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Buyer's Remorse Is Not To Be Ignored

Written by: Leanne Hoagland-Smith

Article Overview: Buyer's remorse is something that no business owner wants to see. Yet, how many times are the signals for buyer's remorse ignored?

Buyer's Remorse Is Not To Be Ignored

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:

1. Have a fully qualified potential customer in front of you
2. Develop the relationship through mutual trust and authenticity
3. Uncover all necessary information using a thorough fact finding process
4. Present the case while addressing each known obstacle
5. Continue to listen for any unknown obstacles
6. Deliver the sale while exceeding the customer’s expectations
7. 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.

Related Articles
  Sales Training London: Don't Lose the Sale Once Youve Closed The Deal
  Buyer's Remorse: What is it? And How Do You Avoid It?
  The End of Buyer’s Remorse
  Why Upsells and Downsells Could be the Ticket to Your Business' Online Success
  Business Brokers - How to Deal With Them As a Buyer?

Article Tags: business owner, business results, customer loyalty, ebay, ego, impulse, li li, objection, obstacle, porter county, rda, regional development authority, regrets, remorse, rush, sales objections, salesperson, signals, spur of the moment, urge



Related Forum Posts
Re: Are You Complying with the FTC? - A lot online marketers will run to Cyprus and other Islands to do their businesses. FTC rule or no rule the Internet is a global thing and still a wild wild west. Buyers should be careful and do due diligent before buying anything online
Re: Are You Complying with the FTC? - [quote="ideasuniversity":2shwf6gr]A lot online marketers will run to Cyprus and other Islands to do their businesses. FTC rule or no rule the Internet is a global thing and still a wild wild west. Buyers should be careful and do due diligent before buying anything online[/quote:2shwf6gr] Exactly. The consumers should have enough common sense to check out a program or product before buying it if they're worried it might be a scam. There's plenty of resources available to aide them in the process. But, unfortunately, everyone must suffer regardless.
Re: Trade Shows - Are They Worth It? - Hi, Tradeshows are attracting different types of people. First, the visitor, which is the main reason of putting it on. Visitors come from all types of background: Buyers, prospective buyers, people who had a business and failed, directors, shopkeepers and even the public. Secondly there are people who just like to meet new people, that is the best place to be. Exchange of business cards, make new contacts for future use. Thirdly, the exhibitors are mixing with one another either help one another or just want to fine out the newest trend. It is also a good place to meet with competitors and learn from their strategies. Finally, there are numerous seminars with excellent speakers, covering a wide range of information. Taking these points in consideration, they are beneficial. Of course, not every exhibitor has the same success.
Re: need pricing help please - I think you could be selling yourself short. Plus you may be focused on the wrong things when it comes to pricing your products. What will your buyers be able to do or get as a result of your product? How much would that be worth to them? Buyers will gladly pay over $100 for a one page report because it tells them exactly what to do to overcome a specific difficult to solve problem. Even when that information can be found free elsewhere. I know it's hard not to compare your eBook to a physical book. Yet, that may not be a fair comparison. Another thing to consider is the perceived value when a product that sounds great comes with a very low price. Some potential buyers will doubt the value of your product because the price seems way too low for the result it promises. There's a quick and easy way for you to discover the right price though. Open a Google Adwords account ($5) and then set-up a multi-variant test for different price points. If you have a decent amount of traffic you'll quickly discover the best price.
Pre-Registering for Events - Hi Kevin! You have gotten some great advice on this thread. I think a combination of all the above, without sounding trite, would be appropriate. Your marketing should be very targeted and very consistent, once a week or whatever in order to lead up to the event. Take a tip from the information marketing world, and send them new notes about what they are going to learn and how its going to change their lives. Buyers specifically want to do 4 things 1) make more money 2) save more money 3) alleviate some pain or stress 4) reduce their workload (or minimize their efforts) (sounds like a great bunch eh?? ;0)) I would also mirror Beat's suggestion. When we are hosting events for clients we do take credit card numbers, and attendees are told that they will be charged a fee for no -shows. (This helps maintain the integrity of the event). The rate can change depending on the event topic or something. We typically charge $99 for no shows so its enough to get people to honor their commitment. ($25 and they didnt care. ;0)) Your client could also promote the expert a bit more, right now their seminars are a bit bland from a 'who are we going to hear from..." perspective. J


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