Print Email Selling Tactics

Avoid Buyer’s Remorse by Locking in the Deal By Timothy F. Bednarz, PhD, American Management Development Group

Customer fear or buyer's remorse is a real factor in the life of every sales person. How many times do you find that after spending considerable time and effort to make the sale, you receive a message that the customer has changed their mind?

In slowing economic times, there will be an increase in these instances as buyers are less reluctant to take risk and are easily spooked into changing their minds.

Implications to the Sales Person

When a customer cancels the order, you have failed to resolve their fears during the buying process. Perhaps you forced the sale and they feel they were manipulated into the sale or they simply didn’t know how to say, “No.”

Additionally, angry competitors will react to losing the sale. They have offer a better deal or simply spread disinformation about you and your product which results in the buyer questioning their decision.

Nothing happens in a void and a buying decision can trigger a number of factors and events that are intended to counter the decision by increasing the perceived risk in the buyer’s mind.

The Application

It is in both parties best interest to lock in the deal as quickly as possible before the buyer is influenced by other factors. There are several ways to lock in the deal to prevent many of these problems including:

1. Get your product or service delivered as quickly as possible, even if it is a small portion of the order.

2. At the time of the commitment, get a valid contract signed.
The contract should stipulate the details of the sale and all of the terms and conditions. Verify that the person signing the contract has the authority to do so.

If you feel that you're close to closing the deal, have a contract prepared for the prospect's signature.

3. Collect a deposit, even if it is a token deposit.
Customers are reluctant to cancel an order once a financial commitment has been made.

4. Obtain a valid purchase order before you leave.

5. Confirm the buying decision in the prospect's mind by asking why they decided to chose you as a vendor.

While they may seem minor, all of these steps compel the prospect to go one step further to solidify their commitment to buy from you.

These steps should firmly set their decision in their mind and make if more difficult to back out of it at a later date. The objective is not to leave anything to chance.

Something to Think About

Decisions to buy are emotional, justified by the facts. With this in mind, consider the following points:

1. Have you ever made a sale, only to have the customer change their mind? What happened and what did you do to resolve the problem?

2. What actions do you take to avoid buyer’s remorse and assure the smooth delivery of your product? Explain.