Buyer’s remorse is a common but deeply unsettling feeling that many customers experience after making a purchase. It’s that nagging sense of regret, doubt, or anxiety that can creep in a few hours or days after you’ve spent your hard-earned money. service.
Be honest, we’ve all had that feeling, right “Did I really need that?” we wonder, as the guilty feeling grows.
It’s more common when making a choice between two similarly appealing options, or when we pay more than we’d planned. Whether it’s a big-ticket item like a car or a smaller everyday purchase, buyer’s remorse can affect almost anyone.
The more resources such as effort, time, money, and research that are invested in making the purchase decision, the more likely it is that the buyer will experience some discomfort.
The Causes of Buyer’s Remorse
High Expectations vs. Reality
One of the primary causes is the gap between the customer’s expectations and their actual experience. Aggressive marketing and sales pressure, including over-hyping a product’s non-essential features, will result in customers feeling let down when reality dawns.
Financial Stress
For many people, especially those on a tight budget, the financial strain involved in making a major buying commitment can trigger insecurity. The fear of overspending or not being able to meet other financial obligations can lead to anxiety.
Family and social pressures raise the discomfort levels when others believe the money spent should have been saved, or invested in a more popular brand.
Finding New Information After Purchasing
Sometimes, customers come across new information or reviews about a product after getting it home. If this suggests that there are better alternatives or that the product doesn’t fully meet their needs, it can amplify their remorse and is likely to create a sense of failure and inadequacy. (“Why did I rush into this? If only I’d waited a few more days.”)
Fear of Missing Out (FOMO)
Peer pressure often pushes people into making poor buying decisions. The irresistible urge to have the newest, the smartest and the shiniest so often triumphs over rational decision making.
These consumers are known as early adopters. Their need to acquire new products and indulge in new or unusual experiences becomes an obsession. They’re risk-takers and trendsetters and have a strong influence on the success or failure of a new product.
They’re the least vulnerable group of buyers and their biggest regret is to discover that an even newer version of the product they’ve just bought has been or is about to be launched.
Decision Fatigue Sets In
When customers are overwhelmed by choice and feel they’re being pushed towards a decision, they may not consider their other options carefully. This will lead to regret later if, as is likely, they’re convinced they should have invested more effort in weighing up their alternatives and resisting sales pressure.
How Can Marketing and Sales People Help?
Firstly, don’t shrug and assume this isn’t your problem. One of your key aims is to develop a lifetime relationship with your customers, so showing sensitivity to their concerns makes sound commercial sense.
Here are some basic strategies to incorporate in your business. For more advanced coaching, see the link below to the free audiobook “The Psychology of Selling” by Brian Tracy.
Practice Open, Honest and Transparent Communication
Honesty is key in marketing and sales unless you believe that repeat purchases and referrals are unnecessary in your business. Help customers to set realistic expectations and accurately represent the product or service, and point out any issues that don’t fully meet the customer’s needs.
Where possible, show evidence of major product claims and offer to share genuine testimonials from satisfied purchasers, and performance reviews from respected sources. Avoid making exaggerated claims that can set customers up for disappointment.
Educate Your Customers
Provide all the information they need to make an informed decision. This includes being frank about how your product or service compares with others in the market.
If you know your customer can find your product cheaper from another supplier and you’re not willing to match the price, emphasize other benefits you can offer, like a superior warranty or more comprehensive after sales service.
Encourage them to do their research before making a purchase. Your openness will help you build a trustworthy reputation.
Offer Guarantees and Return Policies:
Having a generous return policy and a money back guarantee reassures customers that they can change their minds if they are not completely satisfied with their purchase.
Note: Legislation exists in various parts of the world that gives the customer a cooling off period during which contracts can be cancelled and goods returned to the seller for a full refund.
Make Personalized Recommendations:
Understanding people is, for sales and marketing executives, as important as knowing their products and how they stack up to their competitors.
If you’d like to be an expert in the subject, download this free audiobook by world famous sales trainer, author and lecturer, Brian Tracy, called “The Psychology of Selling.”
Helping customers to minimize post-purchase regret gives you a powerful competitive advantage – one that can’t be matched by many brick-and-mortar stores and definitely not by online sellers.
If you recognize the vital role of the customer’s emotional needs in the selling process, you’ll provide a positive buying experience that will boost your reputation and your return on every marketing dollar.
