples are given away free at busy train stations

For Cars it's a Test Drive

7. Demonstrations

8. Branding and Storytelling

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