Thread by @ronaldnzimora

21 Lessons My Mentor Taught Me.

Today I start this series.

Over the next 3 weeks I will share some of the lessons I learnt from my mentor of life, Dr. Emmanuel Ojeagbase.

Buckle up and enjoy the ride.

What's going to be Lesson #1?

See next tweet in the thread.

Let's roll!

Lesson 1: On Refunds

The other day, I tweeted about offering a money-back guarantee your customers on your products and services. I offer one on everything I offer clients and customers, well, almost everything.

Why? I will tell you a story.

Back in 2009, I was in a meeting

with my mentor, Dr. Sunny Obazu-Ojeagbase, and I had just received my first ever refund request based on the money-back-guarantee he taught me to offer. It hadn't happened before so I was agonizing over it and asked him whether I should honor the "money back guarantee" or not.

He said, "Absolutely Ronald, refund immediately."

"But Sir," I said, "This person is unreasonable. He bought a product in the morning and asked for a refund 4 hours later! There's no way he could have done what the course said to do in 4 hours and determine it didn't work".

And Dr. Ojeagbase asked me, "Do you believe you created a stellar product you are proud of, Ronald?"

Ronald: "Yes Sir, I did. Many people have called me to say 'Thank You!"

Dr. SOOJ: "Well then, quit beating yourself up over the fact that one person asked you for a refund.

It could be for many other reasons other than the fact that they consider your product bad."

Ronald: "Okay Sir, but I still don't understand why someone will just ask for a refund that fast. It hurts."

Then Dr. Ojeagbase dropped a bombshell. He said...

"Ronald, do you want to protect your ego or do you want to protect your business?"

When I heard that, I paused.

He continued...

Dr. SOOJ: If you refuse to give a refund, this person will probably go online and talk about what a scammer you are and how you defrauded him and...

millions will read it and form an opinion about you, a wrong one for that matter.

He'll never buy anything again from you in the future plus he'll always tell people you're never to be trusted every opportunity he gets.

Do you want to risk that and do irreparable damage...

to your name and reputation over =N=5,000?"

Ronald: "No Sir, I don't".

Dr. SOOJ: "Then refund him immediately and do so without any reservation, even if you think they do not deserve it."

I learn a great lesson that day, which is: never put massaging your your ego before...

the safety of your business and your good name. Since then I have fulfilled every single refund requests I have gotten over the last 8 years within 24 hours, as long as the buyer shows proof they paid us.

Look, now don't go offering blanket money-back-guarantees.

...

If it's a digital product, like an ebook, video course, software, you can offer the money back guarantee.

If it's a service, make it conditional. If they don't get so and so result, or you sorn deliver so and so milestone, then you offer a 100% or 50% money back. It's up to you.

If it's a physical product you deliver, then you can make your money back guarantee conditional by asking them to return the product and they'll get their money back.

So why are money back guarantees important for your business? Because with them you will sell more units. Simple

Don't believe me? Try it starting tomorrow. Start guaranteeing the quality of your product and offering a 100% money back if they don't like it, and monitor your sales over the next month. I wager you any amount you'll make more sales doing nothing else significantly different.

That's it for Lesson 1. Tomorrow, Lesson 2 will come your way. What's it about?

You'll have to wait and see 👌🏾.

Have a great time digesting today's lesson.

Thanks for reading.