Buyer's Remorse Is Not To Be Ignored
Buyer's Remorse Is Not To Be Ignored
Simply speaking, buyer's remorse is defined as a made sales decision with regrets ranging from a spur of the moment urge (impulse buying) to paying way too much. Ebay is one place where some vendors are indicating buyer's remorse is not a reason to cancel a sale.
In Northwest IN, there were signals of buyer's remorse several years ago when the Porter County Council reluctantly agreed to join the Regional Development Authority (RDA). The 4 to 3 vote to join the RDA indicated from the beginning buyer's remorse was present.
From that initial buyer's remorse, no one should have been surprised when the Porter County pulled out of that agreement. This article is not advocating a position as to the RDA, but showing a clear example of how buyer's remorse can affect customer loyalty and business results.
To overcome buyer's remorse, many businesses are providing a free 30-day trial for their products to a money back guarantee. However, would it not make more sense to eliminate buyer's remorse in the first place?
Buyer's remorse can usually be traced to:
In the rush to increase sales, many businesses and organizations attempt to sell their products or services to the wrong people. The selling is justified because the seller believes that the new customer will come around and "see things from the seller's perspective." Of course if that is really true there would a lot more swampland sold.
Sales objections happen 98% of the time because the salesperson failed to execute the sales process flawlessly. Again, the salesperson's ego was in what I call "Watch me go!" This results in the objection or objections never being fully addressed to the potential customer's expectations.
Non-addressed objections are the deadly sales virus. These objections linger even after the sale is earned. Slowly they begin to infect the surrounding relationships and within a short time frame the existing sale to future sales go south. Now there is so much infection that no one can salvage the relationships.
To overcome buyer's remorse, you may wish to consider these 7 actions:
Take Action Sales Coaching Tip: Invest the time to actively listen to your potential customer up front and this will save you lots of dollars, energies and time so that you will not be fighting costly buyer's remorse.
Buyers Remorse Is Not To Be Ignored - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Buyer's remorse is something that no business owner wants to see. Yet, how many times are the signals for buyer’s remorse ignored?
Simply speaking, buyer's remorse is defined as a made sales decision with regrets ranging from a spur of the moment urge (impulse buying) to paying way too much. Ebay is one place where some vendors are indicating buyer's remorse is not a reason to cancel a sale.
In Northwest IN, there were signals of buyer's remorse several years ago when the Porter County Council reluctantly agreed to join the Regional Development Authority (RDA). The 4 to 3 vote to join the RDA indicated from the beginning buyer's remorse was present.
From that initial buyer's remorse, no one should have been surprised when the Porter County pulled out of that agreement. This article is not advocating a position as to the RDA, but showing a clear example of how buyer's remorse can affect customer loyalty and business results.
To overcome buyer's remorse, many businesses are providing a free 30-day trial for their products to a money back guarantee. However, would it not make more sense to eliminate buyer's remorse in the first place?
Buyer's remorse can usually be traced to:
- Poorly qualified potential customer
- Some known or unknown existing obstacle (objection) within the sales process
In the rush to increase sales, many businesses and organizations attempt to sell their products or services to the wrong people. The selling is justified because the seller believes that the new customer will come around and "see things from the seller's perspective." Of course if that is really true there would a lot more swampland sold.
Sales objections happen 98% of the time because the salesperson failed to execute the sales process flawlessly. Again, the salesperson's ego was in what I call "Watch me go!" This results in the objection or objections never being fully addressed to the potential customer's expectations.
Non-addressed objections are the deadly sales virus. These objections linger even after the sale is earned. Slowly they begin to infect the surrounding relationships and within a short time frame the existing sale to future sales go south. Now there is so much infection that no one can salvage the relationships.
To overcome buyer's remorse, you may wish to consider these 7 actions:
- Have a fully qualified potential customer in front of you
- Develop the relationship through mutual trust and authenticity
- Uncover all necessary information using a thorough fact finding process
- Present the case while addressing each known obstacle
- Continue to listen for any unknown obstacles
- Deliver the sale while exceeding the customer’s expectations
- Follow up to continue to build the relationship
Take Action Sales Coaching Tip: Invest the time to actively listen to your potential customer up front and this will save you lots of dollars, energies and time so that you will not be fighting costly buyer's remorse.
Buyers Remorse Is Not To Be Ignored - To learn more about this author, visit Leanne Hoagland-Smith's Website.
Like this article? Share it with your friends
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