Buyer's Remorse

Last month and now today I've had to deal with a client who seemed spooked after they signed the contract. What's the best way to deal with Buyer's Remorse? -Thomas

It is probably best to deal with buyer's remorse before it sets in. This is why the assurance step after the sale is important. thmbp2; -Mikey

Definitely! According to Robert Jolles (Customer Centered Selling) buyer's remorse is a normal part of the buying cycle. Therefore, heading it off would make the most sense.

However, as you seem to already have someone who is on edge about his decision, I would embrace his questioning of his decision and remind him of the problems he is fixing by making this purchase. Buyer's remorse is the customer questioning the value of his purchase, so reminding him of this value should do the trick.

Wear the Right Hat!
Bill -Bill_Kistner

This last guy backed out of his deal. He found another home that he liked more. crp1; -Thomas

In my opinion buyer's remorse is a lack of confidence with some part of the decision. Common concerns include product, provider, price, peers, and priority. Probing these areas gives the client the opportunity to discover and voice any concerns he or she might have. This can also work as an assurance tool. -BossMan

I'll second all of that. thmbp2; -AZBroker

Maybe with future clients try and make them explain to you all the positives about the buying decision they are making on the day.

Sit down and help them write out a list of positives, I try and make up around 10, then get them to list the negatives. Ofcourse, you do not help them with the negatives because you do not see any negatives.

This technuique usually comes up 10/3, (10 positives to 3 negatives), get them to keep the list to have as a reminder of how great the deal is. -MCS_80

Last week I had a buyer who came back to the office to write a contract and then got cold feet when it was time to write. crp1;

I went over why she was looking and why this home was a good choice but she still wanted to think about it. What would you have done different? -Thomas

1. Validate the prospect by feeding back whatever her objection was: "I completely understand that you want to think about it - I felt the same way when I bought my home."

2. "Just so I can know that I'm understanding your situation, please tell me the two or three things that you want to think about." Then be quiet and wait for an answer. -Skip Anderson

We utilize a process called "Conditions of Satisfaction," which combines presentation, objection prevention and closing.

The prospect learns all of the features, benefits and detriments (negatives) of the product or service. That combination is a Condition of Satisfaction (CoS). Most products and services have at least 12 CoS - 20 of each is more common. Nothing is held back - this is Total Disclosure.

Each time we review an item, the prospect gets to approve it or kill the sale.

Prospects know that there is no perfect product or service. Deal-killers are very rare. Each time the prospects accept one of their CoS, they have performed a mini-close. Almost all prospects take this process through to the end.

Then, we invite them to create their own close, and they do.

It is very, very difficult for people to kill their own creations. Thus, buyer’s remorse is very rarely seen.
-JacquesWerth

Buyers often turn to others for approval on their decision such as their friends and families. When the buyer hears that he or she could have done better, remorse sets in. The best way to prevent this type of remorse is to ask the buyer who is the purchase for? -Wonderboy

Thomas,

It's hard for me to know, but could she have closed before she was ready? Sometimes, you can get to closing without all the steps being covered.
Maybe before you get to the paperwork, just ask if there's any other questions you can answer before you start the paperwork. That may bring out the one last nagging question.

Susan -susana

That is an excellent suggestion, Susan.

Our sales process gives prospects every opportunity to say "No." That encourages most of them to be highly cooperative, and open to expressing their doubts and fears. It also encourages them to express why the benefits of your product or service outwheigh the detriments.

If you do as Susan suggested, the paperwork becomes a merely a confirmation of your mutual agreements. That reinforces their decision to buy. -JacquesWerth

I agree - I think that its about developing sales techniques that invite the prospect to share 'authorship' of the deal at the earliest - and at every possible - stage. -Sam Deeks

1. Thomas may or may not have felt the same way if and when he bought his own home, but there is no evidence here that he had. The above is a variation of FEEL FELT FOUND, and more and more consumers are wise to it.

Why not just "Tell me what's on your mind." Not only does it exhibit trust and respect for the prospect's ability to think for herself, but it can draw openness and better results.

2.If you're really seeking to "understand the situation" then you would really not know that there are "two or three things" that the customer wants to think about.

Great salespeople, who facilitate such large purchases, treat their prospects like members of their own family. And they can simply say "Tell me what's on your mind". -Joe Closer

And I agree with YOU, Sam...although IMO I would substitute "engaging in relationships" for "developing sales techniques". -Joe Closer

I like that idea. -Joe Closer

It makes so much sense to encourage openness. -Joe Closer

Good point. Authentic remorse, rather than just reservation, is often about someone else in the background.

Nicely put, WB. -Joe Closer

JC, isn't "engaging in relationship" a "sales technique"? -Skip Anderson

Yup. Intentional engagement is a sales technique. -Mikey

No.

I have relationships that I would not trade for ten thousand sales techniques. It's a matter of personal values I think.

However, I would guess that in the spirit and context of Sam's fine comment, the two ideas could be considered quite similar. -Joe Closer

Nobody is suggesting that you trade sales techniques for relationships you have.

"Engaging in relationships" is a sales technique, but it is not exclusively a sales technique. -Skip Anderson

Oh..sorry. Your question was rhetorical then. It surprised me that you asked a question that could be answered with a yes or no, something you have preached against. That explains it.

It's really a syllogistic issue, then...isn't it. Or maybe understanding the difference between tactics and objectives. I think of technique as a tactic. I think of relationship in this context as an objective. Like the difference between tasks and goals.

In your sales training, do you teach the difference between tactics and objectives? Do you think it's important? -Joe Closer

My question was "isn't engaging in relationships a sales technique?

There's nothing rhetorical about that question, so I don't understand why you would suggest that.

I don't think you understood my "preachings." What I have promoted is the use of open-ended questions to foster dialogue and engagement.

However, closed questions are very appropriate (and usually the best types of questions) for: (a) clarifying and (b) closing. I was asking you a simple yes/no question as a point of clarification, but it appears that I upset you by doing so.

My simple question to you was to ask if you believed "engaging in relationships" was a sales technique. Using your lexicon, the question could be rephrased as "do you believe "engaging in relationships" is a sales tactic?

In my sales training, I teach strategies to achieve the objective of selling more. -Skip Anderson

My partner and I were having a discussion the other day about whether or not people engaged in 'relationship building' in business networking were actually engaged in a (longer term perhaps) process of selling.

I think we are - and I don't think there's anything wrong with it. What's wrong is when we pretend that that's not what we're doing. That's when it gets creepy.

When I'm building relationships in business I try to do it from as playful and speculative a place as possible. The more people I know and the more open to opportunity I am, the more 'lucky' I'll be.

I'm not ashamed of that kind of opportunism. The question for me in selling isn't whether or not relationship building is a part of selling or not (it is!) it's whether or not we're open about it and at ease with it.

I'm not a fan of euphemisms. One I HATE is 'investment' instead of cost ;bg and when someone uses it, it suggests to me that they don't really believe in the value of their product. As a result, I won't touch it - the opposite reaction to what they intended. -Sam Deeks

Sam, I am so much impressed with your thoughts, and equally impressed with the way you express them. I am sincerely humbled. I look forward to reading more of your posts. -Joe Closer

Thanks, Joe. God I love text NOT ;st it's impossible to tell when someone's being sarcastic or flattering. Perhaps that's just as it should be lols -Sam Deeks

That was meant very sincerely, Sam. -Joe Closer

/tips hat

Much appreciated thmbp2; -Sam Deeks