Guest blog by Jason Chinavare, Saleslogix Installed Base Sales
Buyer’s remorse. We all are familiar with it and many of us have experienced it at one time or another. Being in sales, overcoming buyer’s remorse can be a huge challenge……the silent sales killer that comes after you bring a sale home. Buyer’s remorse is defined as a sense of regret, typically after a large purchase.
Being in enterprise level software sales, losing a deal due to buyer’s remorse, can destroy your month/quarter. However, there are ways to protect yourself from having a client fall victim to buyer’s remorse. I have a few suggestions that historically have worked in many sales environments.
Be proactive in addressing buyer’s remorse head on. Listen to your client’s needs and/or concerns and address each one strategically. Show the client how the product you sell can not only meet their needs, but possibly exceed them. Take the fear away of making a purchase by asking them the right questions. This will help to identify any front end or back end objections so you can overcome these objections naturally as you build their solution.
Find out who all the key players are in the buying cycle and decision making process. Typically in sales, the buying cycle can be run by one point of contact or a small team. Those individuals in turn relay information back to the decision makers at times. After the sale is completed, it’s those decision makers that may come back post sale and begin to doubt their purchase. Because you relied on someone else to broadcast your value proposition, you run a great risk in falling prey to buyer’s remorse. Quick fix, get everyone involved that has any sway in the purchase…….and the return.
Help the client understand the return on their investment. Sometimes the thought of spending money on a big ticket item can cause regret in their purchase. Help the client understand that yes, they are in fact spending money for a product, but here’s how it will help you grow logistically…..and financially. Help the customer to look past the end of their nose.
Truthfully, there are no magic bullets that can assist in shooting down buyer’s remorse every time……..but I have found that staying true to these core sales practices have helped ensure a low return rate of the years.
What tactics have you engaged in your business to help address buyer's remorse? Please share them with us.