Buyer’s Remorse: Top 4 Methods to STOP it from happening
Closing a Deal with a new customer is maybe one of the most satisfying things in a life of a businessperson. Because it shows that you did a good job. On the other hand, seeing that the customer has second thoughts about his purchase is saddening to see. When you spend months on building a relationship and trying to get the best for the customer seeing this happening is devastating. This feeling your customer experiences is called Buyer’s Remorse
With Buyer’s Remorse being more prevalent then ever many companies are trying to figure out how to stop it from happening. These trends can be followed by seeing how many newspapers including the New York Times report about it.
What is Buyer’s Remorse?
Buyer’s Remorse is the feeling of having done something wrong after the purchase was made. This especially happens when there has been a relatively expensive purchase made by the customer.
This feeling as psychologist would say comes from a cognitive dissonance. This means that the Action wasn’t aligned with mind of the customer. This can arise from many different factors like being scared, questioning the purchase usefulness, and questioning the deal itself. The customer may ask himself questions like:
- Do I really need this product?
- Should I even have bought something?
- Have I done the right thing?
1. Show Value to Your Customers
Customers don’t want to feel like that the only reason why they are valuable is their money. The Goal for every business should be to create a long-lasting value to your customers. The first step is to learn and understand your customer as much as possible. This will help you to understand the relationship you and the customer have.
Having this Data will allow you new ways to help build a customer relationship. Seeing the things your customer cares about allows you to see the things out of his perspective. This will allow you to take actions which will benefit him. In general, a customer who feels valued will rather experience a high level of satisfaction and will provide your company with a greater return.
2. Educate Your Customers
Businesses should aim to create a high-quality product for the customer. This requires a lot of knowledge on the business side which they can share with customer. This sharing of information should help the business to educate the customer. Some of the ways to educate the customer include creating educational content. Educational content can be blogs like this one, YouTube channel or even just emails. Especially trying to help the customer understand what they can do if they ever run into trouble or how they can easily contact the company if they have questions or suggestions.
3. Set Expectations
Closing a deal is not the end of the customer’s journey. So especially if you want to prevent Buyer’s Remorse it is important that you as a company follow up on a purchase with a message of any kind which will inform the customer on what will happen next. These steps may include upcoming meetings to ensure a long-lasting relationship or informing the customer about interesting topics like data security or giving them a direct contact person.
Creating this is important but you should also be a bit humbled with what your product may achieve for the customer. Because inflating the expectation that a product may create a huge amount of fame only then for the product to work as intended but not matching the hope and inflated expectations of the customer is maybe more counterproductive. When the customer leaves, he should be able to understand all the benefits that this product can create without overselling it. Reinforcing these benefits and delivering on them will assure the customer that it was the right choice.
4. Go the Extra Mile
Helping Customers setting expectations is important and always should be done in a realistic yet hopeful way. The established expectations can be beaten in a way that allows your company to nearly eliminate Buyer’s Remorse. The Customer will buy the product to get the features this product provides. But this is not everything the company should focus on.
As for a company offering Demos, free Installations, guides, or things that help the customer to understand the product more without committing yet or making the time after the commitment as pleasurable as possible will strengthen your relationship and will encourage customer loyalty
Even tough it is hard to eliminate every instance of Buyer’s Remorse. These 4 Tips will prevent and eliminate most of them. By providing all the key information to the customer and providing the best possible service it will reduce the concern of the customer as well as boost their satisfaction. While being able to overcome Buyer’s Remorse, your company can turn one-time customers into customer which will repeatedly buy from you and with that create Customer Loyalty.← Go back to blog