{"id":18220,"date":"2019-03-26T07:17:46","date_gmt":"2019-03-26T12:17:46","guid":{"rendered":"https:\/\/lern.org\/?post_type=article&#038;p=15227"},"modified":"2021-08-02T12:24:06","modified_gmt":"2021-08-02T17:24:06","slug":"your-refund-policy-sucks","status":"publish","type":"post","link":"https:\/\/lern.com\/lern\/your-refund-policy-sucks\/","title":{"rendered":"Your Refund Policy Sucks!"},"content":{"rendered":"<p><a href=\"https:\/\/lern.org\/wp-content\/uploads\/2019\/03\/Angry-People-Emoticons-e1553778441235.jpg\" rel=\"attachment wp-att-15228\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-15228\" src=\"https:\/\/lern.org\/wp-content\/uploads\/2019\/03\/Angry-People-Emoticons-300x145.jpg\" alt=\"Angry People Emoticons\" width=\"300\" height=\"145\" \/><\/a>Want to increase your income 10% and have even more satisfied customers?\u00a0 No you don\u2019t.\u00a0Ahead in so many ways, your program is behind in a huge area: your refund policy.<br \/>\nFrom a study of lifelong learning program refund policies, no one (except LERN\u2019s UGotClass courses) has a money-back guarantee.\u00a0 And the huge cost in lost revenue, lost customers, and bad image will only get worse.<br \/>\nAround 20% of people registering for classes the final week before classes start. Yet some of you have policies that demand refund requests up to 7 days before the class starts, a ridiculous situation in which people have to request a refund before they even register.<br \/>\nHere\u2019s the top 5 negative outcomes your current policy produces.\u00a0And why your terrible policy will only make things worse for your program moving forward. You:<br \/>\n<strong>1.Turn away many Gen Yers.<\/strong><br \/>\nGen Y has less money and is more careful about spending it. They register closer to the start date as you well know. And they hesitate to devote their hard-earned money to products and programs that demonstrate they are too risky to trust.<br \/>\n<strong>2.Look really cold and harsh.<br \/>\n<\/strong>\u00a0 Life happens.\u00a0 You have to work late, your spouse has surgery, your kids get sick, your parents need a visit. So do your customers.\u00a0 Get real.\u00a0 Your program looks like you don\u2019t care about your learners.<br \/>\n<strong>3.Increase dissatisfied customers.<br \/>\n<\/strong>\u00a0\u00a0 The average satisfied customer tells 3 people, but the average dissatisfied customer tells 11 people.\u00a0 Sure, you make exceptions when some people request a refund over an unavoidable situation.\u00a0But think of all the people who don\u2019t ask and just turn off and turn away.<br \/>\n<strong>4.Don\u2019t think your classes are quality.<br \/>\n<\/strong>\u00a0 The message is pretty clear: you don\u2019t think your classes are quality enough to back up with a money-back guarantee.\u00a0 What does that say about your instructors and your program?<br \/>\n<strong>5.Fail to increase income 10%<\/strong>.<br \/>\nThe only reason business has a money-back guarantee is that it increases income and profitability.\u00a0 The additional income and profit generated far exceeds the modest cost of refunds.<br \/>\nMoney-back guarantees cost you no money.\u00a0 You generate about ten times more income than you give back. And most of the time, participants will, often happily, accept a transfer or voucher that doesn\u2019t even involve a refund.<br \/>\nLast year, LERN\u2019s UGotClass issued 49 refund checks out of 7,300 registrations.\u00a0 That\u2019s a 0.007 refund rate.\u00a0 For anyone requesting a refund up to one week after the class ends.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to increase your income 10% and have even more satisfied customers?  No you don\u2019t. Ahead in so many ways, your program is behind in a huge area: your refund policy.  <\/p>\n","protected":false},"author":5,"featured_media":15228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-18220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/posts\/18220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/comments?post=18220"}],"version-history":[{"count":1,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/posts\/18220\/revisions"}],"predecessor-version":[{"id":19318,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/posts\/18220\/revisions\/19318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lern.com\/lern\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/media?parent=18220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/categories?post=18220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lern.com\/lern\/wp-json\/wp\/v2\/tags?post=18220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}