It can be easy to think about refund protection in a cut and dried manner. Something like, “We offer it and customers can take it out or not. That’s their choice.”
The truth is that refund protection can and should be more than that. In fact, it can and should be thought of as an important part of the customer’s buying journey and an additive to a great customer experience.
Here are a few ways that can play out for your customers.
Refund protection offers customers security: This is likely the first thing you think of when you think refund protection. If your customer can’t make an event, they have the ability to apply for a refund for their ticket if certain life events get in the way.
But as the need to plan and invest in holidays, events, and shows gets earlier and earlier, customers also have the growing concern that something may get in the way of their ability to attend an event. This is where refund protection helps because buying purchasing the protection, customers are offered security that if they can’t make it, they aren’t going to lose their entire investment.
Refund protection allows customers to customize their purchase: In every aspect of our lives, we love choice. It gives us a sense of freedom and control over how our experience will play out.
By offering refund protection, you can continue that trend by allowing a customer to have more options to customize their experience.
Allowing someone to purchase refund protection to protect a show or holiday may not feel like a big thing to us, but to our customers it can feel like we’ve been thinking about them specifically because we’ve recognized that they may have a lot of commitments or concerns about scheduling something in advance.
Refund protection can help improve your conversion rate: We have all wrestled with the challenge of shopping cart abandonment. There are likely countless reasons that someone gets part way through a purchase and abandons it including distraction, difficulty of transaction processing, or needing to confirm with someone.
By offering your guests refund protection, you can eliminate some of the obstacles that stand in the way of your customers completing their transaction.
Refund protection helps conversions by offering more personalization of the buying process, more peace of mind in the purchase, and the important mental boost of security that comes with the addition of protection on a purchase.
Refund protection improves your customer service: This even happens if the customer never uses their protection policy because offering the customer the chance to protect their purchase is just a customer friendly policy.
This benefit and glow of customer service plays out before and after the purchase. Before, the customer is able to rest assured that you’ve considered the challenges that might impact a person’s ability to take their holiday, attend a show, or go to an event. And, after the purchase, the customer can rest assured that no matter if they can go or not, their purchase is protected.
Best of all, in case something does happen, Booking Protect’s award-winning customer service ensures that the customer has the best possible experience in what can be a stressful or disappointing situation where a holiday needs to be cancelled, a show not attended, or an event postponed.
Offering refund protection opens a door to a deeper customer relationship: Data is a big area of focus for many organizations now and sometimes we don’t know what data is actually worth focusing on and what data is just noise.
By offering your guests refund protection, you can actually find a stream of data that is actually actionable and helpful to designing your offerings, improving your service, and understanding your customer knowledge.
One, by knowing what percentage of customers are purchasing refund protection, you can tell a lot about how your customer feels about buying tickets early or closer to their event.
Two, seeing how many customers purchase refund protection can help you make better pricing decisions, especially when combined with other experiential additions that customer purchase or don’t purchase.
Three, by combining refund protection purchase data with other data, you are able to get a better holistic overview of who your customer is and what they think is important, allowing you to be more specific in your offerings, to deliver a better experience, and deepen the connection between you and your customer.
These five ways are just a jumping off point to delivering a better customer experience. To find out how we can help you improve your customer experience even more, email me at firstname.lastname@example.org