There’s nothing worse than buyer’s remorse. Maybe you bought a car and the next day realized you didn’t make the practical for financially sound decision. Maybe you bought a new piece of technology only to realize that it wasn’t want you needed. Sometimes you can return what you bought or cancel the sale. Other times, you are stuck with what you purchased. As a salesperson, you know what it’s like to be on the other end. You work hard to show your product’s value, alleviate the prospect’s concerns, finally close them, and get the signature on the dotted line. The next day your phone rings and they want to cancel the deal. What went wrong?
Buyer’s Remorse
The problem is the prospect experienced buyer’s remorse, which is very common. Sometimes it may be unavoidable due to a buyer who is predisposed to second guessing. However, it is usually a sign that something was left in doubt during the sales process. This concern may have been swept under the table during the excitement of signing the deal, but it has popped its ugly head when the buyer had a night or so to think about it. It’s important to deal with buyer’s remorse correctly, in order to not only save your sale, but to save your relationship with your client.
What Not To Do
There is an old sales tactic of closing the sale, signing the paperwork, then rushing back to the office to get everything processed as quickly as possible. The salesman may try to even get the order shipped as quickly as possible so there is no time for the buyer to reconsider. This is a shortsighted method to dealing with buyer’s remorse. You may block your buyer from getting out of the deal, but you will likely burn whatever relationship you had started to build with him. This strategy is known as “get the order and get out.” Avoid it at all costs.
What You Should Do
Before you have the prospective buyer sign that dotted line, review all the reasons they might not want to go through with it. That’s right, go over any concerns or doubts in order to make sure they are fully alleviated. This may seem counterintuitive, but this is taking preemptive action against buyer’s remorse. Resist the urge to harp upon the good points of the deal, but strengthen the weak points of the deal. These might be concerns or compromises that were made during the process. Think of this as taking the offensive approach to buyer’s remorse instead of the defensive approach. It will also build your credibility as you are not afraid to handle their concerns.
Properly dealing with buyer’s remorse will not only save you headaches, it will save you sales. One of the keys in continued improvement through training and networking with other sales associates. If you would like to learn more about prospecting, closing the deal, or general sales best practices, check out our excellent book, The Sandler Rules. Learn more about how to apply these principles from Sandler Training Solutions by contacting Sandler Salefish today.
