What is Buyer’s Remorse and How Can Companies Prevent This?
Companies should watch out for buyer’s remorse and exert all efforts to prevent it. Ignoring it can spell disaster.
Have you every bought a product that made you instantly regret buying it? Or have you ever experienced bad service from a business that stopped you from buying from them again? Whatever you’re feeling is normal. That’s called buyers remorse and it typically happens across the buying process. The challenge for many businesses is to keep communication lines open to prevent this from happening and encourage customers to get over the “remorse” and purchase again from the business.
What is Buyer’s Remorse?
Buyer’s remorse is the feeling of regret after a purchase. This leads to a buyer wanting to immediately request for a refund or return a purchase or both.
Companies should aim to prevent buyer’s remorse from happening. And they can do this by providing quality products and exceptional service. However, sometimes businesses can’t match customer expectations, leading to a buyer’s remorse.
That’s why businesses should be mindful of these steps to prevent it from happening— and from losing sales and discouraging other customers from buying from you after reading negative reviews:
Steps to Prevent Buyer’s Remorse
Ensure quality in product and service
The first step to ensure customers won’t feel regret after buying from you is to, well, ensure they won’t have something to regret to begin with.
Most customers get dissatisfied when getting a bad product or a bad service, as they should be. To ensure this won’t happen, companies are encouraged to regularly conduct quality checks for their products and services.
Communicate effectively to manage customer expectations
One of the major sources of buyer’s remorse is when customer expectations are not managed well. This may happen because of misleading advertisements, or in general, bad communication.
To ensure customer expectations are met, explain to customers (verbally and in writing) what they can expect to receive from you and your company after making a purchase. Provide as many details as possible. And be honest when sharing reviews from other customers.
Encourage customers to purchase again through simple follow-ups
Simple follow-ups like a thank you note do a good job managing buyer’s remorse.
Notes like “Thank you for supporting small businesses like ours. Your purchase means a lot to us and everyday we strive to provide you better products and services.” encourages customers to be empathetic and be less harsh in criticizing your business.
Here, you can also leave a contact information for feedback, to allow them to participate in improving your business— which coax them to look forward to doing business with you again.
Manage online customer groups
Online customer groups (like those on social media platforms like Facebook) allow like-minded customers to discuss and share their experiences with your products and services.
Not only will these provide you free media mileage, but it will also provide you with valuable feedback to know your customers’ needs better and how to meet them.
Loyal customers should be rewarded for their loyalty. According to many businesses, loyal customers are so valuable that they are responsible for at least 80% of a business’s sales.
When customers know that they are loved and valued by your business, it makes it harder for them to switch to competitors. Additionally, when customer loyalty is constantly rewarded, it lessens the stress and regret associated with purchases, reducing the chances of customers experiencing buyer’s remorse.
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